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tv   U.S. House of Representatives Debt Ceiling Debate  CSPAN  October 4, 2021 4:38am-5:58am EDT

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may consume. the speaker pro tempore: the gentleman is recognized. mr. neal: madam speaker, one of the esection duties of congress is preserve the full faith and credit of the united states. today we will once again take action to do precisely that. a suspension of the debt kroolg will prevent us from defaulting on debt we already owe. this is not about new spending. it's about investments that this congress has agreed to in the past and previously approved. this is about what the american family does every day. they don't get to say i'm not going to make my credit card payment this month. i'm not going to make my mortgage payment this month. maybe i won't make my car payment this month. and i won't honor the personal loan that i signed up for. our vote today is not a novel exercise. congress has addressed the debt limit 78 times since 1960 to prevent default. 29 times with a democrat in the white house.
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and 49 times with a republican in the white house. ensuring the government can finance its existing obligations is a responsibility that we share jointly in this chamber. regrettably that apparently is not the case this time. our democratic caucus with some hope i believe from the republicans at the right moment, will meet the moment and prevent a devastating financial catastrophe. we will take the action necessary to to protect business, workers, and families. when american jobs and retirement savings are on the line, we are going to make sure that what's necessary is done to prevent disaster. with that i encourage every member to support this critical measure and i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from texas is recognized. mr. brady: thank you, mr. speaker. i would like to reserve as much time as i may consume. the speaker pro tempore: without objection, the gentleman is recognized. mr. brady: today's debt ceiling issue is a political and
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economic crisis of the democrats' own making. they have known for two years this day was coming. they never even bothered to draft a budget for the government much less pass it. and never looked to the -- lifted a finger to start the bipartisan discussions on how to raise the debt ceiling while addressing america's exploding national debt. they have insisted on one party rule all year from an unnecessary wasteful $2 trillion covid stimulus that didn't stimulate the economy or defeat the virus, to a national takeover the state and local elections, bailouts of bailing state and local governments, ignoring the humanitarian security crisis at the southern border, and the disastrous surrender to the taliban in afghanistan. house democrats have made it clear we are running the place, just sit down and shut up. the bottom line on the debt ceiling today, democrats alone have set fire to america's house and are now demanding republicans put it out for them.
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i urge treasury secretary yellen, who i respect and who has bipartisan credibility to do what the congressional democrats have not. engage with republicans on a reasonable framework of financial stability for our nation. there is precedent. secretary mnuchin certainly set that, reaching out repeatedly to democrat leadership on these issues. although it should be noted given the strident blame game now by speaker pelosi on the debt ceiling, i remember february, 2018, where she, leader hoyer, whip clyburn, and 116 other house democrats voted to default on america's debt to shut down the government and refuse disaster relief to devastated communities across america. one of the democrat leaders even said, quote, republicans control the house, the senate, and the white house. the responsibility to govern rests squarely on their shoulders.
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well, right now the democrats control the house, the senate, and the white house, the responsibility to govern rests squarely on their shoulders. i agree the congress should not play political games with the debt ceiling or ignore the danger of making permanent the temporary covid relief with spending that will bankrupt our nation in the future. democrats control everything. the house, senate, and presidentcy. they can easily pass the debt ceiling by including it in their $3.5 trillion tax hikes and welfare state expansion. which requires no republican votes. but rather than work together, what did democrats do? they rammed through part partisan nearly it 2 trillion stus bill. stimulus bill. it only made matters worse, especially rising inflation for working families. for example, in that bill democrats undid the party
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agreement to protect taxpayers against the greatest theft of american tax dollars in a lifetime. which by now has lost up to $400 billion to fraud. they even opened the door to greater fraud by replacing republican tax credit that he rewards were with the cash for kids welfare check. with few safeguards. stopping fraud and taking care of tax dollars should be bipartisan goal that would stretch the spending in the federal government. instead democrats are demanding this tax and spending bid that will kill three million u.s. jobs, drive prices even higher, and pose the largest expansion of the welfare state in our lifetime. i urge my democrat colleagues in the brinksmanship we can achieve a bipartisan framework. look at republicans' repeated efforts. 2016 the house passed a ways and means bill called the debt management and fiscal responsibility act. creating a system that would have allowed congress to make
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informed decisions about the debt ceiling and consider changes before it became a crisis. yet the obama administration opposed the bill. today democrats are hardly worried about new burdens. they put the i.r.s. in charge of workers' paid family medical leave, or hire 80,000 new i.r.s. agents, or impose an i.r.s. bank surveillance on the personal and business accounts of main street and working families. the democrats won't take up a similar bill. the debt solution accountability act offered by ways and means republican representative lloyd smucker of pennsylvania. democrats alternative these days to a bipartisan framework range from ridiculous to irresponsible. one democrat congressman even has proposed u.s. treasury mint $1 trillion coin. a $1 trillion coin. why not a quadrillion dollar coin? this far-fetched idea sounds
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about as brilliant as many democrats' own call to end the debt limit enthrier, as the speaker has sought. i think democrats' best answer washington out of control spending is to spend more. tear out the breaks. let's be honest, this is an economic and political crisis of the democrats' own making. there isn't enough money in america to cover what democrats want to spend and americans know it. that's why president biden has gone out of his way to sell his trillion dollar bill, is not adding to the debt saying, this build back better agenda costs zero dollars. a claim that ranks right up with if you like your health care plan, you can keep it. and fortunately for him and for taxpayers that will have to foot the bill, "the washington post" fact check found this claim misleading. says it would take dubious gimmicks that would help disguise the true cost the president biden's agenda.
