On the recordJuly 14, 2011
we are at a pivotal moment in American history, and I think many Americans are confused and perplexed and angry and frustrated as to where we are today and how we got to where we are and what the consequences of decisions made in the past and that are being made right now will mean to their families. Let me just take a minute and try to give my view as to how we got to where we are and what our options are. As you have just stated, Mr. President, and Senator Harkin before you, anyone who talks blithely about defaults and saying it is not a big deal for this country clearly does not understand what he or she is talking about. This is the greatest Nation in the history of the world. This is a nation whose faith and credit has been the gold standard of countries throughout the world. This is a nation, since George Washington, which has paid out every nickel it has borrowed, which is, in fact, why it is the great Nation it is and why we have the strongest economy in the world today, troubled though it may be. The idea for some people to simply say: Oh, not a big deal; we are not going to pay our debt, nothing to worry about, those are people who are wishing our economy harm for political reasons, and those are people whose attitudes will have terrible consequences for virtually every working family in this country in terms of higher interest rates, in terms of significant job loss, in terms of making a very unstable global economy even more unstable.…





