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tv   U.S. House of Representatives Debate on Debt Limit Increase  CSPAN  December 15, 2021 5:16am-5:43am EST

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i yield myself such time as i may consume. the house will take action. house joint resolution 33 will pay pits bills. for the first time in our history, the united statesgovernment could default on its debt obligations because of the debt limit and could be ruinous for americans. and resulting in catastrophic
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economic damage with millions of jobs lost and businesses shuttered and a banking system in chaos. we risk the loss of six million jobs and unemployment rate of 9% and household wealth and decline in real g.d.p. of 4%. mark zandi predicted following a default the panic on the scale of the 2008 financial crisis would environs issue. jamie diamond predicted that a default could cause an immediate catastrophe of unbelievable proportions. the united states were to default and would downgrade the credit that would increase for mortgages, student loans, car loans and other borrowing and would threaten the livelihoods.
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i want to be very clear, raising the debt ceiling is not about incurring new debts but the federal government keeps its commitment that it pays the bills it already racked up. we are meeting rocketses with the military and recipients of medicaid and medicare. and this was accrued prior to the biden administration. this includes emergency pandemic relief measures increased defense spending. madam speaker, the time to act is now. treasury secretary has issued a dire warning. without action tomorrow the government would be left without sufficient funds. 15 million funds could be not receiving checks. millions of people who rely on
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the child tax credit could see delays. our recovery would go into recession. and the 2011 debt crisis, avoiding a default. while raising the debt ceiling does not create new debt. congress has raised the debt limit 79 times. 30 times with democrats in the white house and 49 times under a republican president. and and did so without drama. today's action should be no different. i urge my colleagues to continue paying our bills. i reserve the balance of my time. the speaker pro tempore: the gentleman from virginia reserves. the gentleman from texas is recognized. mr. brady: i yield myself such
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time as i may consume. in 2018 nancy pelosi, leader whip hoyer voted to default on the debt, shut down the government and refused to give relief to communities. republicans controlled the senate, house and the white house, responsibility rests on their shoulders. democrats control the house and senate and the white house and responsibility rests on their shoulders. democrats have known this day been coming for two years and did nothing. they passed no budget or appropriations bills and didn't spend a moment in bipartisan outreach to address the debt ceiling. we shouldn't ignore the future
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financial crisis and passed $5 trillion socialist plan. despite to shift plame, democrats cle ated and increasing america's national debt is necessary to make room in the so-called build back better bill for trillions of special handouts. make no mistake, the debt ceiling is not merely about past spending but making room for trillions that will pour more fuel. the highest rate in decades that robbed families of their gains in the past three years. the democrats in congress continue to deny that inflation is real, this is now a crisis for families and especially
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seniors on fixed incomes. their claim that this costs zero has been debunked by the congressionalbudget office. in fact check is false and misleading in the "washington post." and future will be paid for begs the question they refuse to answer. there are only two ways to raise it. tax middle class families and rob from medicare and medicaid. the democrats need this to fund special interests and give tax subsidies for lucks your vehicles and tax windfalls while the middle class get nothing or even a tax hike. they need this tax hike to give it to trial lawyers and pay
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workers more to stay home than go back to work. democrats need a quarter of a trillion dollars to lift the salt cap so two out of three millionaires will get a huge tax break. meanwhile for working families, it it is worse and and more parents will pay more for child care under build back better. these are president biden's priorities. congressional democrats, these are their priorities. the question, america, are these your priorities? the answer is no. which is why so many americans overwhelmingly question the competence of president biden and democrats to lead this country. i urge a strong no vote on this bill. and i reserve. the speaker pro tempore: the gentleman from texas reserves.