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again, considering democrats haven't had a single conversation of spending you stimulus or the debt to date, i think they by their behavior have taken responsibility to pass this by himselves. it's irrelevant -- themselves. it's irresponsible to raise the debt limit and spending without any framework or discussion about this explosion of america's debt. we need to grow the economy, restrain our spending, work together as both parties to get our financial house back in order for our children and grandchildren. with that, i reserve the balance of my time. kneel kneel i yield -- mr. neal: , i yield one minute to the gentlelady from california for a firm rebuttal. the speaker: i thank the gentleman for his masterful leadership of the ways and means key to address many of the
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health concerns and environmental concerns and our economy in such an important way that is in the rescue package and in the build back better legislation. today we come to the floor about a very important issue of concern of the economic stability and fiscal soundness of our country. last week, house democrats honored our responsibility to the america american people by lifting the debt ceiling and on a continuing resolution to avoid a devastating shutdown. not one republican voted to lift the debt ceiling or to keep government open even though they are important measures to address the people affected by ida and help the evacuees from afghanistan and other issues in there of concern to all
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americans. we know the full faith and credit of the united states of america -- this is in the constitution, 14th amendment, section 4 states the validity of the public debt of the united states authorized by law shall not be questioned, shall not be questioned. and even by questioning it, we brought down our credit rating was brought down when the republicans questioned it when president obama was in office. let's just talk about the consequences. our chairman of the ways and means key talked about what it meant in people's personal lives and this is what we are here about, people and their personal lives, their financial and health security. the consequences of not lifting the debt ceiling would be catastrophic.
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nonpartisan analytics said it could include a loss of six million jobs, elimination of potentially $15 trillion in household wealth, sending the unemployment rate to 9% and decline in the real g.d.p. of our country by 4%. what that means in people's personal lives according to the joint economic key, not lifting the debt ceiling could downgrade america's credit and increasing the cost of car loans, families have car loans, mortgages, student loans, credit card bills and other boring. i don't know if there is anyone in the country who doesn't have such a loan certainly among america's working families. jpmorganchase c.e.o. that such a
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default to have a catastrophic portion and damage america for 100 years could cause aeupb immediate -- a catastrophe in unbelievable proportions and damage for 100 years. as i said before, it would be catastrophic. last year secretary yellen announced by october 18, the treasury will exhaust measures and cash on hand. this has been on going since the end of july when the debt limit expired. addressing the debt limit is not about future spending. this is about meeting the obligations that the american
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government has already incured, including that we work together on the bipartisan covid relief legislation last december. only 3% of the current debt that we are lifting the debt ceiling to accommodate has been accrued under president biden. a big chunk of this is attributed, $2 thrillion in the tax scam of 2017 where the republicans gave 83% of the benefits to the top 1%. and now we have to lift the debt ceiling to pay for that. the debt limit has long been a bipartisan issue and talk about when republicans voted against it in part. but very hard to find a time when they said my vote will take down the debt limit. the democrats have never done that. congress has addressed the debt
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limit 28 times since 1960. 29 times with a democrat in the white house, 49 times under republican president. more recently since 2011, each of the seven times the debt limit was addressed, congress did so on a bipartisan basis. technically three times under the recent former president when democrats cannotted. we did so because the full faith of the creed of the united states of america cannot be questioned. republicans and because of all of the consequences that would happen. republicans refusal is cynical, hypocritical and downright dangerous. as mitch mcconnell said about the need to address the debt limit, thinks what he said last time, don't play russian roulette with our economy.
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yet, that is what he is doing playing russian roulette with our economy and with the financial security and the well-being of america's working families. kitchen table concerns, how are they going to pay the bills, when will the interest rate be higher if the republicans prevail. that is why today, we will pass the suspension of the debt limit. democrats are for the people and will never let the full faith and credit of the united states be questioned because we take an oath to the constitution of the united states and that is an oath that we always intend to uphold and because we have a responsibility for the health and well-being of america's working families and this would have a disastrous effect on them. i urge a strong bipartisan vote
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on this legislation. salute the distinguished chairman once again and yield back. the speaker pro tempore: the gentlewoman yields. the gentleman from massachusetts reserves. the gentleman from texas is recognized. mr. brady: first i ask unanimous consent to interviews in the record the fact check from "washington post" that calls this claim we just heard. that statement is false. calling a zombie claim and politico called itmis leading. i yield two minutes to the gentleman from california. the speaker pro tempore: the gentleman from california is recognized. mr. nunes: i oppose the latest socialivity spending spree. the federal government presides over $30 trial kropb in debt and $100 trillion of unfunded
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lights. these catastrophic debts are growing increasingly unsustainable and now the democrats are using the debt ceiling as a blackmail to enable passage of an unaffordable so-called human infrastructure bill, human infrastructure bill. i don't quite understand what that means, but they will environs lighten us during the debate. the democrats can't tell us how much this bill will cost. first they said it was $3.5 trillion and now over $4 trillion and underestimate the cost by trillions of dollars. democrats in the house, senate and white house and media cheerleaders began playing with the bill, won't cost anything at all. they previously argued that tax the rich would pay for
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everything, but now they have conjured a true economic miracle. no one will have to pay for the astronomical costs of this bill. it's congress' first self-financing multilaterally dollar spending plan. now with the democrats full of the new social somivity colleagues, you have achieved the marxivity dream of abolishing money. the bill is the mother of socialivity spending programs and democrats are refusing fiscal constraint and turning america into a socialivity welfare state. i oppose that. the speaker pro tempore: the gentleman's time has expired. mr. nunes: vote down.
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the speaker pro tempore: the gentleman from massachusetts is recognized. mr. neal: i ask unanimous consent that all members may have five legislative days to revise and extend their remarks and insert extraneous material on s.301. the speaker pro tempore: without objection. mr. neal: let me recognize a member of the ways and means key, the gentleman from california, mike thompson. the speaker pro tempore: the gentlemanis recognized for two minutes. mr. thompson: i thank the gentleman for yielding and his leadership and the issues we are dealing with today. i rise in support of this legislation. madam speaker, our national debt rows $7.8 trillion under the last president, republican president. our republican colleagues voted for that spending. raising the debt ceiling is about paying those bills. but my republican colleagues who
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claim to be the party of fiscal responsibility don't want to pay their bills. well, the republicans are risking economic armageddon to score political points against a democratic president. if we don't pass this bill, unemployment numbers will skyrocket, markets will tumble, social security payments will be delayed, boring costs will go up. so that means for car loans, for home loans, for farm loans, all of that, because of their irresponsibility will be out of reach for most americans. it will be a catastrophe. it's time to stop playing games and raising the ceiling as we have done many times before in a bipartisan way. i yield back.
