[Congressional Record Volume 167, Number 168 (Monday, September 27, 2021)]
[Senate]
[Pages S6683-S6684]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           GOVERNMENT FUNDING

  Mr. SCHUMER. Madam President, after today, there will be no doubt 
which party is working to solve the problems in our country and which 
party is accelerating us toward an unnecessary, avoidable disaster.
  Let me say that again without interruption.
  Madam President, after today, there will be no doubt--no doubt--about 
which party in this Chamber is working to solve the problems that face 
our country and which party is accelerating us toward unnecessary, 
avoidable disaster.
  At the end of last week, I filed cloture on proceeding to the 
continuing resolution sent to us by the House of Representatives, 
which, among other things, would prevent a government shutdown and 
suspend the debt limit so we can pay for our debts incurred during the 
previous administration.
  In a few hours, we will vote on cloture on a motion to proceed to 
this bill. The Democrats will do the responsible thing, the right 
thing, and the thing that has been done for decades by both parties and 
vote yes.
  Now, if Republicans follow through with their plans to vote no, they 
will be on record deliberately sabotaging our country's ability to pay 
the bills and likely causing the first ever default in American 
history. The consequences of a default would be, in the words of 
Secretary Yellen, ``catastrophic.''
  The best case scenario is--the best case under this awful situation 
is--that our country would fall into another recession, potentially 
erasing all the progress we have made to pull ourselves out of the 
COVID crisis. That is if we are lucky. Otherwise, one analysis warned 
that default could hurt Americans for generations--for generations. 
Interest costs would be higher and not go down very quickly, and that 
has huge effects on so many different people, and that is only one of 
the effects of default.
  So I want my Republican colleagues to think carefully about the 
practical consequences of what they are doing. A default means, quite 
simply, the government cannot pay its bills. It means that suddenly the 
government is presented with unimaginable options. Do they tell seniors 
they won't get their Social Security checks, or veterans that they 
won't see their benefits, or tell our military that they won't be 
getting paid?
  And the consequences on Main Street would be equally severe. A 
default would very likely send markets crashing and interest rates 
skyrocketing, making it harder for small businesses to make ends meet, 
for homeowners and renters to pay the bills, and for consumers to keep 
our economy going.
  All of the consequences--or so many of the consequences--can be 
boiled down into three frightening numbers: 6 million, 9, $15 
trillion--6 million jobs lost, 9 percent unemployment, $15 trillion in 
squandered household wealth. Let me say that again. Those are 
devastating numbers on so many households throughout America, just 
about every household. That is 6 million jobs lost, 9 percent 
unemployment, $15 trillion in squandered household wealth.
  Yes, that is what we are potentially looking at if Republicans get 
their irresponsible and reckless way. None of this needs to happen--
none of it. The only reason we are here and the only reason this is 
even a possibility is because Republicans are making this a possibility 
by preventing the government from paying its bills. It is an unhinged 
position to take, one that not long ago only the most radical elements 
of the Republican Party would have embraced.

[[Page S6684]]

  There is no scenario on God's green Earth where it should be worth 
risking millions of jobs, trillions in household wealth, people's 
Social Security checks, veterans' benefits, and another recession, just 
to score a short-term, meaningless political point. That is what 
Republicans seem fixated on doing.
  Now, there is a very simple step we can take today to guarantee the 
government won't default and won't shut down. Both sides can come 
together to vote yes on today's vote and vote to pass the continuing 
resolution. Just as Democrats worked in a bipartisan fashion under the 
Trump administration, Republicans must now step up to the plate. To do 
otherwise is the height of recklessness and irresponsibility.
  Republicans say they don't want to see a government shutdown. They 
say they don't want to see our government default on our debt. Then, 
they should vote yes. It is plain and simple. It is very clear. There 
is no obfuscation here--crystal clear. Voting yes means avoiding 
default and avoiding a government shutdown. Voting no says: Let's risk 
it. Let's risk it.
  By choosing to block today's resolution, Republicans are 
intentionally making default more likely. By blocking an extension of 
the debt limit, Republicans will solidify themselves for a long time as 
the party of default.
  I cannot emphasize that this isn't just another political game. We 
are facing a parade of horribles that will hurt every single American 
in this country. And it is important to remember that today's vote will 
also advance a number of priorities besides just funding the government 
and avoiding default, as important as those are. It would provide 
desperately needed emergency funding for millions of people affected by 
natural disasters from this summer, including hurricanes, wildfires, 
and flooding across Tennessee, Kentucky, and Virginia. It will provide 
billions to help resettle Afghan refugees who risked their lives 
helping our troops abroad. Both sides claim they support these 
priorities. So the easy answer is to vote yes later today.
  Being elected to office means sometimes you have to do things to rise 
above partisan politics. It means we have an obligation to work 
together when our country faces an acute crisis. Tearing the barn down 
is easy. Building it up, preserving it, and keeping it standing year 
after year takes hard work and cooperation. And, at the end of the day, 
the only thing that matters in this Chamber is how its Members vote.
  Rest assured, Democrats will vote today to do the right thing. The 
American people will be watching whether or not our Republican 
colleagues choose to vote in favor of preserving our full faith and 
credit or vote in favor of an unprecedented default.
  I yield the floor.

                          ____________________