tv President Biden on Raising Debt Ceiling CSPAN October 4, 2021 11:45am-12:05pm EDT
between the state not being able to establish and the protections of the free exercise, and so in some ways, and there is a letter from thomas jefferson that a lot of folks talk about when they talk about the wall between church and state. that wall is often there to protect religious exercise from the state becoming too involved in their operation and the regardless of that, all these types of questions, the issue here will really be on the kind of tension because the state is saying look, --
president biden: it will come as no surprise that i'm here today to talk about raising the debt limit and what we need to do. how what the republicans in congress, what they are doing today is so wrecked us, and my point of view. it's about paying what we already owe, what has already been acquired. not anything new. it starts with the simple truth. the united states is a nation that pays its bills and always has, from its inception have never default. what we pay for is what keeps us a great nation. social security benefits for seniors. salaries for braves service members, veterans, financial obligations for the people in the nation. we can meet these obligations based on the revenue that we receive from taxes and based on our ability to borrow when
needed. and in that case we are able to borrow because we always pay our debt, always pay what we, we never fail. that's america. that's who we are. that's what's called for. it's called full faith and credit of the united states. it's rocksolid. it's the best in the world. here's the deal. there is a cap on what we can borrow, called the debt limit. only congress can raise or lower the debt limit. so, let me be really clear. this is really important to know. raising the debt limit is about paying out our old debts. it has nothing to do with any new spending being considered. it has nothing to do with my plan for infrastructure or building back better. 0, 0. both of which i might add, are paid for. if we are going to make good on what has already been approved by previous congresses and
previous presidents and parties, we have to pay for it. social security benefits. the american people
were promised salaries for service members. we are going to have to raise the debt limits to meet those obligations. raising the debt limit is usually a bipartisan undertaking. and it should be. that is what is not happening today. the reason we have to raise the debt limit is in part because of the reckless tax and spending policies under the previous trump administration. in four years they incurred nearly eight trillion dollars, four years, $8 trillion in additional debt. in bills that wean have to now pay off. that's more than a quarter of the entire debt incurred now outstanding after more than 200 years. republicans in congress raised the debt three times when donald
trump was president. each time the democratic support. now they won't raise it. even though they are responsible for more than $8 trillion in bills incurred in four years under the previous administration. that's what we would be per -- that's what we would be paying off. even though default thing on the debt would lead to a self-inflicted wound that takes the economy over a cliff and risks jobs and retirement savings, social security benefits, salaries for service members. benefits for service members and so much more. it will call into question the willingness of congress to meet the obligations that we already incurred. not new ones, ones that we have already incurred. this would undermine the safety of treasury securities and threaten the reserve status of the dollar as the world's currency that the world relies on. the american credit rating will be downgraded.
interest rates will rise for mortgages, auto loans, credit cards, borrowing. you should know that this is the republican position. they won't vote to raise the debt limit to cover their own spending. democrats voted with them to recover that spending the previous four years. they say that democrats should do it alone. then they are threatening to use the procedural power called the filibuster. meaning that we have to get 60 votes. not 50 votes, to increase the debt limit. this would block the democrats from meeting their obligations and responsibilities to raise the debt limit. let's be clear. not only are republicans refusing to do their job, they are threatening to use their power to prevent us from doing our job, saving the economy from
a catastrophic event. frankly i think it's hypocritical, dangerous, and disgraceful. there obstruction and irresponsibility knows no bounds , especially as we are clawing our way out of this pandemic. democrats will meet their responsibility and obligation to this country. we are not expecting republicans to do their part. they have made that clear from the beginning. we have tried asking to no avail. we are simply asking them not to use procedural tricks to block them from doing the job they won't do. a meteor is headed for our economy. democrats are willing to do all the work to stop it. republicans just have to let us do our job. just get out of the way. you don't want to help save the country? it out-of-the-way the way so you don't destroy it. we don't have time to delay with
elaborate procedural schemes that republican -- republican proposals require. scores of votes without any certainty at all, many of which have nothing to do with the debt limit at all. that is when accidents happen. in the days ahead, even before the default date, people may see the value of the retirement accounts shrink. they might see interest rates go up, ultimately raising their mortgage and car payments. the american people, look, just say it this way. as soon as this week, your savings and your pocketbook could be directly impacted by this republican stumped. it's as simple as that. republicans say they will not do their part to avoid this needless calamity. so be it. but they need to stop playing russian roulette with the u.s. economy. it's one thing to pay the debts already acquired.
it's another to require a super majority to pay those debts. it's not right. let the democrats vote to raise the debt ceiling this week. without obstruction or further delays. democrats in the house have already passed a bill that would do that. it's sitting in the u.s., were the democrats have the vote to pass it. that's the only way to eliminate the uncertainty and the risk that would harm american families and our economy. let us vote and end the mess. you know, we have got to get this done. we must get this done. it is, as i said, playing russian roulette to play these games. we can do it this week. get out of the way, let us pass it. thank you. >> mitch mcconnell says that he has sent a letter to you explaining his point of view.
