Follow what is true and do what is right. Lord, inspire our lawmakers with a renewed trust in you and commitment to Work Together for your glory. We pray in your sacred name. Amen. The president pro tempore please join me in reciting the pledge of allegiance to our flag. I pledge allegiance to the flag of the United States of america and to the republic for which it stands, one nation under god, indivisible, with liberty and justice for all. Mr. Reid mr. President . The president pro tempore the majority leader. Mr. Reid i move to proceed to calendar number 211 s. 1569, the debt limit legislation. The president pro tempore the clerk will report. The clerk motion to proceed to calendar number 211 s. 1659 a bill to ensure the timely payment of the obligations of the u. S. Government until december 31, 2014. Mr. Reid the time until noon will be equally divided and controlled between the two leaders or their designees. At noon there will be a roll call vote on the motion to invoke cloture on the motion to proceed to the bill to ensure the complete and timely payment obligations of the United States government until december 31, 2014. Mr. President , i understand h. J. Res. 79 is due for its second reading. The president pro tempore the clerk will read the title of the bill for the second time. The clerk h. J. Res. 79, joint resolution making continuing appropriations for certain components. Department of Homeland Security for fiscal year 2014, and for other purposes. Mr. Reid i would object to any further proceedings, mr. President , at this time. The president pro tempore objection is heard. The bill will be placed on the calendar. Mr. Reid i ask unanimous consent the senate proceed to executive session to consider the nomination 340, that the nomination be confirmed, the motion to reconsider be considered made and laid on the table, there be no intervening action or debate, and that no further motions be in order under the nomination be in order in regard to the nomination, any related statements be printed in the record and president obama be immediately notified of the senates action and the senate then resume legislative. The president pro tempore without objection, so ordered. Mr. Reid mr. President , its really hard to comprehend that four days from today, unless and until a few extremist republicans we hope its a few too radical to compromise, could force a default on the nations obligations. The first time ever. Economists say it wont be long before Financial Markets react negatively to this continued uncertainty. I believe, mr. President , that monday is a legal holiday, and i believe that the markets will be closed. Thats good, because what i see staring us in the face is not a pleasant picture. Now, everyone should understand that a bad day on wall street doesnt just affect these great big banks and wealthy investors. It affects everyone in our country. Not only those with 401 k s, those that had no savings. It affects everybody, because everyone will lose not only in america, but around the world. The life savings of ordinary americans are at risk, and thats an understatement. And while this uncertainty is bad, default would be unthinkably worse. But, mr. President , to show my angst is real, one only need to look at what took place in the house of representatives this morning. They walked out of another meeting, a conference, caucus, call it what you want, defiant. We couldnt do anything. Therefore, the government remains closed and the debt ceiling is every day closer and closer every hour now. And while this uncertainty is bad i repeat default is just unthinkably worse. Mr. President , because of the collapse on wall street a few years ago, the state of nevada and all over the country, states were hammered hammered that was only five years ago. Americans lost their jobs, lost their homes and their savings. So did people around the world. The country is beginning to recover, but its not in great shape. But the crisis we now face is one of even greater proportion. The government has remained closed now for, i think were at 12 days now. Think about this. Four states are buying into programs so that National Parks can stay open. National parks. The brainchild of republican theodore roosevelt. It is really so sad whats happened to our country. Defaulting on our debt would risk millions of american jobs. Not thousands, not tens of thousands, not hundreds of thousands, but millions of jobs. Social security checks would likely be halted. Medicare payments and even payments for our troops wouldnt happen. So without exception, the most respected economist in the business said if america defaults on its debt, there will be dire consequences. Weve heard this from everybody. Not only economists, but business people. Mr. President , i was happy to see the republicans engaged in talks with the president ; the House Republicans. Thats over with. Its done. Theyre not talking anymore. We learned that this morning. I say to my friends on the republican side of this senate, times running out. Theyve urged their more radical members to compromise. For example, my friend, the senior senator from arizona, mr. President , that man came to the congress of the United States with me and the assistant leader. Weve been together for 31 years. Heres what he said. Sensible word; senior senator from arizona. Sooner or later the government will resume its function. Sooner or later well raise the debt limit. The question is how do we get there . Why dont we do this sooner rather than later. Why doesnt the senate lead . Were trying. Were going to have a vote in 50 minutes, a longterm measure to avert default and give the economy the certainty it needs. Ive told my republican friends, madam president , allowing the government to operate again, thats not a favor to me. Its not a favor to the