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the speaker pro tempore: the gentleman yields back the balance of his time the gentleman from massachusetts reserves. the gentleman from texas is recognized. mr. brady: i yield two minutes to the gentlelady from west virginia. mrs.miller: my colleagues across the aisle want to raise the debt ceiling to pay for their $3.5 trillion tax and spending spree. in my home state of west virginia and across the country, people are paying more for gas, groceries and every day items because of the liberal reckless spending. taxpayers are sick of footing the bill for the terrible policies which continue to make the problem of inflation even worse. americans shouldn't have to pay for the consequences of democrats' out of- out of touch
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action. democrats are responsible for the spending and they need to take responsibility for the boring. this entire congress, house democrats have chosen to go it alone and push through liberal items without any republican input. the liberals have managed to spend trillions by themselves. they can raise the debt ceiling alone, too. socialism has a price tag. it's time the democrats learn that lesson. thank you and i yield back. the speaker pro tempore: the gentlelady yields. the gentleman from texas reserves. the gentleman from massachusetts is recognized. mr. neal: let me yield two minutes to the gentleman from oregon whose work on infrastructure is a model for the nation, mr. blumenauer. the speaker pro tempore: the gentlemanis recognized for two
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minutes. mr. blumenauer: i appreciate the gentleman. the notion that somehow this is a wild democratic socialivity spending spree and we need to raise the debt ceiling to deal with it is patently false. there were $5 trillion that was spent recently in the end of the trump administration dealing with the covid crisis. much of that spending was passed on a bipartisan basis * is. these are funds that the american people desperately needed. the dismiss it comment about cash for kids, give me a break. being able to provide 69 million american children with monthly payments has resulted in lifting almost half of poor children out of poverty. and it is wildly popular by the american public. this is not reckless.
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this is reasonable and it's more necessary now than ever. i do hope we are able to move forward with the broad outline of programs moving forward for infrastructure, the environment fighting the climate crisis, but in the in the meantime we must and we will meet our obligations to for money that the congress has already spent. i see my colleague, brendan boyle here who has an idea to stop the lunacy of the debt ceiling charade for a long-term solution. but unless and until we do that, we need to meet our obligations and be able to protect the full faith and credit of the united states. and hopefully do that on a more honest basis. thank you very much, madam speaker. i yield back the balance of my time. the speaker pro tempore: the gentleman yields. the gentleman from massachusetts reserves. the gentleman from texas is recognized. mr. brady: i'm proud to yield
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two minutes to the ranking republican of the budget committee, the gentleman from missouri, mr. smith. the speaker pro tempore: the gentleman from missouri is recognized for two minutes. mr. 134eu9: thank you, madam speaker. i want to thank leader brady for yielding. i truly hope that my democrat colleagues don't believe the garbage that they have been spouting. but i would say that they probably do. unfortunately for months, democrats have been pursuing a radical partisan agenda that contains the most expensive piece of legislation in the history of congress. all while ignoring our nation's debt. now they are scrambling. first they claimed it is republicans' responsibility to co-sign a loan for their reckless spending bill. even though they control the white house, the house, and the senate. then they tried adding a debt ceiling increase to a bill to
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keep the government opened knowing it would fall on its face in the united states senate. then they argued there wasn't enough time to raise the debt limit on their own. even though they have time and they have tools to do it. in fact, last weekend the house budget republicans gave democrats a chance to address the debt limit by demanding their budget in a markup be revised. they refused. then we offered to postpone the markup for just 48 hours to allow you to address the debt limit in sec rec sillation. since you love to do everything else in reconciliation, why not raise the people's debt? you're spending it. it's time for you to get a loan for it. folks, we are at a crisis right now. my counter counterpart on the house budget committee made the statement, we should raise the
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debt a gazillion dollars. this is what we are dealing with, folks. the american people are fed up. they want fiscal accountability. we need a reasonable body in this house. i yield back. the speaker pro tempore: the gentleman yield. the gentleman from texas reserves. the gentleman from massachusetts is recognized mr. neal: thank you, madam speaker. i'm pleased to yield two minutes to the gentleman from illinois, member of the ways and means committee, champion of the underserved, mr. davis, for two minutes. the speaker pro tempore: the gentleman from illinois is recognized for two minutes. mr. davis: thank you, madam speaker. i rise in strong support of this legislation. legislation that protects the full faith and credit of our nation. that protects the well-being of millions of our most vulnerable citizens. including seniors receiving social security, veterans, service members, small businesses, as well as physicians treating medicare and
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medicaid patients. and that protects our economic recovery and the global financial system. the refusal of republican leadership to extend the debt limit threatens catastrophic damage to america and americans. economists estimate that default could cost the united states economy up to six million jobs, ripe wiep out as much as $15 trillion in household wealth. cause the unemployment to surge to 9%. and send global financial markets into chaos. republicans must work and be real with democrats to address the debt limit to ensure that hardworking americans, businesses, and communities across the country do not pay the price. raising the debt limit is the only responsibility thing to do. i yield back. the speaker pro tempore: the
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gentleman yields. the gentleman from massachusetts reserves. the gentleman from texas is recognized. mr. brady: thank you, madam speaker. i yield two minutes to the gentleman from kansas, mr. he it's. estes. the speaker pro tempore: the gentleman from kansas is recognized for two minutes. mr. ez it's: i rise to owe those this attempt to suspend the debt ceiling. the democrat house has made spending trillions of dollars on big government socialist and green new deal programs their priority. they have done this while ignoring so many critical needs of our country which has led to a crisis at our southern border, run away inflation, rising crime, work force shortage, and a disastrous retreat from afghanistan. for the most part my colleagues on the left simply ignored these crises while republicans have introduced commonsense legislation and pushed the administration to answer for these very real and concerning issues. but today we are facing the crisis by their own creation that they cannot ignore. suspending the debt ceiling when we already have $28 trillion in debt. some of my colleagues have even
