Tom Harkin: “I would like to remind the American people why we are in the midst of the present crisis, days away from when the United…”

“I would like to remind the American people why we are in the midst of the present crisis, days away from when the United States of America, the wealthiest Nation in the world, will not be able to pay its bills. Let me be clear. The Senator from Oklahoma earlier had a chart up saying we are broke, broke, broke. We are the wealthiest Nation in the history of the world. We have the highest per capita income of any major nation in the world. If we are so rich, why are we so broke? The issue here, despite what some may suggest, is not about new borrowing or new spending; it is about paying the bills for what we have already incurred. Yet the Republicans, after running up a huge credit card bill under George Bush, do not want to pay the bills. As every American knows, if you use your credit card, you run up debt, and you have to pay the bills. And throughout American history, whether a Democratic or Republican Congress or a Democratic or Republican President, that is what we as a nation have done. On this point, it could not be more clear than this letter to Senator Howard Baker from President Ronald Reagan: The full consequences of a default or even the serious prospect of default by the United States are impossible and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and on the value of the dollar in exchange markets.…”