On the recordJuly 31, 2011
I am going to give the Senator a chance to speak again. Does the Senator believe that defaulting on our national debt for the first time in our history, which has been the threat looming over us from the House Republicans and others for a long period, is good for America's economy? One of his colleagues on the floor from the State of Pennsylvania has come in and said: Listen, defaulting on the debt is not that big a deal. It can be, in his words, ``easily managed.'' Does the Senator from Arizona agree with that thinking? Mr. McCAIN. As the Senator may know, I came to the floor a couple days ago and made the comment that the Senator from Illinois and I are in agreement. Point No. 1, we can prioritize--and every economist that I know literally would agree. We can prioritize for a while where we want what remaining money that is left. But the message we send to the world--not just our markets but to the world--that the United States of America is going to default on its debts is a totally unacceptable scenario and beneath a great nation. We are in agreement, No. 1.