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suggested we should abandon the debt limit all together. giving the federal government no safeguards to prevent ballooning debt and damaging the united states credit rating. families, farmers, businesses, and state and local governments have to live win their mean and make responsible financial decisions to be successful. the attitude in washington continues to pass on massive debt to future generations in exchange for our current lifestyle. we aren't looking at this debt crisis in a vacuum. we could be voting on $5.5 trillion in more spending soon if the speaker pelosi can pull together her caucus. suspending the debt ceiling while also proposing trillions in new spending is reckless. every american, adult and child, already bears a burden of about $85,000 each. raising the debt ceiling is about future spending. an unlimited debt ceiling until december of 2022 would result in a massive increase in spending by the democrats. the last debt ceiling increase covered all of the spending done during the trump administration and for the first seven months
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of the biden administration. we can't just keep kicking the can down the road for future generations to figure out. we need to stop the reckless spending, taxing, and borrowing now. that's the best way to protect the full faith and credit of the united states. with that i yield back. the speaker pro tempore: the gentleman yields. the gentleman from texas reserves. the gentleman from massachusetts is recognized. mr. neal: thank you, madam speaker. let me have one minute to the very capable member of the ways and means committee, the gentleman from new york. congressman higgins. the speaker pro tempore: the gentleman from new york is recognized for one minute. mr. higgins: thank you, madam speaker. thank you, chairman. the republican party is, in fact, the party of debt. and deficit. ronald reagan, republican, grew the deficit to $152 billion. bush one, republican, grew that deficit to $290 billion. president clinton, a democrat, wiped out the entirety of the
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deficit. and gave a $128 billion surplus to bush 2, a republican, who turned that $128 billion surplus into a $1.4 trillion deficit. obama, a democrat, cut the bush deficit of $1.4 trillion to $600 billion. from which trump, a republican, grew that deficit to $1 trillion. over the past 60 years democrats have created $2 -- 21 million more jobs than republicans. annual economic growth -- the speaker pro tempore: the gentleman's time has expired. mr. higgins: the democratic party continues to clean up the mess that the republicans have made. anti-republicans are running away from the mess -- and the republicans are running away from the mess they are responsible for. the speaker pro tempore: the gentleman yields. the gentleman from massachusetts reserves. the gentleman from texas is recognized. mr. brady: thank you, madam
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speaker. i'm proud to yield two minutes to the gentleman from pennsylvania, mr. smucker. the speaker pro tempore: the gentleman from pennsylvania is recognized for two minutes. mr. smucker: i'd like to thank the ranking member. madam speaker, there are several problems with what i'm hearing on the floor today. one, this is a blank check. for democrats to continue to spend at unprecedented levels. they talk about this spending for previous expenditures, not true. this doesn't even set a limit. this would suspend completely the debt limit until december 16, 2022. they can spend as much as they want. it's a big problem. number two, nobody here is talking, democrats aren't talking about finding ways to reduce the debt. we must tackle that problem. rather they believe that they can spend their way into a prosperous economy. in fact, they are completely -- they are attempting to completely erode the foundation of our society that has been built on individual freedom,
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personal responsibility, and they want to pave the way for the radical socialist agenda. unfortunately we are already seeing the economic damage from their policies. inflation is showing 4% increases in year to date, consumer price inflation higher than that. that's more than double the federal reserve's 2% goal. those increases are being felt in my district, being felt across the country, and they are essentially a hidden tax on the american people. another problem we have, while they are attempting to spend even more money, cause even more economic harm, they will further degrade confidence in the dollar. and finally, another problem, this is an exercise in futility and they know it. they know that this bill is very unlikely to pass in the senate. so this is simply to score cheap political points today. democrats are in full control,
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house, senate, and the presidency. they can raise the debt at any time. in fact, they passed up another opportunity to amend their budget resolution to include a debt ceiling increase, and they refused to do so. madam speaker, i'm strongly opposed to the democrats' radical socialist agenda. the speaker pro tempore: the gentleman's time has expired. mr. smucker: opposition to this bill. i oppose this bill which will help them advance that agenda. the speaker pro tempore: the gentleman yields. the gentleman from texas reserves. the gentleman from massachusetts is recognized mr. neal: thank you, madam speaker. i'm pleased to yield 1 1/2 minutes to another member of the ways and means committee, the gentlelady from washington state, chief architect of the child credit expansion, congresswoman delbene. the speaker pro tempore: the gentlewoman from washington state is recognized for 1 1/2 minutes. miss dell ms. delbene: i rise today and ask this body to keep in mind four numbers, six million, nine, 15 trillion, and four. moody's predicts if congress
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fails to address the debt ceiling we will lose six million jobs. reach a 9% unemployment rate. wipe out $15 trillion in household wealth. and see a decline in real g.d.p. of 4%. that would trigger a global market panic not since -- we haven't seen since 2008 financial crisis. the brinksmanship that's been displayed by my colleagues on the other side of the aisle is really incomprehensible but also dangerous. the debt limit has long been a bipartisan issue. each of the last seven times the debt limit has been addressed it was on a bipartisan basis. but putting politics ahead of the country is the exact kind of cynicism that makes american people sick. as a former business leader, these are the games that keep our business community from being able to invest, to innovate, and grow. so my colleagues, it is your duty to extend the debt ceiling
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and protect the american people from an economic crash. the joint economic committee which we all depend on for advice and guidance predicts a default will result in a lasting downgrade of america's credit, drastically increasing costs for car loans, mortgages, student loans, and credit. six million jobs, a 9% unemployment rate, $15 trillion in household wealth. a decline in real g.d.p. of 4% is what's at stake. we must vote yes. i yield back. the speaker pro tempore: the gentlewoman yield -- the gentleman from massachusetts reserves. the gentleman from texas is recognized. mr. brady: thank you, madam speaker. i'm pleased to yield two minutes to the gentleman from west texas, mr. arrington. the speaker pro tempore: the gentleman from texas is recognized for two minutes. mr. arrington:00 thank you, madam speaker. it is not our duty to raise the debt limit. it's our duty to not spend so wreck leslie and so -- recklessly and so egregiously, irresponsibly that we bankrupt
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this country and we rob our children of their freedoms and the opportunities that we have all been blessed with as americans. that's our duty. i won't give republicans a pass on this, colleagues. this place is broken. we play by a different set of rules if we are honest with the american people. the pay-fors just for the infrastructure bill are total jokes. it's a gimmick. it's enron accounting scams. people in our country who operate that way would be thrown in prison. so we're all accountable, ok. but i have never seen this kind of spending spree to accelerate the curse that we are putting on the heads of our children. james madison said, a public debt is a public curse. and in a republican government, a greater curse than any other.
