![]() We had to raise the debt limit three times when Donald Trump was President. The reason we have to raise the debt limit is, in part, because of the policies of the previous administration, which incurred nearly $8 trillion in bills in four years - some of which Democrats voted for - more than a quarter of all the debt now outstanding. Sixty votes - a supermajority –- instead of fifty to get anything done. To say that in plain English, it means you have to have 60 votes when there’s a filibuster. But our Senate Republicans friends are planning to block the vote to raise the dem- the debt limit by using a pro- the procedural power called a “filibuster.” The Democrats are willing to step up and stop this economic catastrophe if Senate Republicans will just get out of the way. The definition - and the Democrats, we have the votes. I was - we were informed by our Republican friends that they had to be all Democrat votes they weren’t going to help. ![]() There’s a Senate vote today to raise the debt limit. Let me speak for myself here: I want to be clear so the American people understand what’s going on. Raising the debt limit is usually bipartisan. ![]() I’m glad these leaders are here to talk about the real-world impact this is going to have on people and on our position in the world. It’s about paying for what we owe and preventing a catastrophic event occurring in our economy. It has nothing to do with my plans on infrastructure or building back better, both of which are paid for but they’re not even in - in the queue right now. It has nothing to do with new spending or what may be coming this year or other years. Let’s be clear: Raising the debt limit is paying our old debts. ![]() That’s what’s called the “full faith and credit of the United States.” It’s who we’re going to continue to be, God willing. We haven’t failed to do that since our inception as a country. I want to thank the Secretary of Treasury, Secretary Yellen Commerce Secretary Raimondo - I see her on the screen there - it’s good to see you and the leaders of some of America’s most important businesses and institutions, the American Association of Retired Persons - the AARP - Bank of America, Citibank, Deloitte, Intel, JP Morgan, Nasdaq, the National Association of Realtors, and Raytheon, and - for joining me today to talk about the need to raise the debt limit. And then we’ll yield and go down the road here and maybe we can - all of us, both virtually as well as in person here - we can hopefully make some progress. And this is, to state the obvious, an important get-together here.Īnd I’m going to make some brief comments, maybe ask a few questions. I want to thank our participants that are here, as well as those who are on Zoom. THE PRESIDENT: I want to thank - you can take these off while we’re speaking. ![]()
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