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Floor Speech

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Mr. McCONNELL. Mr. President, I was glad to attend yesterday's White House meeting in solidarity with Speaker McCarthy. Unlike the White House, the Speaker has been handling the debt limit in a responsible fashion.

Speaker McCarthy and House Republicans have passed the only legislation currently in existence that prevents default. He spent months waiting for President Biden to come to the table. But the White House has wasted 3 months--3 months wasted. The President of the United States has been MIA.

So let's hope yesterday was the start of the administration accepting the reality of our situation. Everybody knows there is only one way to defuse the looming crisis, the normal and routine thing--spending negotiations between the President and the Speaker.

The American people voted for divided government. President Biden refusing to compromise is really not an option when you have a divided government. Unconstitutionally acting without Congress is also not an option. There is exactly one way--just one way--to prevent a pointless, avoidable crisis: the bipartisan negotiation that Speaker McCarthy has been calling for since way back in February.

Seven of the last 10 debt limit hikes came with a bipartisan deal on spending levels. Let me just say that again. Seven of the last 10 debt limit hikes came with a bipartisan deal on spending levels.

Just 4 years ago, we had today's situation in reverse. What happened? Secretary Mnuchin was sent to negotiate with Speaker Pelosi. They struck a caps deal, and the debt limit was addressed. It was exactly the situation we have now, in reverse.

Yesterday's meeting was an overdue first step. I hope President Biden has begun to wake up. Even rank-and-file Democrats in the House and Senate say the President's refusal to negotiate has been untenable.

The Democrats can't waste any more time. The White House has to stop sleepwalking towards default and reach a spending deal with the Speaker.

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