Harry Reid: “I find it distasteful and disturbing to increase the debt limit yet again, but the alternative is simply unthinkable.…”

“I find it distasteful and disturbing to increase the debt limit yet again, but the alternative is simply unthinkable. Eventually, some Social Security checks could not be sent. Government offices could close. Interest rates could rise. And the economic impact on our country could be profound. As a practical matter, therefore, we have no choice. Having said that, President Bush's failed policies put us in this box, and as we consider the pending bill, I hope my colleagues will focus on the importance of changing those policies. Over the past several years, the administration has completely abandoned fiscal discipline and dramatically increased our debt.”