Political Quotes

“Madam President, in 1939, we passed a law and the law created the debt ceiling. Before that law was passed, whenever the Government of the United States of America wanted to borrow money, it had to come to Congress. Congress had to approve it and the President would sign it. We decided then to change it. Instead, we said Congress will approve a certain amount of money that the President can borrow and we will change it as needed. In other words, we don't have to approve every single bond issue, every single borrowing of the Federal Government. In 1939, that is what we did. Since then, on 89 different occasions, Presidents of the United States have come to Congress and said the money Congress spent I have to borrow to cover. We don't have enough in the Treasury. Eighty-nine different times Presidents have come and asked for the authority to borrow money to cover expenses Congress approved. Fifty-five times Republican Presidents; 34 times Democratic Presidents. Not once--not once--did we ever default. Oh, there was a period, I think in 1979, where there were a few days of technical default, but there was never any conscious decision by Congress not to fund this debt ceiling and extend it. It is ironic that Members of the Senate have come to the floor and said: I will never vote to extend the debt ceiling as long as I serve in the Senate. They are the same Members of the Senate who have been voting for and sending to this President requests to spend money.…”