[Congressional Record Volume 169, Number 69 (Tuesday, April 25, 2023)]
[Senate]
[Page S1337]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              FEDERAL DEBT

  Mr. DURBIN. Mr. President, if you thought the dangerous theatrics of 
the Trump years were behind us, I have some bad news. This week, 
Speaker McCarthy plans to gamble with the paychecks of millions of 
families, as well as the stability of our Nation's economy.
  Instead of accepting one of the most basic duties of government--
avoid default--Speaker McCarthy is choosing high stakes risk. He is 
threatening to default on America's debt for the first time in history 
unless Democrats agree to slash funding for working families, veterans, 
law enforcement, and small businesses across the country.
  Now it goes without saying: This proposal is going nowhere in the 
Senate. And Kevin McCarthy knows that. So the fact that he is still 
moving forward with it shows that he does not know the damage he could 
inflict on the American people. He is willing to hold our entire 
economy--and the fate of millions of Americans--hostage because, as 
long as he keeps the most radical fringes of his party happy, Kevin 
McCarthy has nothing to worry about. But for everyone else, a Federal 
debt default would be disastrous.
  It would wipe out trillions of dollars in household savings; it would 
lead to millions of Americans losing their jobs and businesses grinding 
to a halt; and it would crater our economy, likely throwing us into a 
recession.
  Now all this chaos and destruction could be avoided today, if we 
wanted. Congress could pass a clean bill to pay our debts on time and 
uphold the full faith and credit of the United States. But of course, 
with the MAGA majority in the House, it is never that simple. Instead 
of sitting down with lawmakers across the aisle to find a sensible path 
forward, Speaker McCarthy is manufacturing a crisis. And really, he is 
giving the American people two unacceptable options: Either suffer the 
consequences of a disastrous debt default, or face devastating cuts to 
the services and programs millions of people rely on every day.
  Just look at the proposal House Republicans will vote on this week. 
It is nothing more than a MAGA wish list that leaves every American 
behind, except the top 1 percent. To start, Speaker McCarthy's proposal 
would decimate funding for our Nation's veterans. It would cut hundreds 
of millions of dollars for expanding veteran's care, right after we 
just passed the PACT Act. And it would threaten housing and food 
security for our Nation's heroes.
  And they are not alone because Speaker McCarthy's proposal would also 
gut funding for police officers and first responders. It would wipe out 
nearly 30,000 law enforcement jobs within the Justice Department alone. 
And it would require the government to furlough every single Border 
Patrol agent.
  Can you imagine that? For years, Republicans have been saying 
Democrats want to defund the police and open our borders. And yet, here 
they are, supporting a proposal to abandon law enforcement and weaken 
border security.
  Additionally, Speaker McCarthy's proposal would ship thousands of 
manufacturing jobs overseas, to countries like China. And perhaps worst 
of all, it would punish working families who are already struggling to 
get by. This Republican proposal would jeopardize healthcare coverage 
for 10 million Americans. And it could eliminate food assistance for 
more than 1 million families--including children--who are at risk of 
going hungry.
  Now, this MAGA wish list is not bad news for everyone. In fact, there 
is one group of people in particular who would benefit from it. Can you 
guess who it is? I will tell you: the ultrawealthy. Speaker McCarthy's 
proposal would actually increase our deficit by allowing billionaires 
to avoid paying their fair share in taxes.
  And it is not like they need any help. Today, there are a thousand 
billionaires in America who pay an average tax rate of 8 percent. Think 
about that. That is a lower tax rate than most school teachers and 
firefighters. Then again, it shouldn't be any surprise that Speaker 
McCarthy is siding with billionaires over working families.
  After all, where was he just over a week ago? Was he meeting with 
working families and small business owners on Main Street who are 
worried about keeping their doors open? No. He was on Wall Street, 
meeting with wealthy traders and executives of big banks. And he 
personally assured them that Republicans will do everything they can to 
cut funding for hard-working families trying to make ends meet.
  Now, here is the bottom line: We can--and should--have a debate on 
America's tax policy and Federal budget priorities. It is a debate 
Democrats win because we believe in investing in working families and 
ensuring the wealthy pay their fair share. Plain and simple. But now is 
not the time nor place for this debate because in the next several 
weeks, we have one responsibility: avoiding debt default--and the 
economic calamity that would follow. That is our obligation to the 
American people. And it is an obligation we have never once failed to 
meet in 230 years.
  But today, sadly, many Americans are concerned that Speaker McCarthy 
is in over his head. Frankly, I share those concerns. He is leading a 
caucus that traffics in chaos and brinksmanship. And it is not clear 
that he can control the chaos.
  So here is our promise, on behalf of congressional Democrats: We are 
ready to get to work. Let's avoid a disastrous debt default--as we 
always do. And then, let's engage in a fulsome debate on Federal 
spending priorities. The sooner we prevent a debt default, the sooner 
we can come together in good faith to work on behalf of the American 
people.

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