On the recordJuly 14, 2011
Mr. President, I rise today, as have so many other Senators, because I am concerned about what I have been hearing about the threat of default that is now just over 3 weeks away--what I have heard both here in Washington and in Delaware. This looming default crisis is one of the most grave and predictable threats to our economy and our country I have ever seen. It is no longer floating at a distance just over the horizon, or something we can debate academically, the impact of which we may yet avert. It is here now. We are on the edge. Given the difficulties this body can have in moving something through in a matter of days, we are very close to the absolute last day when we can consider options and a path forward. Default is right before us and it must be dealt with. I rise not to add to the political rhetoric--there has been plenty of that--nor do I rise to try and elicit panic or fear in the broader public. I rise because the folks of Delaware--the people from whom I have been hearing--just don't know what to believe. They know our deficit spending and our national debt are out of control, and they are deeply concerned. That is good. I share that concern. I share that commitment to making certain we reduce our spending and we deal with our deficit because deficit and debt at the size we have today can harm our economy fundamentally. They are a basic challenge to our national security, to our success, and to our growth going forward.…