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trillions of dollars have been spent. we were promised bipartisanship, restoration of unity in this place. jamming more bipartisan spending bills, starting with covid, which was a bailout of union pensions, which was a bailout of blue states and democrat-run cities, very little went to covid. that's deceptions. and we're accelerating what admiral mullen said was the greatest threat to the united states. he said the greatest threat to our national security was our national debt. so we promise the cradle to grave cash entitlements and more handouts without any regard to responsibility, without any requirement for work, and we're going to bankrupt the next generation. we're going to steal from them what we've enjoyed. this is not a profile in courage, and madam speaker, i urge my colleagues to reconsider all of the spending that's bankrupting the country.
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i urge them to vote no on the reconciliation bill. i yield back. the speaker pro tempore: the gentleman yields. the gentleman from texas reserves. the gentleman from massachusetts is recognized. >> thank you, madam speaker, let me recognize the gentlelady from california, ms. chu, a capable member of the ways and means committee, for two minutes. the speaker pro tempore: the gentlewoman is recognized for two minutes. ms. chu: i rise in support of doing what every adult is expected to do. pay their bills. that means raising the debt limit. let's be clear. this is not about new spending. this has nothing to do with any of our plans for new investments in infrastructure. those plans are all paid for through other means. when we raise the debt ceiling it's so that we can pay the bills for money we've already spent. that means the reason we need to raise the debt ceiling right now is to pay donald trump's bills which, as usual, he'd rather leave unpaid. under the last administration, the deficit grew every year,
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totaling over $7 trillion in debt increases requiring congress to raise the debt ceiling three times. and why was that? because at -- because the 2017g.o.p. tax scam used the reconciliation process to spend $2 trillion on tax cuts for corporations and the wealthy that were not paid for. the american people were told the tax cuts would pay for themselves but that was a lie. and now the bill is come due. again. but this time the republicans are refusing to even allow a vote. it's not that they're choosing to vote no, which would be their prerogative even if it's political and insincere. instead they're filibustering to prevent us from voting to stop the u.s. from defaulting, something they all said would be terrible. we are not children who flip a game over when we lose. it's our responsibility to pay the government's bills, no matter who is in charge. if you can vote to give tax cuts
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to billionaire amateur astronauts like jeff bay s.o.s. and elon -- jeff bezos and elon musk, then you can vote to pay this bill. i urge support of the legislation and yield back. the speaker pro tempore: the gentlewoman yields back. the gentleman from massachusetts reserves, the gentleman from texas is recognized. >> i yield to the gentleman. the speaker pro tempore: the gentleman is recognized. >> the fact of the matter is the tax cuts and jobs act resulted in more revenues to the treasury, let's not forget that, and the fact of the matter is a growing economy will do far more for the american people than new government programs that we can't afford. we're standing here now of course i think we should make good on our debt. mr. smith: make good on our
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obligation this bill is not the solution. instead of focusing on the basics of governing, the majority has chosen to spend the last 10 months kind of arguing here and there, a lot actually, first passing their $2 trillion inflation catalyst at the beginning of the year and now arguing among themselves house to spend another $5 trillion. this bill is clearly not the solution. this bill isn't bipartisan. it was brought to the floor solely by democrats and reflects their take it or leave it approach to governing. it does nothing to address our nation's spending problem. it's a blank check which allows the majority to spend as much as they want in the coming months unrestrained by a true debt limit for the duration of this congress. democrats control government and can immediately raise the debt ceiling right now. there's a better way, however, than this particular bill. i urge a no vote and i yield back. the speaker pro tempore: the gentleman yields. the gentleman from texas reserves. the gentleman from massachusetts
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is recognized. >> thank you, madam speaker, i'm pleased to yield two minutes to the gentlelady from wisconsin, always a champion of expanding the earned income tax credit, ms. moore, for two minutes. the speaker pro tempore: the gentlewoman is recognized for two minutes. ms. moore: thank you, mr. chairman. thank you, madam speaker. i rise today to urge my colleagues to support raising the debt limit and to keep the main thing the main thing. i really don't have time to address the taliban and afghanistan and southern border and socialism and all the rest of the stuff that has been raised. but i do have time to talk about blackmail. that was raised here. this is the failure to join the democrats in raising the debt ceiling to fair one thing, the $2 trillion that republicans ran up providing tax cuts to the wealthiest corporations and individuals. the blackmail is that they want to force us to restore those cuts to the wealthiest people
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and to raise taxes on regular americans by trying to upend our initiative to provide, for example, the child tax credit to blackmail us if into not providing those benefits. we have heard a great deal, madam speaker, about how this will hurt the markets. how this will create chaos. but who will really pay the price? it's everyday people, ordinary people. those social security recipients and veterans benefits that will be delayed. people that won't be able to get a car or a washer and dryer at a rm interest rate. those thousands of people who -- at a reasonable interest rate. those thousands of people who will lose jobs. that's where it will come in. instead of playing partisan games i urge my colleagues across the aisle to act responsibly. the full faith and credit of the united states should never be put in jeopardy and by the way, people are not leverage.
