|00:00:01||REED: THANK YOU, MADAM SPEAKER.|
|00:00:02||AND I THANK MY COLLEAGUE ON THE OTHER SIDE OF THE AISLE, MR.|
|00:00:04||LEVIN, FOR ENGAGING IN THIS DEBATE TODAY.|
|00:00:09||IT'S SO IMPORTANT, IN MY OPINION, FOR THE FUTURE OF THIS NATION, THE FUTURE OF THE WORLD , IN THE SENSE WE NEED TO GET THIS ISSUE UNDER CONTROL ONCE AND FOR ALL.|
|00:00:22||THE NATIONAL DEBT IS A SERIOUS THREAT TO OUR VERY EXISTENCE AS AN AMERICAN NATION.|
|00:00:31||YOU DON'T HAVE TO TAKE MY WORD FOR IT.|
|00:00:33||YOU CAN TAKE THE WORD FOR THE FORMER JOINT CHIEF OF STAFF, ADMIRAL MULLEN, WHEN ASKED BY THE PRESIDENT WHAT IS THE BIGGEST THREAT TO OUR NATIONAL SECURITY AND ADMIRAL MULLEN RESPONDED, NOT A MILITARY THREAT BUT THE NATIONAL DEBT, A FISCAL THREAT IS WHAT JEOPARDIZES US MOST IN REGARDS TO OUR NATIONAL SECURITY.|
|00:00:56||WHEN I HEAR THAT TYPE OF OPINION AND ADVICE COMING OUT OF OUR MILITARY LEADERS, I'M VERY CONCERNED.|
|00:01:04||AND IT SHOULD SEND A MESSAGE ACROSS THE NATION THAT THIS DEBT NEEDS TO BE ADDRESSED.|
|00:01:11||BUT IT DOESN'T NECESSARILY JUST NEED TO BE ADDRESSED FOR THE PURPOSES OF THE THREAT IT REPRESENTS TO OUR NATIONAL SECURITY BUT ALSO THE THREAT THAT IT REPRESENTS TO THE ECONOMIC RECOVERY THAT WE'RE TRYING TO KINDLE IN THIS CITY, ACROSS AMERICA.|
|00:01:31||THE NATIONAL DEBT REPRESENTS A THREAT TO THAT AMERICAN RECOVERY WHEN IT COMES TO PUTTING OUR MEN AND WOMEN BACK TO WORK BECAUSE IT IS THE CANCER THAT IS CAUSING CONCERN ACROSS ALL OF SMALL BUSINESS AMERICA, ALL ACROSS THE PRIVATE SECTOR.|
|00:01:51||WHEN THEY EXPRESS THAT THEY DON'T HAVE THE CONFIDENCE OR CERTAINTY THAT WASHINGTON WILL TAKE CARE OF THE PROBLEMS THAT THREATEN US MOST.|
|00:02:00||SO IT'S TIME THAT WE COME UP WITH A HARD PLAN.|
|00:02:05||NOW, MY COLLEAGUES DURING THIS DEBATE REFERENCED THE HOUSE BUDGET AS THE PLAN THAT WAS ADOPTED HERE THAT SOMEHOW BY VOTING FOR THIS RESOLUTION WE CONTRADICT OURSELVES BECAUSE WE VOTED FOR THAT HOUSE BUDGET BECAUSE IT CALLED FOR AN INCREASE IN THE DEBT CEILING.|
|00:02:21||BUT I WOULD REMIND MY COLLEAGUES ON THE OTHER SIDE OF THE AISLE, THAT BUDGET ONLY PASSED THIS HOUSE.|
|00:02:26||THE SENATE HAS YET TO ENACT A BUDGET.|
|00:02:31||IT WILL BE SOON 1,000 DAYS THAT THE SENATE OF THE UNITED STATES OF AMERICA HAS NOT PASSED A BUDGET.|
|00:02:38||SO IF WE DON'T HAVE A BICAMERAL, A U.|
|00:02:43||S. HOUSE AND A U.|
|00:02:45||S. SENATE COMMITTED BUDGET THAT WE CAN RELY UPON TO SOLVE THIS ISSUE, HOW CAN WE ONLY RELY ON THE HOUSE BUDGET TO SEE US THROUGH?|
|00:02:52||AND SO THIS RESOLUTION TODAY SENDS A MESSAGE TO THE SENATE, THE NATION THAT THE HOUSE OF REPRESENTATIVES WILL REMAIN COMMITTED TO FINDING A SOLUTION ON THIS ISSUE.|