presiding officer. Its not a favor to democrats on this side of the aisle. Its something that should just happen. We shouldnt consider this a time were doing favors for individuals, groups. We should just understand that the government should open because it should never have closed in the first place. And the debt ceiling, my Reasonable Republicans should understand this should be extended, not for a couple of weeks, a couple of months. It should be extended for a long time. We shouldnt have this fight. To think that this is only a motion to proceed on the legislation. It is not a vote on the measure itself. And the republicans, ive been told theyre all going to vote against this. What a sad day for america. Theyre voting to not allow us to even debate whether the debt ceiling should be raised. Are they afraid of that . Do they just want this to go away . Its not going to go away. Each hour that goes by, were closer to a calamity for our country. The economy needs more stability than shortterm republican proposals. Congress and the country must not be back in a few weeks ago wondering whether republicans will force our nation to default our financial obligations. And to think, House Republicans are saying well extend the debt for a little while but were not going to reopen government. Wow, that is so logical and so sensible and so good for the country. Ive said that very, very sarcastically. Senate democrats position has been and remains this reopen the government, pay our countrys bills so we can move forward with goodfaith negotiations on a longterm budget. Its not too late for our republican colleagues to do the right thing for this country. Im so concerned that it seems the worry about whether the country should have a functioning government and should extend its debt ceiling is only democrats. That is the way it should be. I admire president obama for doing what hes done the last few days. He has invited every member of congress, 535, to meet with him. First he had the House Republicans. Then he had senate democrats, another meeting. And then Senate Republicans and House Republicans. Remember, last time my friend, the speaker, was on television, he said, maybe, oh 18 times i havent counted them he wanted to have a conversation. The president took him up on that. Invited all 232 members of the Republican Caucus to come to the white house and visit with him. They refused that. They sent 20 down. So, i appreciate the president being willing to talk to all of us. And hes done that in detail. The problem is the conversation is one way. The republicans are not interested, it appears at this stage, of doing anything constructive to extend the debt ceiling to opponent government. Later is what they always say. The presiding officer under the previous order, the leadership time is reserved. Under the previous order, the time until 12 00 noon will be equally divided and controlled between the two leaders or their designees. Mr. Durbin madam president . The presiding officer the assistant majority leader. Mr. Durbin thank you, madam president. Madam president , at 12 00 noon well vote on s. 1659. It is barely one page but it is of more significance than anyone can imagine because it basically is an opportunity for us to start the debate. Not to end the debate. To start the debate on whether or not the United States of america will default on its debt for the first time in the history of this nation. Other nations have defaulted. Argentina, venezuela, cameroon. We have never defaulted. As a result of that, the United States dollar is the soundest currency in the world. Think about it for a second. Where else would you turn . The United States dollar is the soundest currency, and buying the debt of the United States is considered to be the singlesafest investment any person, business or country can make. You know, we didnt just inherit this. We earned this. Because every year the United States has been a nation, we have paid our bills. Now that is being brought into question. And today at noon on the floor of the United States senate there is going to be a vote on this measure as to whether or not we proceed with the debate over paying our bills. Sadly we are told that not a single republican senator will join us in just allowing the debate on paying our bills. That is a sad commentary. When you think about it, it is taking the events of the last week or two to the extreme. It was bad enough to shut down the government of the United States. When the republicans decided that shutting down the government was a great political move, the American People said, are you out of your mind . 800,000 people are going to be furloughed. Were going to stop the services of our government. And for the last 12 days we have seen every single day another indicating, another piece of news about how the Government Shutdown is hurting ordinary people across america. Whether its those who were denied Clinical Trials at the National Institutes of health, right outside washington, d. C. , Clinical Trials that literally were lifeanddeath decisions, whether we are talking about food inspection, reading the newspaper about sam medical la poisoning salmonella poisoning and realize the Government Shutdown is reducing the number of food inspectors. The list goes on and on and on. But i will tell you this, as sad and unfair as it is for the republican shutdown of the government to result in 800,000 furloughed federal employees, the hardships on their families and the hardships on all the americans who count on their jobs and basic services of the federal government, this is worse. This is worse. The republican shutdown has reached a new level of recklessness, a new level of irresponsibility if we default on americas debt. Sadly, it will mean the victims will not just be federal employees and their