Joe Biden, U.S. President: “Good morning. It will come as no surprise to you, I’d like to talk about what we need today to raise the debt limit, and why the Republicans in Congress, what they’re doing today is so reckless and dangerous in my view. Raising the debt limit comes down to paying what we already owe, what has already been acquired, not anything new. It starts with the simple truth, the United States is a nation that pays its bills and always has. From its inception, we have never defaulted.”

“So let me be really clear, this is really important to know. Raising the debt limit is about paying off our old debts. It has nothing to do with any new spending being considered. It has nothing to do with my plan for infrastructure or Building Back Better, zero zero. Both of which I might add, are paid for. So if we’re going to make good on what’s already been approved by previous congresses and previous presidents and parties, we have to pay for it.”

“The reason we have to raise the debt limit is in part because of the reckless tax and spending policies under the previous Trump administration. In four years, they incurred nearly $8 trillion dollars. In four years, $8 trillion dollars in additional debt in bills we have to now pay off. That’s more than a quarter of the entire debt incurred now outstanding after more than 200 years. And Republicans in Congress raised the debt three times when Donald Trump was president, and each time with Democrat support. But now they won’t raise it, even though they’re responsible for more than eight trillion dollars in bills incurred in four years under the previous administration. That’s what we’d be paying off. They won’t raise it, even though defaulting on the debt would lead to a self-inflicted wound that takes our economy over a cliff.”

“Not only are Republicans refusing to do their job, they’re threatening to use the power, their power, to prevent us from doing our job, saving the economy from a catastrophic event. I think, quite frankly, it’s hypocritical, dangerous and disgraceful. Their obstruction and irresponsibility knows absolutely no bounds, excuse me, especially as we’re clawing our way out of this pandemic. Democrats will meet our responsibility and obligation to this country. We’re not expecting Republicans to do their part, they made it clear from the beginning. We tried asking, to no avail. We’re just asking them not to use procedural tricks to block us from doing the job that they won’t do. A meteor is headed to crash into our economy. Democrats are willing to do all the work stopping it. Republicans just have to let us do our job, just get out of the way. If you don’t want to help save the country, get out of the way so you don’t destroy it.”

“Republicans say they will not do their part to avoid this needless calamity, so be it. But they need to stop playing Russian roulette with the U.S. economy. It’s one thing to pay our debts already acquired. It’s another to require a supermajority to pay the debts already acquired. It’s not right. Let the Democrats vote to raise the debt ceiling this week without obstruction or further delays.”