Washington, DC -- U.S. Senator Ben Cardin, a member of the Budget and Finance Committees, spoke on the floor of the Senate today imploring his colleagues to set politics aside and come together in a responsible manner to increase the U.S. debt ceiling to protect all Americans from the grave repercussions of a government default.
"I urge my colleagues to put the national interests first, take off the table the idea that the U.S. might default on our debt, and work together to bring about a credible plan to manage our national debt. ... We're getting dangerously close to the August 2 deadline for America to increase our debt limit.
"We've been talking about this for awhile and I think my colleagues understand that the responsible thing to do is to use this opportunity to increase the debt limit and agree on a game plan to manage our national debt and spending. Our debt is not sustainable. We can't continue along this path.
"Democrats have developed a proposal, offered by Senator Conrad, chairman of the Budget Committee of which I am a proud member. This is a credible proposal that has all the elements of our budget on the table. It reduces government spending and protects priorities important for America's growth. We invest in education, innovation and infrastructure, and programs necessary for creating jobs. The Democratic budget also brings about more deficit reduction than the Republican budget, bringing our debt under control. We understand that we need a bipartisan budget. It's not going to just be what the Democrats want. That's what the political process is all about."
For Senator Cardin's full remarks, including the consequences of a U.S. Government default on its debt, go to youtube.com/senatorcardin
"For the taxpayers of this country, default means that it's going to cost more for us to borrow. It affects every family in the U.S., Senator Cardin said. "If you're buying a home, you can expect that interest rates will increase ... If you're a credit card holder, you can expect interest rates to go up." More video from Senator Cardin on the consequences of a USG default.