how dire do you believe it is if action doesn't take place? >> first of all, i got a letter 10 minutes before i walked in here. i read it. i plan on talking to mitch about it. he and i have been down this road once before, back when i was vice president and i hope we can have some intelligent and honest conversation about it he has proposed. i think the easiest way to do this, if the republicans would not use the filibuster, it would be to let us vote on what's already in the senate right now, passed by the house to raise the debt limit in we can do that over the next several days. >> mr. president, you have often touted your experience in the senate and your abilities to be a closer on deals involving legislation. why were you unable, mr. president, to close the deal
with members of your own party on key parts of your legislative agenda last week? >> i wasn't able to close the deal on 99% of my party. -- i was able to close a deal with 99% of my party. two people are in the way. i don't think there has been a president that has been able to close deal in a -- deals in a position where there were only 50 votes in the senate and a bare majority in the house. it's a process. it's a process. we will get it done. >> mr. president, sounds like you are putting the blame squarely on two u.s. senators. am i incorrect? >> look, i need 50 votes in the senate. i have 48. >> they have decided not to raise the debt given for the reconciliation process. leader schumer has said that he
won't raise it through the reconciliation process. when push comes to shove and senator mcconnell doesn't change his position, will you support the senator schumer position or the debt ceiling position? >> we don't confuse the american people, number one. the issue of reconciliation, which is like code to the american people, what's reconciliation. there is a process that i understand the republican leader is willing to initiate, go through that would require literally up to hundreds of votes. it's an unlimited number of votes having nothing directly to do with the debt limit. could be anything from ethiopia to anything else that has nothing to do with the debt limit.
it's fraught with all kinds of potential danger for miscalculation. and it would have to happen twice. you could literally have several hundred votes over the next number of days. everything else would come to a standstill, but you would still find yourself in a situation where the end of the day you may have passed something that has to be undone again by either democrats or republicans. it's an incredibly complicated, cumbersome process when there is a simple process sitting out there. sitting at the desks and the senate is a bill passed by the house saying we democrats will raise the debt limit and take responsibility for raising it, even though we didn't vote to acquire the debt. we will go ahead and do that. that's the way to proceed. >> reconciliation or raising the debt ceiling, which position do you take?
>> i'm not crossing that bridge until we have to get there. >> what about what was authorized weeks ago? >> we will speak of that later. >> senator kyrsten sinema has yet to really give a number regarding how high she's willing to go but says she is negotiating in good faith with the white house? x i will let you tell her. >> between 1.5 and 3.5? higher than 1.5? >> i'm not going to negotiate in public. >> how is what the republicans are doing now different from when you opposed raising the debt limit when you were senator? >> we didn't require 60 votes, didn't call for filibuster and it was a straight up-or-down vote.
>> talking about the timing of 48 democratic votes right now, the other two were pressured over the weekend by activists like joe manchin. he had people show up. senator simoneau was chased into a restroom. do you think those tactics are crossing a line? >> i don't think they are appropriate tactics, but it happens to everybody. the only people that doesn't happen to other people with secret service standing around them. it's a part of the process. >> a lot of people are trying to connect immigration. >> what about the other senators situations and positions? what do you think the $should be on the reconciliation package? >> i laid out what i thought it should be. it's not going to be that, it's going to be less. look, the legislation, both the
bill back better peace, as well as the infrastructure piece, are things i wrote. these didn't come from, god love them, bernie sanders, aoc, or anybody else. i wrote them. i disagreed with medicare for all, for example. but i laid out what i thought would be important. for example, i think that in the bill back better program, we should require that we in fact have the best education available to us, and i will be speaking about this in detail tomorrow. look, here's the situation. how can we in this ever competitive world, this increasingly competitive world, how can we not meet the educational standards that a -- other countries are working towards? nobody's reducing the number of years they want their children or their people to go to school. you heard me say it before, as my wife says. if we don't, if any country i've
education us, they will outcompete us. look at what china is doing. the rest of the world, they are investing that relate in the abilities of people to go to and stay at work. several million women that can't go back to work because they have no way to take care of their children. to give a tax cut to a working mom to be able to afford daycare , is that a bad idea? i think it's a darn good idea that we get people back to work. so, there's a lot of things in the legislation that we are talking about across the country that i think that the american people overwhelmingly support. but the idea that this is somehow somebody else's legislation, this is what i wrote. >> the $2 trillion reconciliation bill, with that be acceptable to you? pres. biden: as you know, it's not a smart thing to negotiate with yourself in public.
we are in the process of continuing to talk to all the parties to see what we can get done. >> [indiscernible] what is your reaction and do you plan to do anything about it? >> we are looking at that right now. the first part of your question was what? >> [inaudible] [indiscernible] >> i want to be very clear, can
you guarantee that the u.s. will not reach the debt ceiling? that that won't happen? >> i can't, that's up to mitch mcconnell. >> so it's possible? >> that could be the end result. the consequences are so dire. i don't believe it. but can i guarantee it? if i could, i would, but i can't. >> the hyde amendment not being included, do you support that? where do you stand on that, sir? >> c-span is your unfiltered view of government funded by these television companies and more, including comcast. >> you think that this is just a community center? it's way more than that. >> we are creating the tools needed by low income families.
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