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i yield back. the speaker pro tempore: the gentlewoman yields. the gentleman from massachusetts reserves. the gentleman from texas is recognized. >> i reserve at this time. the speaker pro tempore: the gentleman from massachusetts is recognized. >> thank you, madam speaker. it's a pleasure to yield one minute to the gentleman from michigan, always a champion of the industrial heartland, congressman kildee. the speaker pro tempore: the gentleman is recognized for one minute. mr. kildee: thank you. i thank my friend and chairman for yielding time. i rise today in support of this legislation to protect the american economy, to save it from catastrophe, and prevent a default on the obligations of the united states of america. the full faith and credit of the united states can't be questioned. the full faith and credit of the united states should never be a partisan question. we passed action to address the debt limit 78 times. 29 times with a democrat in the white house. 49 times with a republican in the white house. in fact, when president trump was in office, democrats helped,
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we cooperated, we helped to address this issue three times. yet now refusing to vote, refusing to support meeting obligations that we already have, a robust debate about the future is fine. and we should have that and we will have disagreements. but we should never, ever, ever question, let anyone question, the promises made by the united states government. i yield back. the speaker pro tempore: the gentleman yields. the gentleman from massachusetts reserves. the gentleman from texas is recognized. the gentleman reserves. the gentleman from massachusetts is recognized. >> i yield two minutes to the gentleman from pennsylvania, a champion of the very complicated issues relating to the debt ceiling mr. boyle for two minutes. the speaker pro tempore: the gentleman is recognized for two minutes mr. boyle: thank you, madam speaker. thank you, mr. chairman. i'll attempt to address two things, the present and the future. first on the present, there's no
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question, none, and let's not let the other side get away with this conflating of two different things. this is not about adding new debt. it's about whether or not you're going to pay the bills for the old debt that was already rung up. under all of the previous administrations combined including and especially the last one. that's what this is about. our we going to pay our bills? of course the answer is yes. i have voted to raise the debt ceiling under a democratic administration and i have done it under a republican administration. because it's the responsible thing to do. but the second thing is the future. why do we constantly keep finding us in this rather bizarre, counterproductive debate that achieves nothing? we always know the debt ceiling is ultimately going to be raised. the question is how much of a political game of chicken will
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we have to go through? and that game of chicken comes at a real cost. the last time the united states came close to not raising the debt ceiling was exactly 10 years ago. g.a.o. found the cost is $1.3 billion and my god, just imagine, if ever a miscalculation brought about an occasion in which by accident we truly didn't raise the debt ceiling, when on the ways and means committee i asked secretary mnuchin would what happen, he replied the consequences would be so dire he couldn't even imagine them. so let's fix this. i have a piece of legislation with budget chairman yarmuth that would take this out of the political sphere. it would depoliticize it. and instead make this the responsibility of the treasury secretary. democratic treasury secretary today. republican treasury secretary tomorrow. that would be the responsible
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approach and end this game once and for all. with that i yield back. the speaker pro tempore: the gentleman from massachusetts reserves. the gentleman from texas is recognized. the gentleman reserves. the gentleman from massachusetts is recognized. >> thank you, madam speaker. let me recognize again the very capable gentleman from pennsylvania, champion of all things philadelphiaian as well as quite knowledgeable about the debt ceil, mr. evans, for two minutes. the speaker pro tempore: the gentleman is recognized for two minutes. mr. evans: thank you, mr. chairman. mr. speaker, i proudly rise in strong support of this bill. we have to pay our bills. and uphold the full faith and credit of the united states. my constituents in philadelphia don't get a choice. they have to pay their bills. congress must do the same. we are working together to finalize legislation to advance the building back agenda that we share with president biden.
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as we do that, we must remember, we are elected to govern. let me repeat that. we are elected to govern. yes, the senate needs to act. but we also must be responsible in this house. we're responsible for protecting the recovererring economy -- recovering economy against the threat of financeable damage. this will clear the way to focus on bold opportunities to support american families. i call on my colleagues to act responsibly and join me by voting yes. yes to avoid the first ever default in the nation's debt. i yield back the balance of my time. the speaker: the gentleman yields. the gentleman from massachusetts reserves. the gentleman from texas is recognized. the gentleman reserves, the gentleman from massachusetts is recognized. >> thank you, madam speaker. let me yield two minutes to the gentleman from illinois, member of the ways and means committee and well known for his mid western values, congressman
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schneider. the speaker pro tempore: the gentleman is recognized for two minutes. mr. schneider: today is is my dad's 88th birthday. as a c.p.a. he taught me about financial responsibility. he taught me about paying bills on time. i'm sure he never could imagine our congress would or could possibly put the full faith and credit of the united states at risk. but that is exactly the path my colleagues on the other side of the aisle are advocating today. the stakes could not be higher. secretary yellen has said it would be catastrophic for the united states to default on its debt. there would be chaos in the financial markets. higher interest rates. slowed economic growth. estimated six million lost jobs. and $15 trillion of people's wealth disappeared. for the last four years, the republicans have run up our nation's debt. the bill is now due. the republicans want to tear up
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the statement. and throw away the checkbook. burying our heads in the sand won't solve our problems and it won't keep our creditors at bay. it will, however, cause catastrophic damage to our nation's credibility. damage to our nation's economy, damage to our nation's future. our children's future. i urge my colleagues, put the partisanship aside. put the country first. let's vote yes on this bill and make sure that our country pays its debts. i yield back the balance of my time. the speaker pro tempore: the gentleman yields. the gentleman from massachusetts is recognized. mr. neal: madam speaker, let me yield 1 1/2 minutes to the gentleman from california, again, another knowledgeable member of the ways and means committee, mr. panetta, for 1 1/2 minutes. the speaker pro tempore: the gentleman from california is recognized for 1 1/2 minutes. mr. panetta: thank you,
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mr. chairman. madam speaker, i rise today to urge all of my colleagues in congress to fulfill our obligation, not just to the people of our districts, but to the people and the economy of our nation. suspending the debt limit simply lets the government pay our bills. it's a very simple responsibility that's been done 78 times since 1960, including 49 times under republican administrations, and that includes three times during the trump administration. we raise the debt ceiling because we have to take into account the spending we already committed to, including this time where 97% of the spending was done during the trump administration. if my colleagues are concerned with fiscal responsibility, they should know that breaching the debt ceiling will raise borrowing costs and add hundreds of billions of dollars to our debt. failure to act on the debt ceiling will not just result in economic catastrophe, it will affect every american family. as borrowing costs and unemployment will rise and markets will crash.
