Secure Fiscal Path
Floor Speech
Mr. PRYOR. Mr. President, Abraham Lincoln once said:
I am a firm believer in the people. If given the truth, they can be depended upon to meet any national crisis. The great point is to bring them the real facts.
I think that is where we are today. I think we need to bring the people the facts about our Nation's debt. People in my State see through the games being played in Washington. They want solutions, courage, and leadership--the kind that puts us on a more secure fiscal path for the future.
Mr. Bryant of Hot Springs Village, AR, writes:
We know we have to increase the debt ceiling, so let's get serious about finding a solution. ..... Why is this a problem for our politicians? The public expects responsible leadership not the demagoguery we are getting from both sides of the aisle.
That is the sentiment I hear around my State, and I am certain many of my colleagues are hearing this around the Nation.
So here are the facts: For over 230 years, the U.S. Government has honored its obligations. Even in the face of the Civil War, two World Wars, and the Depression, America has paid its bills. Yet now we stand on the brink of tarnishing the full faith and credit of the United States. We stand here because Congress has failed to bring the American people the real facts.
The easiest thing for politicians to do is say they are for lower taxes and for increased spending. This mindset has rung up a $14.2 trillion national debt. We now borrow 41 cents of every dollar we spend.
Under this debt, combined with the theatrics playing out in the House and the Senate, the unthinkable could happen. The 80 million bills the Federal Government pays could come to a screeching halt. That means millions of seniors may not receive their Social Security checks in the mail, troops may not receive paychecks, Medicare patients could be denied care, and the stock market could significantly drop.
Moreover, credit rating agencies have warned us that we will likely lose our AAA credit rating without immediate action. Interest rates would permanently rise, piling on additional costs for families. The costs of owning a home, buying food, filling a gas tank, sending kids to college, and buying a car will become even more expensive.
There is one more real fact I wish to highlight. A default adds heavily to our debt. For every 1-percent increase in the interest rates we pay, it adds $1.3 trillion to the debt. It is no wonder last summer the Chairman of the Joint Chiefs of Staff said, ``Our national debt is our biggest national security threat.''
The Gang of 6 offers an alternative--a comprehensive roadmap that allows us to tackle the debt in a reasonable, responsible, and fair manner. I applaud Mark Warner, Saxby Chambliss, Kent Conrad, Tom Coburn, Mike Crapo, and Dick Durbin on this bipartisan effort. By leaving out political agendas, these Senators--these statesmen--produced a plan to slash deficits by $3.7 trillion over 10 years. This plan follows the blueprint put forth by the fiscal commission following a year's worth of study and collaboration.
In addition to an immediate $500 billion downpayment, the plan puts everything on the table. It balances the need to reduce spending, adjusts entitlement programs, and reforms our Tax Code. While I may not agree with every provision, I do like that it falls on every citizen to contribute to debt reduction. It allows us to achieve measurable results without jeopardizing safety net programs meant to protect the most vulnerable among us.
Furthermore, it avoids gimmicks such as a constitutional amendment or cut, cap, and balance, which offer a nice sound bite but falls short.
I am hopeful a gang of 60 will embrace this plan and that we can include it as part of the final debt ceiling solution.
Congress has created this cliffhanger moment. Americans and leaders all over the world are now watching. The question for Congress remains: Will we rise to the occasion or will we fail?
Mr. President, I yield the floor and suggest the absence of a quorum.
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