tv Senate Majority Leader Schumer on Debt Ceiling CSPAN February 2, 2023 10:14pm-10:40pm EST
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democracy. ♪ senate majority leader chuck schumer and other democratic senators held a news conference on efforts to raise the u.s. debt ceiling. p he called on both parties to reach an agreement while voicing concern over gop proposals to cut spending. this is about 20- minutes. [background noises] [background noises] okay, good morning everybody. i am proud to be joined by sheldon lighthouse, chris van hollen. we expect senator cortez amassed out, do expect senator lujan? he could not make it.
look i think my colleagues for joining me on the topic to the urest of america and frankly to every american family. that is making sure america pays its debts. herman thanks about the fiscal implications for the federal government. we are here to talk about this is ann economic nightmare for every american family. this is devastating for them. it has never happened in the history of the country. it would threaten the health we know of our economy and the very stability of the global financial system just at a times when we are recovering. or the handful of maga extremists republican party that is the almost abstract parts of it. this default would mean real dollars coming out of american families wallets.
mortgages, car loans credit card rates would all go up. moody's for instance predicts a default could raise interest rates substantially a surge in new mortgage rates to over 8%. it is estimated on an average house over the years of a mortgage it could cost the average mortgage on her $120,000. one hundred -- $120,000 more when you're buying a home for many americans. retirement savings the money workers have spent their entire life or putting in that money every couple of weeks they could live in dignity and retirement they could lose billions as default careens the economy into a stock market crash. a report from third way find the average retirement savings would
be down $20000. every week people put in their $20, their $50. helping again to have a decent retirement. the drain because of the brinksmanship and irresponsibilitysi of maga who are playing this default. there are over 65 million seniors relying on social security and medicare to meet ends meet. one in four seniors relies on social security for 90% of their income. congress cannot play a game with this. we have numbers and our states in new york 3.7 million on medicare and social security. 5.8 billion social securityks checks. we had n the number senior releases for marilyn, rhode island, nevada, and new mexico. so, all of these folks to be at risk as the retirement savings
is worth much much less. veterans across the country, they rely on their government for their disability, their health care, their pensions could be left with no support. spmedicare reimbursements for or hospitals would go way down. healthcare treatment would be worse. healthcare treatment will be e more expensive. and there would be massive layoffs that so many of our hospitals and particularly rural areas. many of my areas the hospital is the largest employer. food on the table, 42 million americans get it. and so we can think of scenarios. think of a senior in all but he could not afford the rent there social security was delayed. i disabled veteran in baltimore who won't if he or she can get the care he or she needs. a parent and w albuquerque that relies on snap and doesn't know if they can feed their kids. a family in bristol who just
bought their first home. and now their mortgage is sky high. a local hospital in carson city having room procedures and coverage disruption. it would be chaos. it would be an economic ffdisaster. interest rates would go skyward that affects everything cars, homes, credit cards, student loans. stock market goes down dramatically, that affects theet retirement savings of people who have 401ks, iras, it's going to be as mark zandi hardly an extreme person. hardly a progressive liberal says is going to be in bedlam. that's probably the most appropriate word. so, we say to leader mccarthy, speaker mccarthy, we say to our republican colleagues in the house and senate, debt ceiling
should not bese a bargaining chp because people's lives are at stakee. families incomes are at stake. people's jobs are atre stake. retirement benefits are att stake. that is why in the past, under democratic and republican presidents we have raise the debt ceiling without brinksmanship. without coming right up to the line going over it. we must do that again. no hostages, no brinksmanship. let's get this done. our view, they ought to show us their plan. we don't believe they have a plan they can actually pass with republican votes in the house but that is the first step to moving forward. when they realize how risky this
is and how itt affects average americans, i believe that we can all come together past the debt ceiling clean as president biden asked for it last night. thank you and now we have senator whitehouse. >> thank you chuck. very well done at explaining the maga chaos that erupts that they persist in this pursuit. the full faith and credit of the united states of america is a national asset. it is a pearl beyond price that has withstood wars and depressions. and today it is a maga republicans and threaten its destruction. and they threaten to raise rates for homeowners, carar buyers, fr credit card holders, and people who have insurance policies. they threaten maga bedlam.