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provoking such a financial crisis through such a sovereign default would be self-sabotage, and it's flirting with brazen irresponsibility. we are better than that. let's act responsibly, do our job, and raise the debt ceiling. thank you, madam speaker. i yield back. the speaker pro tempore: the gentleman yields. the gentleman from massachusetts reserves. the gentleman from texas reserves. ok. the gentleman from massachusetts is recognized. mr. neal: thank you, madam speaker. it's a pleasure to yield two minutes to the gentleman from california, whose work on usmca was outstanding, congressman gomez, for two minutes. the speaker pro tempore: the gentleman from california is recognized for two minutes. mr. gomez: thank you, madam speaker. i rise because i've had enough of the games. i've had enough of the bad-faith arguments and enough of the hypocrisy when it comes to the debt limit from the other side of the aisle. increasing our suspending the debt limit enables us to fulfill our existing financial obligations, and part of that
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includes the republican donald trump tax cuts from 2017. the tax cuts that went to the top .1%, and the largest corporations, and that chose who they prioritized by giving corporations permanent tax cuts while giving tax cuts to the middle class that expire in 2025. and we're so small -- and were so small people didn't notice they were given a tax cut in their paychecks. so we are trying to fulfill the obligation of their tax cuts. and it does not authorize new spending. it doesn't authorize new spending. it doesn't authorize new spending. what it does, it helps pay for that previous spending that has already occurred. and i know, like my colleagues over here love to talk about the pinocchios, but i will say they sit on a thrown of lies based --
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throne of lies. if we default, it ruins the credit worthiness of the united states. it causes our credit rating to be downgraded, interest rates to increase, and will make things a lot more expensive. but for them, it's ok, as long as they score their political points and put the blame on the feet of the democrats. but that's not something we should be playing with. that's for both republicans and democrats do not play with the full faith and credit of the united states. it's irresponsible and it's beneath you to do that. with that i yield back. the speaker pro tempore: the gentleman yields. the gentleman from massachusetts reserves. the gentleman from texas reserves. ok. the gentleman from massachusetts is recognized. mr. neal: pleased to yield one minute to the gentlelady from texas, the very capable congresswoman sheila jackson
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lee. ms. jackson lee: i thank the chairman. the speaker pro tempore: the gentlewoman is recognized for one minute. ms. jackson lee: i thank the speaker. as a member of the budget committee, we sat for many hours on saturday giving this congress and the american people a budget. so i know the discussion of my good friends are purely political, and the reason is this. in 2019, during the trump administration, majority leader mcconnell, the very person who stood up with such great profoundness and did not want to vote to raise the debt ceiling in order to adhere to the constitution, as the leader he voted to raise the debt ceiling and he said, we raise the debt ceiling because america can't default. that will be a disaster. is there any poor recollection? and then, for those of us who are historians or love history, in 1789, alexander hamilton, the nation's first and greatest treasury secretary, understood the path to american prosperity and greatness is to lay its credit worthiness, which provided the affordable access to capital needed to fund
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internal improvements and economic growth. that's why we're known as the greatest economy in the world. i'd venture to say to my colleagues, the importance of what we do stands on the premise of the constitution. we the people have formed to create a more perfect union and for the general welfare of our people. vote to increase the ability to pay our bills and stand worthy in the world's eye. i want the leader mcconnell to remember his words. we need to do this on behalf of the american people. i yield back. the speaker pro tempore: the gentlewoman yields. the gentleman from massachusetts reserves. the gentleman from texas is recognized. mr. brady: thank you, madam speaker. i yield myself 30 seconds. i can't help but remember that in february, 2018, my colleague from houston, texas, voted to default on america's debt, to shut down the government, and to withhold disaster funding for hurricane harvey in our region. at this time i reserve. the speaker pro tempore: the gentleman reserves. the gentleman from massachusetts is recognized. mr. neal: very pleased, madam speaker, to introduce the
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majority leader, one of the most capable legislators i have known, mr. hoyer, for two minutes. one minute. sorry. one minute. the speaker pro tempore: ok. the majority leader is recognized for one minute. mr. hoyer: i thank the chairman of the ways and means committee for yielding. as you can tell, he's a good friend of mine. he uses hyperbole in introducing me. i appreciate that. the ranking member of the ways and means committee just made a comment. i don't think anybody has clean hands on this issue. i tell the ranking member, i don't think anybody has clean hands. now, i don't know the exact voting pattern of the ranking member, but i think he's probably been on both sides of this issue himself. i think i have been. but i will tell the ranking member, if i'm here when there's a republican president -- and i
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do not wish for that, of course -- but if i'm here, i want to guarantee you that i will vote to lift the debt limit. guarantee you. i said three years ago, i would never vote against raising the debt limit and keeping america's credit worthy status. never. in my view, it is intellectually dishonest to do so. this is a phony issue. and anybody who is intellectually honest with themselves knows is a phony issue, because it has no relationship to what the debt is. the debt relates to when we cut revenues or spend money. not some arbitrary limit that we theoretically put on our debt. and we ought to be honest with the american public, because too many people demagogue about this
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issue. mr. speaker, on monday, senate republicans voted against keeping the government open, paying the bills that our nation has already incurred. already incurred. that was not a reflection of responsible opposition in a democracy. we talk about the loyal opposition. the loyal opposition ought not to be loyal to the majority but they ought to be loyal to the country. instead, their vote was a reckless and irrational action that signaled very clearly to the american people the financial markets and -- american people, the financial markets, and the international community that republicans would choose to precipitate an economic catastrophe for american businesses and families to score political points against president biden and democrats. that's what's happening here today. three times over the past four years house and senate
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republicans voted to suspend the debt limit when president trump asked them to do so. i have no idea what president trump is asking people to do at this point in time, but my experience is, it's not the responsible thing. and when they asked democrats, madam speaker -- when they asked democrats for help taking that needed step in order to prevent a catastrophic default, we joined with them to vote for it. and when speaker boehner could only get 78 of his colleagues to vote with him, to maintain fiscal responsibility in this country, only 78 -- i guess 77, because he was the 78th -- would follow. and how did those bills carry? because we, in the minority, joined with speaker boehner.
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and when speaker ryan did the same thing, couldn't get the majority of his own colleagues to back him, we gave the necessary votes to pursue and to ensure fiscal responsibility. why? because it was the right thing to do. because it was the necessary and responsible thing to do. treasury secretary yellen told us yesterday that we will run out of extraordinary measures to forstall a default on october 18. that's -- forestall a default on october 18. that's fewer than 20 days from today. yet, we talk about partisanship and we accuse others of not doing it one time or not doing it another time. this is the one time. this is our time. this is the time that the vote presents itself to us to keep
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america's credit worthy status. and to prohibit a national and international crisis. there is an urgency to our action, and we twiddle our partisan thumbs. leader mcconnell, i'm sure, has been quoted frequently. i haven't heard all the debate. but frequently. let me make it perfectly clear, the country must never default. the debt ceiling will need to be raised. that's his quote. now, what he didn't add was, but i'm not going to help. but i'm going to ask my party to be irresponsible. but i'm going to ask my party not to do what i say should never happen and allow the country to default.