|00:03:05||AND THE SECOND THREAT THAT IT REPRESENTS TO OUR AMERICAN RECOVERY AND PUTTING MEN AND WOMEN BACK TO WORK IS IF OUR INTEREST RATES IN THE PRIVATE SECTOR UPON WHICH THEY ARE KEY UPON THE NATIONAL DEBT AND THE INTEREST RATES THAT ARE CHARGED FOR OUR BORROWING COSTS AS A GOVERNMENTAL ENTITY, THE INTEREST RATES IN THE PRIVATE SECTOR INCREASE.|
|00:03:31||YOU ARE NOT GOING TO HAVE THE CAPITAL TO INVEST IN SMALL BUSINESS AMERICA OR IN THE PRIVATE SECTOR THAT IS GOING TO LEAD US OUT OF THIS ECONOMIC TURMOIL THAT WE FIND OURSELVES IN BECAUSE THEY WON'T BE ABLE TO AFFORD THAT CAPITAL THAT WILL BUILD THE NEXT PLANT, THAT WILL BUILD THE NEXT ASSEMBLY LINE OR BUILD THE NEXT RETAIL OPERATION THAT WILL PUT PEOPLE BACK TO WORK.|
|00:03:58||SO THE BOTTOM LINE IS THIS DEBT TOUCHES EVERYTHING ACROSS AMERICA, AND WHAT WE'RE DOING WITH THIS RESOLUTION IS SAYING WE ARE GOING TO DEAL WITH IT AND WE ARE GOING TO CONTINUE TO DEAL WITH IT UNTIL WE GET A PLAN IN PLACE FROM THE WHITE HOUSE, FROM THE U.|
|00:04:12||S. SENATE AND FROM THE U.|
|00:04:14||S. HOUSE THAT DEALS WITH IT ONCE AND FOR ALL AND BRINGS CERTAINTY AND CONFIDENCE BACK TO THE AMERICAN MARKET.|
|00:04:24||BECAUSE, MADAM SPEAKER, IT IS TIME TO LEAD THIS NATION, NOT HIDE.|
|00:04:31||IT IS TIME TO PUT OUR IDEAS IN WRITING, DEBATE THEM WITH THE AMERICAN PEOPLE IN AN OPEN AND HONEST FASHION, AND ONCE AND FOR ALL, EVEN BE WILLING TO SACRIFICE OUR POLITICAL LIVES TO DO WHAT'S RIGHT FOR THE AMERICAN PEOPLE.|
|00:04:48||I'M COMMITTED TO DOING THAT IF IT MEANS THAT WE WILL SAVE MY CHILDREN'S GENERATION AND THE GENERATIONS YET TO COME.|
|00:04:59||THAT'S WHAT NEEDS TO BE DONE.|
|00:05:01||AND I THINK MY COLLEAGUES ON THE OTHER SIDE OF THE AISLE KNOW THAT.|
|00:05:05||WE KNOW IT ON OUR SIDE OF THE AISLE, AND OUR HAND IS OPEN TO WORK IN A BIPARTISAN FASHION, AND I'M GLAD THAT I HEARD MANY COMMENTS TODAY ON THE OTHER SIDE OF THE AISLE THAT ARE COMMITTED TO THAT COMMITMENT ALSO.|
|00:05:23||AND I AM CONFIDENT THAT WHEN WE JOIN HANDS, WHEN WE COME TOGETHER, WE WILL SOLVE THIS ISSUE AND WE WILL SOLVE THE ECONOMIC PROBLEMS WE FACE AS A NATION BECAUSE TOGETHER, THE HISTORY OF OUR NATION HAS SHOWN THAT WE CAN OVERCOME ANY OBSTACLE IN AMERICA.|
|00:05:41||ANY THREAT TO OUR EXISTENCE.|
|00:05:45||ONCE WE UNITE, NOT DIVIDE, AND PUT FORTH A COMMON SENSE SOLUTION TO OUR PROBLEMS.|
|00:05:51||WITH THAT, MADAM SPEAKER, I ASK ALL MY COLLEAGUES TO SUPPORT THIS RESOLUTION AND WITH THAT, I YIELD BACK.|
Mr. REED. Madam Speaker, I yield myself the balance of my time.