why? if they want to negotiate there is a process for that. the constitution felt that process. there are two houses here you do bicameralism. you follow the constitution pretty put her lawful workon for you to baby inn the public arena and you see how you do. why did they not one to you about the process here? why do they want this resolved behind closed doors? they want this resolved behind closed door because they know their goals are unpopular. they know they are serving a billionaire right weighing donor elites. and they know their wishes that billionaire right weighing donor elites are not popular with regular americans. so, speaker mccarthy won't let his plan see the light of day. he hasn't showed it to you. he has not shown it to the
american people. has not even tried to pass it in the house. his hidden agenda is the agenda of the republican billionaire donor elite upon his dark money this republican party floats. they don't like democracy because they cannot win through democracy. so they take hostage america's economic security, america's full faith and credit. we really can't let that happen. there are too many people who are counting on this. are they going to come after social security? are they going to come after medicare? are they going to come after veterans? are they going toth come after defense? are they going to come after eymilitary health? what are they going to come after? they won't say they want to cut a secret deal in the secrecy alone of this is the best argument against it d in a constitutional democracy. i'll say one last thing, we
would not have to be facing this now if all the republicans had not jammed up through the trumpett tax scam that/governmet revenues and pitched us to this point now. so, to take advantage of their own tax scam to now threaten this secret devastation of our economy for reasons that biden has well explained not an acceptable tactic. we cannot go down this road it's undemocratic and un-american. quick senator brown hollenberg. >> thank you sheldon thank you, senator schumer for bringing us together here. if a one of us in this room or any american got up this morning and said we are not going to make our mortgage payments or we are not going to make a car payment. or we are not going to make any of ourow debts that are due and
owing for that family knows there will be consequences. someone can foreclose on their house. someone can repossess the car. thatmi isn't bad damage to the family in this limited to the family. if the united states of america says we are not going to pay our bills on time very bad consequences are imposed on every single american. senator schumer has just provided a list of what happens to american families if we don't pay our debts on time. that is why america hasha always paid its debts on time as senator whitehouse appointed because protecting the full faith and credit of the united states is protecting the american people. it is right here in the constitution in addition to the terrible fallout that would happen our framers recognize how important it was for the nine states to maintain that full faith and credit. you've got it right here the
14th amendment the validity of the public debt of the united states authorized by law shall not be questioned. so when the maga republicans in the house say they are not going to pay our bills on time threatening not to pay our bills on time they are essentially threatening terrible economic consequences for every americane family. and they are violating their duty under the constitution of the united states. the constitution of the united states says this is not a republican that is not a democratic debt. it isn't debt debt of the country. this is debt owed by uncle sam. this is why we all have a duty to come together and pay it. maga republicans are saying is we don't want to do our duty. inwe are taking the position tht in order for us to do our duty you have to make all these
terrible cuts and they won't even tells what they are in order to get us tog. do the rigt thing. that is not the way the process works. as senator sheldon pointed out we would not even be here at this particular point in time but for the 2 trillion-dollar trumpet tax cut disproportionally benefited the very wealthy and the biggest wecorporations. one corner of the national debt acumen late was during the trump administration for years. this is why republicans voted three times in president trump was in office with democrats to raise the debt ceiling. and now when president biden is in the white house they simply want to use it as a political club. look, we have been here before back in 2011. republicans won a majority in the house they immediately winter about the business of threatening the debt ceiling. vicesi president biden was assigned to bring together group to negotiate as part of that
group bicameral bipartisan. what we learn then is what we know now. republicans don't care about the deficit or debt. they say that is what they care about but if they really did, why would they pass a $2 trillion tax cut that's not paid for? why would one of the first actions of the house of representatives to block from the irs needs to go after very wealthy tax sheets to collect taxes from very wealthy people who rdo that money. because by denying the irs that capability, by long the wealthy tax cheats off the hook according to nonpartisan they are increasing the deficit and debt by well over $100 billion and they don't care about that. what they want to do is/important investments in the american people and they want to do behind closed doors. they want to get behind closed doors as they did back in 2011.
and they do not want the american people to know what they want to do. i will close with this.ce there is a process for dealing with the budget where more than happy to talk about and negotiate the budget. during the white house, there's a budget resolution process. house republicans should pass a budget resolution tell the american what's in their budget instead of hiding the ball and wanting to go behind closed doors but they certainly should not be threatening the full faith and credit of the united states which would devastate american families. i'm not going to turn it over to my colleague senator catherine cortez at masco. >> my colleagues have been so eloquent on this issue. this is what every nevada and no space just like every business the u.s. and government needs to not only pay its bills but live within its means. the debt ceiling we are talking about right now is paying those bills for those of the
obligations that were incurred under previous administrations both republican and democrat we haven't obligation to pay is not about future spending. we can have a conversation at future spending and live within our means. there is' a process to address that. you heard it from my colleagues that's a budgeting process at the appropriations. and by the way should we learn to live within our means? absolutely that's why the inflation reduction act we worked hard to ensure we are reducing the deficit by $3 million. so there are ways to work together to get this done. but unfortunately the republican leadership right now in the house would rather play games of people's lives. seems to me constantly and said thing about the greater good they are think that their own political interests. with their own political interests in mind's comment let me just remind my colleagues in the house the impact it has just in the state of nevada.
