Increasing the Statutory Limit on the Public Debt

INCREASING THE STATUTORY LIMIT ON THE PUBLIC DEBT

Mr. REED. Mr. President, I join my colleagues in supporting the Kennedy amendment. We are trying to help over 1.1 million Americans who exhausted their benefits. These are hard-working Americans who paid into the unemployment trust fund. Now is our opportunity to help them. I believe it is our obligation. Here is an interesting point on this recession. In the 20th century, the average bottoming out of unemployment comes within 15 months of the beginning of the recession, but we have seen 25 months of continuing unemployment. This, indeed, is the longest in terms of the persistence of long-term unemployment that we have seen since the 1930s.

These people need our help. The trust fund has the resources. We should vote today to give these people benefits. As Senator Kennedy pointed out, in every other recession every other President has done it. There should be no exception today. If we want to help 1.1 million Americans, just as we helped lots of fortunate Americans today, we should support this amendment.

Mr. SARBANES. Will the Senator yield for a question?

Mr. REED. Yes.

Mr. SARBANES. What are the people to do? They have exhausted their unemployment insurance benefits in a labor market that, instead of opening up so there are opportunities for jobs, is actually closing down. The unemployment rate has now risen to 6 percent. The number of long-term unemployed is at a near 20-year record. The other side is talking about doing some kind of an extension, but as I understand it, they will not cover exhaustees; is that correct? Is that the Senator's understanding?

Mr. REED. Yes. It is my understanding that 1.1 million Americans have exhausted their benefits, and they are still looking.
They are well-trained, well-skilled people. The jobs are gone. They want to work. We are ignoring them—we are not, but the other side's proposal totally ignores them.