families. No. Not even just those who count on government services. The victims will be virtually every person and every family in america. Now, is that an exaggeration, just another politician reaching extreme rhetoric here on the floor . Let me quote a few people who do this for a living, people we trust. The treasury secretary jack lew at a finance Committee Hearing on october 13 said failing to raise the debt ceiling will impact Everyday Americans beyond its impact on Financial Markets. Between october 17 and november 1, treasury secretary lew said, we have large payments to medicare providers, Social Security beneficiaries, and veterans as well as salaries for active duty in the military. A failure to raise the debt limit could put timely payment of all of these at risk. Of course hes a Government Employee and appointee of the administration. You might say, well, lets discount that. He is just putting the president s political spin on this. So lets go to frank keating, no friend of this administration. Hes the head of the american bankers association. Before a banking Committee Hearing on october 10, he said and i quote ordinary americans will bear the brunt of the damage if our leaders do not present the prevent the United States from defaulting on its debt for the first time in history. He went on to say it would raise the cost of borrowing for businesses, meaning job losses and price increases, be a blow to retirement funds, leaving fewer Resources Available for retirees. For banks, which hold 3 trillion in treasury, agency and mortgagebacked securities, the sharp decline in value of these securities would translate into fewer Resources Available for mortgages, business, auto, credit card and student loans. To put it in laymans terms, mr. Keating, the head of the american bankers association, is saying if the Congress Fails to extend the debt ceiling, as we are proposing to do today, Interest Rates will go up. Interest rates on ordinary americans, ordinary families and ordinary businesses. This is entirely preventable. Ill till in the past, let me just lay the cards on the table. Ive been in the house and senate, nobody wants to vote for this because most people dont understand it. Oh, so you want us to go further in debt, senator. Thats why you voted for it. Thats not the case. The debt limit is paying off the bills we have already incurred. Its like going to a fancy restaurant and ordering the best meal on the menu, eating the meal. And when they come ask to you pay the check, say no, im not paying the check. You see, im a fiscal conservative. I just dont believe in extravagant eating. You just ate the meal and now youre not going to pay the check . Thats what this is all about. We have incurred these bills. Now the question is whether we will pay these bills. And thats what it comes down to. This is very basic and fundamental. At noon there will be a vote on the floor of the senate which will have a direct impact on everyone. Everyone in this country. And the question is whether the republicans, fresh from the failure of their Government Shutdown, are going to dig a deeper hole. Not just for their party. Forget that completely. But for this nation. Whether theyre going to create a new group of victims beyond federal employees that include every member, every family, every business in america. That is whats at stake. Madam president , im not exaggerating. I think this may be the singlemost irresponsible thing ive seen in the time that ive served in washington. To let this happen is not good for this nation. Its not fair to the people of this nation. And then to watch what happens on monday, the majority leader said the markets are closed on monday. Im told the bond market is closed but the stock market is open. The stock market is where your mutual funds live, where the stocks that you own for your savings and retirement live and where your savings live. And this irresponsible action, sadly, is likely to create a decline in value of your hardearned savings. It c if can bit can be avoided. What would it take . Six republicans. The democrats are ready to move forward. We need six moderate republicans to step forward. And if we do, well move forward. Well pass whatever bill it is to extend the debt ceiling. Were asking six republicans to give us a chance to vote. If they say no at 12 00 noon today, the consequences could be awful for this great nation. I yield the floor. Mr. Leahy leahy madam presiden . The presiding officer the senator from vermont. Mr. Leahy madam president , i hope the country listens to what the senior senator from illinois said. The ramifications of this, this is not a political exercise, this is not a Bumper Sticker thing. This is hitting every every single family, every Single Person in america. Doesnt make any difference whether theres democrats, republicans, independents. Its going to hurt and hurt badly, whether youre saving money for your child to go to college, for your retirement, youre paying bills for an illness all of you are going to be impacted. So i think that the distinguished senior senator. Madam president , you know, this 12th day that were paralyzed by this unnecessary shutdown, there are real things that are coming about because of it. Ill give you another example. Ive given several examples on the floor about how vermonters are suffering due to this tea party shutdown. But i think the distinguished presiding officer probably has similar examples in her commonwealth of massachusetts. Or others here. Earlier this year i worked with senator crapo, republican. We built the support we needed to reauthorize the violence against women act, vawa. And the senate and the house passed the legislation that senator crapo and i write and we did it with strong bipartisan votes. The president signed it. We put our differences aside, and we