because if we are to go into a default, the impact in my state alone would cause a number of things. housing costs would skyrocket. the total cost of mortgage going up by $117,000, more than 50000 nevadans could lose their jobs. more than half a million nevadans relying on medicare could lose access to healthcare. in more than 200,000 nevada veterans may not be able to receive their benefits. something i don't think any of us are willing to accept. there is a lot at stake. i will try this the other thing we have not talked about his house republicans won't work l with us to raise the debt limit. it will also threaten our national security. nevada is home to major military installations to nellis air force base tort naval air
station, to army in hawthorne. a default could make them unable to continue their regular procedures and training. this 16000 military personnel and the vatican be working without a paycheck for this just in nevada, think about the implications across the country. so i urge my colleagues in the house that want to play games to think about and be pragmatic i note that novel concept here in congress. to be pragmatic about the implication of what it really means at the end of the day. these are serious and implications for so many across this country who expect us to work together to do the right thing and not take action that's going to harm so many across this country. thank you. >> is my colleagues have shown default is so devastatingly going right up to the line is really very, very risky and dangerous for the american people.
[inaudible] >> look we have been very, veryb clear. we are for a clean debt ceiling we do not want hostagetaking we don't want brinksmanship. we believe the house cannot pass a debtei ceiling bill the way ty are talking about it. that if it is very minor cuts elthe maga republicans. if it's major the more mainstream republicans. that's what we are saying show us your plan because i don't think they can get one together. that is why think speaker mccarthy said let's have discussions but isn't laying out a plan. next, next, next, next. >> social security something republicans yet speaker mccarthy has said the republicans would safeguard social security in the event. why do you think social security
is at risk? >> here's a massage during the elections of the speaker, 20 extreme maga republicans ran the show. there are many of those extreme maga republicans calling for cuts in social security and or medicare. many of them it is a great worry. democrats are not going to rest were not going to touch social security will not touch medicare. yes lady in red. >> strike a deal per spending cuts. >> you heard i've spoken to the president both before and his staff after the meeting. he had thead same position hakem jeffries, chuck schumer, house democratic caucus the senate democratic caucus in the present had the exact same position which is we should pass the debt ceiling clean. that is where we are at, yes? what you been clear about the debt ceiling.
however in the bigger picture you think there's a debt problem and what is your plan? >> unlike republicans are for instance pasi republican tax cuts in the very wealthy and the ultra big corporations which increased the debt by $1.7 trillion, we democrats have reduced it. a it has gone down the years from the trumpet years the ira we pass the first new piece of legislation that for every dollar we spend we are putting dollar debt reduction. brought down three to billion dollars. the ira is properly named it's the first time any party passed a bill that reduced the deficit. we are proud of that. we believe we can do both. we can reduce the debt. enter the phone. he's in this gaffe i was try to answer when the back.
>> you think present by gibbet tax revenues on the table as part of negotiations a speaker mccarthy? was he tax reduction of the trump tax cuts we didn't see republican struggle shoulder about that atat all. so it is our view debt ceiling because of the danger, because it would be bad limit. because of these things should be done clean they pursuant to debate closing tax loopholes which we did in the ira and we would like to do more of her them to debate spending cuts at the budget process that it should not be tied to the debt ceiling plain and simple yes,pl ma'am. >> you talk about the nature of the dialogue if there is any on this issue you're having with minority leaderr mcconnell and speaker mccarthy? quickly to recall some very clear similar to what i've been
saying with the president has been saying which is the house has got to go first in the house and got to decide what our view the house is going to have a very difficult time passing anything. but we can be from whatever state, show me, we can be from missouri, show us, shows the planets not far from kentucky. our plan is simple we do have a plan it's very simple, pass it. no brinksmanship, no tying things to integrate simple easy plan that has united democrats. last one. looks a little off topic hunter biden has recently changed his legal strategies going after some of the folks who were involved in publicizing his laptop brickwork so i'm not getting into that i haven't and i won't. thank you everybody. [background noises]
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