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the gentleman from virginia is recognized. mr. beyer: i reserve. the speaker pro tempore: the gentleman reserves the balance of his time the gentleman from texas is recognized. mr. brady: i yield one minute to the gentleman from ohio, mr. davidson. >> it is not compassion nature to bankrupt america. that is what this plan does. it equips this country with more debt with no plan to pay for the future debt. it is a debt bomb and something this body has an obligation to stop. this country is on auto pilot for a crash site. the whole point of the debt ceiling is to force this body to do its body and come up with a plan not to default. the question isn't whether we default tomorrow and of course we should pay our debts and shouldn't default in the future
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and unless we come up with a different course of action, i will oppose it and i encourage my colleagues to oppose it and until we avert the crisis in the crash that is coming. don't bankrupt america. the speaker pro tempore: the gentleman yields back the balance of his time the gentleman from texas reserves. the gentleman from virginia. mr. beyer: i reserve. the speaker pro tempore: the gentleman reserves the balance of his time the gentleman from texas. mr. brady: i yield two minutes to the gentleman from alabama, mr. palmer. the speaker pro tempore: the gentleman is recognized for two minutes. mr. palmer: i thank the gentleman for his leadership. the congressionalbudget office said it will increase the deficit by $3 trillion putting truth that the bills are paid for. it is not thrvment is another
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c.b.o. report that was released erltier this fall that should be front and center. here's what that report says about the direction america is heading. according to c.b.o., america's debt will be over 200% and twice the size of our entire economy. that report said a growing debt burden would increase the risk of higher inflation and undermine confidence in the u.s. dollar making it more costly to finance public activity in international markets. the c.b.o. reported with growing debt and rising interest rates, net spending triples relative to the size of the economy. the c.b.o. warned that such high debt levels will slow economic output and raise the risk of a
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fiscal crisis. there was a warning that the nation's outlook was on air raid siren that could be heard for miles and apparently my democrat colleagues are deaf to that shieren and want to raise it by $2.5 trillion and continue with reckless spending with no regard to our future. that is the wrong path and dangerous path and every member should heed the warnings and vote no. thank you and i yield back. the speaker pro tempore: the gentleman yields back the balance of his time the gentleman from texas reserves. the gentleman from virginia is recognized. mr. beyer: i yield one minute to the most distinguished of the house, the gentlelady from california, ms. pelosi. the speaker pro tempore: the
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gentlelady from california, the distinguished speaker is recognized. the speaker: i thank you for yielding me time and bringing this important legislation and i say that with many bills and let me say what this means for america's families. we must lift the debt kreeling to cover the expenses already incurred. it's important to note 95% of it incurred during the trump administration, under 4% of it during the biden administration. but sadly republicans have not only abandoned the responsibility we have in all of this, this is what it means to you. for families, it would mean
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millions of american jobs eliminated. trillions in household wealth erased. reducing the value of the dollar and an immediate reversal of a strong economic recovery. six million jobs already under joe biden. and having a terrible impact globally for decades to come. just, just the discussion of not lifting the debt ceiling a number of years ago when the republicans in congress were refusing to do so lowered the credit rating of the united states of america. our constitution says and it makes clear, the validity of the public debt of the united states authorized by law shall not be questioned. so i just want to point out this other fact. if you have a car loan, if you have a mortgage, if you have a student loan, if you have credit card bills, any other borrowing,
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your interest rate will go up. unless we lift the debt ceiling. this has a direct impact on the pockets of the american people, on the prospects for their success. let's be clear, republicans want less money in the pockets for the american people, for whatever reasons. i don't know what the middle class and working families ever did to them, for them to want to exact this toll on our economy, on our standing in a strong forr
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this legislation so we spare families the pain of a caddying strosk -- catastrophic default and uphold our duty in the constitution of the united states. to uphold the full faith and credit of the united states of america. with that, madam speaker, i yield back the balance of my time and urge an aye vote on this. i again thank mr. beyer for his leadership on this issue and mre committee as well. thank you. the speaker pro tempore: the distinguished speaker of the house yields back. the gentleman from texas is recognized. mr. brady: thank you. i'm prepared to close at this time. madam speaker, i yield myself such time as i may use. the speaker pro tempore: the gentleman from texas is recognized for such time as he may consume. mr. brady: thank you, madam
