Federal Debt

Floor Speech

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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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