[Congressional Record Volume 169, Number 73 (Monday, May 1, 2023)]
[Senate]
[Pages S1429-S1430]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                     Limit, Save, Grow Act of 2023

  Mr. SCHUMER. Madam President, for months, Democrats have been clear: 
The full faith and credit of the United States cannot be held hostage. 
For months, we asked Speaker McCarthy and Republicans to present a 
plan--a real plan--to avoid default with no brinksmanship, no hostage-
taking.
  But instead of presenting a viable plan, last week Speaker McCarthy 
and House Republicans passed the ``Default on America Act''--a hard-
right ransom note--to the American people.
  Republicans' ``Default on America Act'' poses two terrible choices: 
either default on the debt or default on our country, with severe cuts 
to law enforcement, veterans, families, teachers, kids--even cancer 
research.
  Let me be clear: The Republicans' ``Default on America Act'' has no 
future in the Senate, and it does nothing to resolve the looming 
default crisis. If anything, MAGA Republicans have made default more 
likely by locking the House into an unacceptable and very extreme 
position and pulling us even further apart.
  According to one report by the Washington Post--and I commend 
everybody, Democrat and Republican to read it--but, according to this 
one report by

[[Page S1430]]

the Washington Post, many hard-right House Members say their DOA bill 
represents the bare minimum they are willing to accept--the bare 
minimum.
  One Freedom Caucus Member said this bill is ``not a negotiating 
piece. It is the deal'' and further added that ``[Speaker McCarthy] 
cannot get to 218 with changes to this deal.''
  Let me read that again, because it so perfectly captures the 
extremist thinking on the hard right, which we all know has tremendous 
leverage in the House.
  Speaker McCarthy ``cannot get to 218 with changes to this deal.''
  Let me just read it again. ``Cannot get to 218 with changes to this 
deal.''
  Respectfully, that is not negotiation. That is a ransom note. That is 
a hostage-taking tactic. It is another sign that Speaker McCarthy has 
surrendered to the extremists in his conference, who are ready to let 
the United States default unless they get everything--everything--they 
want.
  Senate Democrats cannot--and will not--allow Republicans' ``Default 
on America Act'' to become law, because the consequences of these cuts 
for American families would be severe. For generations, Congress has 
made spending and revenue decisions as part of the annual budget 
process. That is the appropriate place to debate, not here as a 
bargaining chip--a take-it-or-leave-it bargaining chip--for the hard 
right.
  So beginning this week, our Senate committees will do what House 
Republicans would not do: hold hearings to expose the damage that the 
cuts contained in the ``Default on America Act'' would cause to 
everyday American families.
  We will show the American people how the ``Default Act'' would rip 
away SNAP benefits for over a million recipients and eliminate Pell 
grants for tens of thousands of student loan borrowers.
  We will show the American people how the ``Default on America Act'' 
would raise taxes by over $500 billion over the next decade, crippling 
job creation, stifling economic growth, and squandering our future 
prosperity to the benefit of the Chinese Communist Party.
  And we will show the American people how the ``Default on America 
Act'' would cut critical funding to nearly all sectors of American 
life, leading to fewer jobs, higher costs, and leaving policemen, first 
responders, border patrol, and our brave veterans all hanging out to 
dry.
  We cannot move forward so long as hard-right MAGA Republicans, which 
we all know have tremendous, enormous leverage in the House, insist on 
their bill--a bill that is unacceptable to the Senate and the vast 
majority of the American people.
  Sadly, if the hard right continues running the show in the House, the 
dangers of a first-ever default will keep growing day by day. And as we 
expose this terrible bill for what it is, Senate Democrats' position 
remains the same: The only real solution is for both parties to pass a 
clean bill to avoid default, with no brinksmanship, no hostage-taking.