On the recordJuly 29, 2011
I appreciate the gentleman's courtesy. Well, we are approaching the real prospect of default for the first time in American history, and we have wasted 2 days. While we have wasted 2 days, the American public has lost over $400 billion of wealth as the stock markets started to slide when Speaker Boehner walked away from negotiations with the President. The Republicans have been twisting arms to make a bill that could never pass the Senate even more objectionable by chasing a few extreme Members of their party instead of working with over 180 Democrats on a balanced approach. I would suggest that people think of three words. First is recklessness. This is the first time in history that we have taken the debt ceiling discussion and held it hostage; 102 times we have increased the debt ceiling since 1917. This is an entirely manufactured crisis. Second is abuse. This is an abuse of power to try and hold this debt ceiling discussion hostage, refusing to compromise, trying to avoid a balanced approach that is supported by the American public and what ultimately is going to be required to solve this problem. The third point is hypocrisy.…