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i don't know how you rationalize that. i don't know how anybody with intellectual honesty rationalizes that, madam speaker. that you think we must never default, but by the way, i won't vote for it. what does that mean? what kind of language is that? what kind of lack of principle is that? so in order to give him and his fellow republicans one last opportunity to prevent a default, at a time when our recovery from the pandemic is not yet complete and still quite fragile, today we are considering a clean debt limit suspension. not a number. just a date. which is by the way what both republicans and democrats have used in the past. the bill before simply says, the united states of america will pay its bills on time.
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what a radical proposition. and yet, our republican friends cannot summon the intention to do just that. and a senate republican still cannot be consistent with their own votes from the past four years. they can stand aside, and as leader mcconnell has suggested, vote for cloture to allow democrats to pass the bill with 51 votes. at least do that. at least have the courage to allow others to display the courage of standing up and voting for what they know is absolutely essential. and what they've said is absolutely essential. but if you believe that the full faith and credit of our country is worth safeguarding, that our
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businesses and working families deserve to be spared unnecessary economic pain, then vote yes. on both sides of the aisle. this is not a partisan vote. this is an american vote. this is for our country. this is for our fiscal responsibility. this is for fiscal stability. this is for familiar let's. -- this is for families. don't twiddle your thumbs and say it's a partisan vote. it is not. a yes vote on this bill is not a victory for democrats or for the president. . it's the responsible thing to do for our country. we ought never to get to this place but we do all the time because we play these silly, pedantic, weak, meritless arguments. everybody know we was to do this. and to sit there and say well i'm not going to do it is not
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fulfilling the oath to defend and protect this great nation and this great democracy. and i yield back the balance of my time. the speaker pro tempore: the gentleman yield. the gentleman from massachusetts reserves. the gentleman from texas is recognized. >> madam speaker, we're prepared to close. >> i'm prepared too. the speaker pro tempore: the gentleman from texas is recognized. >> thank you, madam speaker. i yield myself such time as i may consume. what a bunch of nonsense we just heard. i respect the majority leader, a lot of his talk about colonel and principle and language and all that. mr. brady: but what the he didn't tell you, in february of 2018, speaker pelosi, he, whip clyburn, 119 house democrats voted to shut down this government, to default on america's debt, and deny
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hurricane assistance to my communities not just in texas but across the country. he played politics with america's debt. so did many democrats that day. while they lecture us about irresponsibility, here's what we do know. this is a dangerous, irresponsible charade. democrats are desperate to blame the g.o.p. forthis. when in fact they've created this economic crisis. for two years, our democrat colleagues have known this day was coming. two years. and never even passed a budget. not even -- didn't even try to pass a budget to deal with this. never sat down with republicans. have rammed everything through this house this year. and now even though they have all the votes they need, they're just playing political games. willing to shut down this
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government. willing to deny disaster aid. willing to harm our economy and working families. so they don't have to raise this debt ceiling. the truth is, they don't want to. they can. they don't want to. they're manufacturing this crisis. have all the votes they need. they're willing to bring this economy to the brink. they've got all the votes they need. all they have to do is include it in reconciliation they just don't want to they just don't want to we could fact check so much of what we heard today. we could spend the next two hours on this and we could talk about all the tax breaks for the billionaires and the wealthy and the new spending bill being brought to the floor. trust me this isn't just about past debts. this is about a green light to spend america deeper and deeper and deeper into debt. to quote our democrat leads for the 2018, yet, republicans control the house, the senate
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and the white house. the responsibility to govern rests squarely on their shoulders. democrats control the house, the senate and the white house. this responsibility rests on their shoulders. i'll tell you, madam speaker, at the end of this debate i intent to -- intend to offer a motion to commit the bill to ways and means including a provision to prohibit the i.r.s. from implementing a bank surveillance scheme. the reason i'm doing this is because democrats are leading a campaign to impose bank surveillance on your personal bank account and your business bank account. they are targeting families and farmers and america's small businesses. they want to give the i.r.s. unfettered access to individual and business bank accounts. it's an outrageous intrusion into the private lives of all americans. they want to do that because they think they can raise money to lift the salt cap to give tax breaks to millionaires to create tax haifns for billionaires against the very tax hikes that they're proposing.
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penthouse occupants are cheering. others get nothing. this is why they don't want to take responsibility for lifting the debt ceiling because they have huge plans to really harm middle class americans while giving huge tax breaks to their fends. when democrats want to sit down with republicans and have a serious conversation about how we raise the debt ceiling, how we address the finance cialt stability of this country -- the financial stability of this country, i'm in. a lot of us are in. i'm hopeful someday we get to that that's what our country deserves. with that, i oppose the debt ceiling and i ask unanimous consent to include the text of my amendment in the record immediately prior to the vote on the motion to commit. the speaker pro tempore: without objection. mr. brady: with that, i yield back. the speaker pro tempore: the gentleman yields. the gentleman from massachusetts is recognized. >> thank you, madam speaker, i'm prepared to close. we keer hearing from our
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colleagues that somehow we're asking them to co-sign a loan. i'm prepared here to vote to lift the debt ceiling. that's the responsible position. we've heard a lot today from the other side about why democrats should shoulder the responsibility of acting responsibly in terms of governance. mr. neal: but that's not how governing simply works. we've been given great responsibility and privilege to serve this great country. that responsibility means making hard decisions and putting the goofd the nation ahead of all else including day-to-day politics. so in my hand, madam speaker, i have a $1 billion. for anybody -- a $1 bill. for anybody in this chamber who is watching or who has ever had a chance to travel this great country of ours, you know that wherever you go, you can redeem this dollar. the purchasing power of this dollar is well known to all.
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but you know what even is more fascinating about this? no matter where you travel in the world, to any nook or cranny of this globe, you put the dollar on the table and they figure out thousand redeem it. because this argument today is about the full faith and credit of the united states of america. signed by the secretary of the treasury and the treasurer of the united states of america. the basis of redemption is the trust that we might even have in strangers as it relates to the transaction of using this dollar. to pay our bills. we've always come together to pay our bills. in 2017 when the debt ceiling was reached, 183 democrats, every democrat present, voted to lift that limit, joining 133
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republicans. resist the ill-considered parts of the argument that have been offered today. and vote for the responsible position to raise the debt ceiling based upon the full faith and credit of the dollar bill that we know is redeemed everywhere
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