I thank my colleague on the other side of the aisle, Mr. Levin, for engaging in this debate today that is so important, in my opinion, to the future of this Nation, to the future of the world, in the sense that we need to get this issue under control once and for all.
The national debt is a serious threat to our very existence as a nation. You don't have to take my word for it. You can take the word of the former joint chief of staff, Admiral Mullen, who, when he was asked by the President what is the biggest threat to our national security, responded: Not a military threat, but the national debt. A fiscal threat is what jeopardizes us most in regards to our national security.
When I hear that type of opinion and advice coming out of our military leaders, I am very concerned. It should send a message across the nation that this debt needs to be addressed. It doesn't necessarily just need to be addressed for the purposes of the threat it represents to our national security, but also the threat that it represents to the economic recovery that we are trying to kindle in this city across America.
The national debt represents a threat to that American recovery when it comes to putting our men and women back to work because it is the cancer that is causing concern across all of small-business America and all across the private sector when they express that they don't have the confidence or certainty that Washington will take care of the problems that threaten us most. So it is time that we come up with a hard plan.
My colleagues during this debate referenced the House budget as the plan that was adopted here, that somehow by voting for this resolution we contradict ourselves because we voted for that House budget because it called for an increase in the debt ceiling. I would remind my colleagues on the other side of the aisle, that budget only passed this House. The Senate has yet to enact a budget.
It will soon be 1,000 days that the Senate of the United States of America has not passed a budget. If we don't have a U.S. House and a U.S. Senate committed budget that we can rely upon to solve this issue, how can we only rely on the House budget to see us through? This resolution today sends a message to the Senate and to the Nation that the House of Representatives will remain committed to finding a solution on this issue.
The second threat that it represents to our American recovery and putting men and women back to work is if our interest rates in the private sector, which are keyed upon the national debt and the interest rates that are charged for our borrowing costs as a governmental entity, if those interest rates in the private sector increase, you're not going to have the capital to invest in small-business America or in the private sector that is going to lead us out of this economic turmoil that we find ourselves in, because they won't be able to afford that capital that will build the next plant, that will build the next assembly line or build the next retail operation that will put people back to work.
The bottom line is this debt touches everything across America. What we are doing with this resolution is saying we are going to deal with it, and we are going to continue to deal with it until we get a plan in place from the White House, from the U.S. Senate, and from the U.S. House that deals with it once and for all and brings certainty and competence back to the American market.
Madam Speaker, it is time to lead this Nation, not hide. It is time to put our ideas in writing, debate them with the American people in an open and honest fashion, and once and for all even be willing to sacrifice our political lives to do what is right for the American people. I am committed to doing that if it means that we will save my children's generation and the generations yet to come. That's what needs to be done.
[Time: 16:00] That's what needs to be done, and I think my colleagues on the other side of the aisle know that. We know it on our side of the aisle, and our hand is open to work in a bipartisan fashion. So I am glad that I heard many comments today on the other side of the aisle showing they are committed to that also. I am confident that when we join hands, when we come together, we will solve this issue and that we will solve the economic problems we face as a Nation, because together the history of our Nation has shown that we can overcome any obstacle in America, any threat to our existence once we unite, not divide, and put forth a commonsense solution to our problems.
With that, Madam Speaker, I ask all of my colleagues to support this resolution, and I yield back the balance of my time.