Hoyer Discussing Debt Limit Negotiations with Cantor During Weekly Colloquy

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so i say to my friend, we did meet at the white house and the president of the united states, the leader of our party and i and mr. reid and mr. durbin all said yes, we need to get a handle on this spending. yes, we need to get a handle on the deficit. and, yes, we need to bring down the debt. and we need to come to the table together with everything on the table. and we need to pay for what we think we ought to buy and frankly we ought to ensure that the united states of america for the first time in history doesn't pay its bills. and i tell my friend that we've had a lot of commentary over the last few days, people on wall street, people in business, large, medium and small and i will tell you if the united to pay that which it owes, that which it has incurred, not what we're going to incur in the past, those debts we've incurred in the past, everybody in america is going to be hurt. everybody -- every economist that i've talked to says that interest rates are going to spike, stock markets are going to be at risk and millions people who have pension funds and who have interest in their pensions are going to be adversely affected. the housing market which is struggling is going to be hurt. the economy that is struggle something going to be hurt. so i would hope that my friend and i will go to the white house on sunday where we'll sit with the president of the united states and we will be for a large deal that is referred to as a comprehensive solution so that we can in fact not in the short-term, not temporarily, but a long-term bring fiscal discipline to the operations of our country. our country needs that, i think the international community expects that of us and if we don't do that, i tell my friend, i think we will not have fulfilled our oath of office. to protect and defend the constitution of the united states and serve the general welfare of our country and our people.

and in point of fact the american public, which is divided itself, but would like us to come together, i am hopeful that we do that and my friend and i have had the opportunity to talk about this. we do have significant differences but none of us can put something on the table and say, if you don't agree i'm going to take the -- i'm going to tank the economy, i'm going to have america default for the first time in its 200-plus years of history. if you don't agree and do it my way. i have said, the leader has said on this side, everything's on the table. we understand that you got to pay for what you buy and we also understand we got to buy less. and we're prepared to do both and in fact we have agreed to do both in the biden talks. now, my friend knows, he talks about economists. the most successful investor in america, i think most people would agree, is warren buffet. warren buffet said we raise the debt ceiling seven times during the bush administration and now in this congress, under the republicans, they're using it as a hostage and you rp really don't have any business -- and you really don't have any business playing russian roulette to get your way in some manner. we should, he said, be more grown up on. that to that extent he echoed the comments of our speaker who is trying, in my opinion, to get to a place where we can come together, compromise as is critical under democracy, pay our bills and reduce our obligations and reduce spending buffett went on to say, we should be more grown up on that. if we don't meet the august 2 deadline, he observed, you're playing with fire when you don't need to play with fire and we don't need to tell the rest of the world that any time people in congress start throwing a tantrum that we're not going to pay our bills. that is not responsible behavior. it's not adult behavior. it's not good for anybody in the united states of america. and it's not good for the international community. in fact, senator simpson, who was referring to tom coburn, has said, look, you've got to have everything on the table, including, yes, revenues, yes, taxes. some bard has said that taxes are the price we pay for democracy. they should not be any higher than they need to be but we ought to pay for what we -- for what we buy. if people don't want to pay for it, we ought not to buy it. unfortunately, the reason we racked up $6 trillion in deficits in the reagan and both bush administrations is because we bought things and didn't pay for them. as you heard me say at the white house, we, beth parties, voted for some things and didn't pay for them. we've got to stop that. that's why we put in place statutory pay-go. you say, well, we've changed. you passed a budget that doesn't balance the budget for the next 27 years. you passed a budget you voted for that. i didn't vote for that budget. doesn't balance the budget for 27 years. almost three decades. very frankly, i don't think that does it. that's why we went down to the white house yesterday and almost everybody in the room said, we immediate to do a comprehensive, disciplined, courageous, honest, principled resolution of doing what you say you want to do, that your party wants to do, and what i'm telling you, my friend, we want to do, because there is no option. we must bring this deficit down. we must -- the debt we have confronting us is not sustainable. i would urge my friend, and i want to congratulate speaker boehner who at the white house said, look, we need to do this, we need to have a comprehensive agreement. that's what democracy demands. i'm not going to agree with some of the things in that bill. you're not going to agree with some of the things in that bill. if in fact we pass the bill. but if we come together, if we act as adults, if we do what every responsible financial economist and advisor has told us we must do then america will be pleased with us. i tell my friend from virginia if we don't do that, if we continue to buy things we don't pay for and we continue to ask the people to get it for free, then frankly, your children and my grandchildren and children and great grandchildren will not be happy with us. so i urge my friend, he and i will be going to the white house on sunday. i urge him to come to the table, as i will come to the table, i tell him, with the understanding that compromise is essential. that the pry crisis that confronts us is real. and that america expects us to act in their best interests and have the colonel, not the politics, not the ego, not the view of the next election, but the view of the long-term as we come together and try to confront this issue for which all of us are responsible, no one party, no one member, all of us. are responsible. but then again if that is the case, we are all responsible for its resolution.

one thing i think people are worried about is making sure we act as adults, act responsibly, pay our bills and ensure that america does not default. all i'm going to say, and then i'll close, is that i hope the gentleman and i join together on sunday and every day thereafter between now and when we can resolve this issue is so that we can pay our bills, stabilize our economy, and give what the gentleman talked a lot about in our colloquies when our positions were reversed, i remember those days, talked a lot about, and that was competence. that was stability. the failure for us to act. as we acted seven times in the bush administration to raise the debt limit and i don't have the specific number but more than that in the reagan administration. and by the way, in the last fouriers of the clinton administration, does the gentleman remember how many times we raised the debt limit? zero. zero. why? because for every up with of those four years we had a surplus. not a deficit. a surplus. mr. greenspan was worried at the end of the clinton administration we were going to pay off the debt too quickly. and president bush projected a $5.6 trillion surplus. so i tell my friend that the reason i look back is to not repeat the mistakes of the past. we didn't pay our bills. we paid our bills in the 1990's, we started not paying our bills again, you jettisonned the statutory pay-go, jettisonned it again, essentially, not the statutory part but the rule part. i would hope, again, i don't enjoy going back and forth on this but i am concerned for my country. the speaker said he wanted to solve this problem by june 30. it's now jewel 7. -- july . we haven't resolved it. the country is waiting for us. let us hope that all of us will not say, can't do this, can't do that, can't do the other. let's go down to the white house on sunday, with the president, with the senate, with the leaders of this house, and say, yes we can. we can be responsible, we can be adults, we'll get this done for the people.