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speaker. just a reminder. 2018, democratic leader, nancy pelosi, leader hoyer, whip clyburn, 116 other democrats voted to default on america's debt. to shut down our government at the same time. and refused to devastate families across america, including in texas. as they said, republicans controlled the house, the senate and the white house, the responsibility to govern rests squarely on their shoulders. another reminder, the american public. our democrat friends have known this date's been coming for two years. this is a crisis that they created. didn't boghter to pass a budget. didn't do their appropriations bill. no bipartisan outreach. waited again and again for this cliff and created this crisis. it's been frustrating to watch this go on. and too i know middle class americans, one out of every three, will see a tax hike in the build back better bill two
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out of three millionaires get a huge tax cut. a quarter of a trillion dollars of this debt ceiling, a quarter of a trillion dollars of this increase will go to millionaires and billionaires and other wealthy americans. not to mention the heat your home tax, the toddler tax on middle class families, the made in america tax on our main street businesses. it's now clear, president biden is a paycut president. even as most americans work hard to get ahead in their careers and workplace, they're now falling behind every month of this presidency. they've lost three years of real wage growth, went backwards in getting ahead. just in spring americans are losing an average $377 a month in real purchasing power. who's the party for the middle class and working familys? not democrats. who are robbing inflation from
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their paychecks. adding another $5 trillion of inflation fire will only cause prices to continue to grow faster than paychecks. the middlele class is on the hook for democrats. lavish subsidies for luxury electric vehicles and tax cuts for the wealthy. over half of families with two kids who pay for child care will be forced to pay a $27,000 toddler tax each year under the democrats' washington takeover of child care. all this hurts american workers and their families, the poor and the seniors. we ought to stop this economic suppression. we ought to stop this attack on middle class and working families. we ought to make pro-growth tax reform permanent that lifted millions of americans out of poverty, brought jobs back from overseas and for the first time
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started to strengthen income inequality. families in america, their household income grew more in one year under president trump and republicans than in all eight years of president obama and biden combined. combined. we believe there's a smarter way to help american working families but i know this. democrats are wrong to fight for $5 trillion of social is spending that will send jobs overseas, limit choice in child care, worsen health care and lower paychecks by claiming inflation longer and making the worker shortage worse. we can't afford to pay cut presidency. i once again urge my colleagues to vote no on this measure. and i yield back the balance of my time. the speaker pro tempore: the gentleman from texas yields back the balance of his time. the gentleman from virginia is recognized. mr. beyer: thank you, madam speaker. very briefly, my republican
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friends would like to make this debate about the bipartisan infrastructure bill and about the build back better bill. despite the fact that these are wildly popular with the american people. listening to my republican friends it sounds like we are in a desperate country. instead of one that's created six million jobs so far this year, an all-time record, there's a 6% g.d.p. growth expected this year. unemployment rate is 4.2%. it's recovering faster than any time in american history. we are about to fund daycare for the american working families, putting 3 and 4-year-olds to school. child tax credit will be extended. our infrastructure bill is going to mr. more roads and highways. electrical grid, broadband, all of this in two bills that are paid for. that are paid for every penny. and when people suggest the benefits may be extended, we've also promised to pay for them if
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that in fact happens. this house did the appropriations bill, but in the senate they require 60 votes. the appropriations bill didn't happen over there. but this is not about two very good bills, two paid for bills that don't increase the deficit, that don't add to inflaition. it's about the simple fact that we need to pay our bills. a simple bill that's supposed to be simple. during the trump administration the republicans had $7.9 trillion, 50%, to the national debt. their tax cut and jobs act alone added $1.9 trillion. we have to pay for that. that's what we're paying for tonight. i urge my colleagues, democratic and republican, to vote for this
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