On the recordJuly 5, 2011
In one of his poems, T.S. Eliot wrote, ``Hurry up please. It's time.'' He could have been writing about us in the U.S. Senate. Yesterday, this great Nation celebrated its 235th birthday. In those 235 years, we have accomplished many admirable things, and we have done it together. We have landed on the Moon, invented new ways to save lives, and fought for democracy and freedom all around the world. Now we stand poised to make a different kind of history. For the first time, the United States of America stands at the brink of defaulting on our financial obligations. The Chief Economist for the U.S. Chamber of Commerce said allowing America to default on the debt ``would be tantamount to writing a bad check.'' Unless we take action, tarnishing this great Nation's sterling reputation will be the least of our concerns. We also risk the very fate of this country's economy and the world's economy along with it. The last time this country was plunged into a major recession, just 3 short years ago, we took the world with us. When Wall Street greed caused the financial collapse of our financial system, Americans across the country lost their jobs, their homes, and their savings, and so did people across the globe. This country is only beginning to recover and the world with us. But the crisis we now face is one of even greater proportion without exception.…
