Establishing the Commission on Freedom of Information Act Processing Delays

Floor Speech

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Ms. KLOBUCHAR. Mr. President, I thank very much the Senator from Louisiana for her passionate remarks. There is a reason she has that passion, and it is because we are in the ninth inning. This is it. The time for political posturing is over. There is no more time to say we are not going to talk to each other. There is no more time to pretend we can have one plan and then another plan. It is time to get an agreement.

Look at what has happened in just the past week. The markets have gone down more than they have in over a year. We have seen realtors--and this is a study that just came out a few days ago--people backed away from one out of six deals this past month. If you look at the month before, it was only 1 out of 25. People are feeling the uncertainty in this economy, and it is time to come to a bipartisan agreement.

Last week, I held a call with business leaders from across my State to update them on the status of negotiations, to hear their thoughts and their concerns, and to answer their questions. Their message back to me was clear and unified: If we fail to act, the consequences for our economy are real and serious. I will be honest. They don't care what combination of votes--Democratic, Republican--it takes to get us across the finish line. Many of them may prefer Republican plans, and some would prefer a Democratic plan. What they want is consistency. They want us to get this done. They want us to not default on our debt. They want a deal to be passed by August 2 that prevents the United States from defaulting on its financial obligations and provides some long-term certainty.

Now, make no mistake, they see our debt crisis as real and serious and something that must be addressed.

But while failure to bring the national debt under control is threatening America's future, the danger of default is already harming our economy. We must address both. The U.S. Chamber of Commerce has called the possibility of default unthinkable and unacceptable, arguing it will have real, immediate, and potentially catastrophic consequences.

As economists and experts from across the ideological spectrum have said, if this continues, interest rates will rise for everyone. That is what they say. This will mean higher rates for American consumers and the small businesses that drive our economies. Car loans, mortgages, businesses, and student loans will all be more expensive. Higher borrowing costs and a falling dollar means slower economic growth and slower job creation. That is the last thing we need right now.

Just an hour ago I received in my office an e-mail from a major employer in my State saying the commercial paper market nearly seized up yesterday, and by the afternoon only overnight rollovers were possible. That is what they were seeing, and that is identical to what happened to capital markets in September of 2008, according to this major company. They said this in the e-mail:

The sooner the debt limit issue can be resolved, the sooner this market can begin functioning as it should and the sooner lenders will begin lending for longer than overnight.

Here are some things I heard from business leaders in my State. This is from Hubert Joly, the president and CEO of Carlson Companies, headquartered in Minneapolis. It owns and manages over 2,000 hotels and restaurants across this country and across the globe. He writes this:

As one of the largest private family owned companies in the United States, Carlson would like to highlight how critical it is for Congress to reach a constructive compromise before August 2 to ensure that the U.S. does not default on its debt obligations. The ongoing uncertainty--

Note that word--

and lack of resolution of the debt ceiling debate is not healthy for the global financial markets or for consumer confidence. It is highly detrimental to the overall economy and to the travel and hospitality industry which millions of families in the U.S. depend upon for their livelihood. We therefore urge congressional leadership to act in the best interests of the nation and deliver a compromise agreement that avoids default and demonstrates the nation has a credible plan to reduce the federal deficit. A short-term fix is not sufficient, as we must not allow or accept prolonged uncertainty, which will only create volatility and instability for the globe and the U.S. economy.

I have multiple other letters--from snow mobile manufacturers, etc., which I will later put in the Record. Since we are having dozens come in every hour, I want to get them all gathered for tomorrow. But one gentleman said this:

In regard to the current debt ceiling situation, default is not an option and reasonable compromise is what we need to add certainty that will lead to growth for American manufacturers.

Certainty and growth. Another one:

The current debate over the debt ceiling has serious implications for American business. For example, the impact to my company will be felt not only by 3,300 U.S. employees, but by suppliers, customers, and, consequently, shareholders.

Just in case you do not draw the connection, these are major businesses that are in small towns throughout my State--sometimes the only major employer in those towns. That is what they are saying. Let me tell you, these are not Democrats who are writing those letters. They are not siding on one particular plan or the other. They are just saying: We need a compromise, and we need it by August 2.

Ken Powell, chairman and CEO of General Mills, a major Fortune 500 company, writes:

We think it is critically important for the entire country--both at the business and individual level--that Congress come to an agreement on this issue and move forward.

An individual from a major financial institution that manages the savings and retirements of over 2 million individual business and institutional clients writes this:

I urge the U.S. Congress to reach a bipartisan agreement to raise the debt ceiling and return the country's focus to economic growth and job creation.

None of us in this Chamber wants to see our economy damaged. Democrats do not want it. Republicans do not want it. As these letters show, the business community in this country knows we cannot have this happen. What they want is for us to work together to show the American people and the world that Washington is not broken; that instead we are willing to put aside our politics to do what we have been elected to do and get this done. That is what is right for America.

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