majority leader. mr. reid: ask unanimous consent that the quorum call being termed. the presiding officer: without objection, so ordered. mr. mcconnell: mr. president? the presiding officer: the the senator from kentucky. mr. mcconnell: over the past few weeks congress has been engaged in a very important debate. it may have been messy, it might have appeared to some like their government wasn't working, but in fact the opposite was true.

the push and pull americans saw in washington these past few weeks was not gridlock. it was the will of the people working itself out and a political system that was never meant to be pretty. you see, one reason america isn't already facing the kind of crisis we see in europe is that presidents and majority parties here can't just bring about change on a dime. as much as they might like to from time to time. that's what checks and balances is all about. and that's the kind of balance americans voted for in november. the american people sent a wave of new lawmakers to congress in last november's election with a very clear mandate: to put our nation's fiscal house

in order. those of us who'd been fighting the big-government policies of democratic majorities in congress welcomed them into our ranks. together we've held the line, and slowly but surely we've started turning things around. that's why those who think that no problem is too big or too small for government to solve are very worried right now. they're afraid the american people may actually win the larger debate we've been having around here about the size and the scope of government. and that the spending spree may actually -- actually be coming to an end. they can't believe that those who stood up for limited government and accountability have actually changed the terms of the debate here in washington. but today they have no choice but to admit it.

now, i know that for some of our colleagues, reform isn't coming as fast as they would like, and i certainly understand their frustration. i, too, wish we could stand here today enacting something much more ambitious. but i'm encouraged by the thought that these new senators will help lead this fight until we finish the job. and i want to assure you today that although you may not see it this way, you've actually won this debate. in a few minutes the senate will vote on legislation that represents a new way of doing business in washington. first, it creates an entirely new template for raising the nation's debt limit. one of the most important things about this legislation is the fact that never again will any president from either party be allowed to raise the debt ceiling without being held

accountable for it by the american people. and, in addition to that, without having to engage in the kind of debate we've just come through, because, you see, mr. president, whoever the next president is will be back asking to rates debt ceiling again. it will provide another opportunity for us to focus on the subject raised by the request to raise the debt ceiling. so we will be back at it, probably in the early part of 2013, trying to continue to make progress toward reducing the size and scope of government and reducing our spending. this kind of discussion isn't something to dread. it's something to welcome. and while the president may not have particularly enjoyed this debate we've just been thriewrks it was a debate that washington very much needed to have. as for the ticks, this legislation -- as for the

particulars, this legislation caps spentdzing with a mechanism that ensures that these cuts tooley stick. it protects the american people from government default that would have affected every single one of them in one way or another. it puts in place a powerful joint committee that will recommend further cuts and much-needed reforms. it doesn't include a dime, not a dime in job-killing tax hikes at a moment when our economy can least afford them. and crucially, it ensures the debate over a balanced budget amendment continues and that it actually gets a vote. now, this is no small feat when you consider that just last week the president was still demanding tax hikes as part of any debt ceiling increase, and that as recently as may, the president's top economic advisors said it was, quote, "insane," end quote for anybody

to even consider tying the debt ceiling to spending cuts. it's worth noting that 2 1/2 months later that advisor is no longer working at the white house, and the president is now agreeing as a condition of raising the debt ceiling to trillions of dollars in spending cuts. so let me be clear. the legislation the senate is about to vote on is just a first step, just a first step. but it is a crucial step towards fiscal sanity and it's potentially remarkable achievement given the lengths to which some in washington have gone to ensure a status quo that's suffocating growth, crippling the economy and imperfectlying entitlements. now, we've had to settle for less than we wanted. but what we've cheefd is in no -- achieved is in no way insignificant and we did it because we had something democrats didn't have. republicans may only control one

half of one-third of the government in washington but the american people agreed with us on the nature of the problem. they know that government didn't accumulate $14.5 trillion in debt because it didn't tax enough. and if you're spending yourself into oblivion, the solution isn't to spend more, it's to spend less. now, neither side got everything it wanted in these negotiations. but i think it was the view of those in my party that we try to get as much spending cuts as we could from a government we didn't control. our view was we'd get as much spending reduction as we could from a government we didn't control. and that's what we've done with this bipartisan agreement. this is not the deficit reduction package i would have written. the fact that we're on a pace to add another $7 trillion to the debt over the next ten years is

certainly nothing to celebrate. but getting it there from more than $9 trillion the president continued to defend until recently is no defeat, either. and slowing down the big-government freight freezing rain its current trajectory will give us the time we need to work toward a real solution or give the american people the time they need to have their voices heard. so much work remains. and to that end, our first step will be to make sure that republicans who sit on the powerful cost-cutting committee are serious people who put the best interests of the american people and the principles that we've fought for throughout this debate first. but before we move to the next step, i'd like to say a word about some of those who made today's vote possible. and i'll start with speaker boehner. it should be noted that he helped set the terms of this debate by insisting early on

that we oppose any debt limit that didn't include cuts that were greater than the amount the debt limit would be raised. and he stuck to his guns. mr. speaker and i worked should to should over the past few months and it's certainly been a pleasure. he's been a real partner and i assure my colleagues we wouldn't be here without him. so i want to thank the speaker and the entire republican leadership in the house for standing on principle, and i want to thank my republican colleagues here in the senate for their determination, their ideas, and their support. we wouldn't be here without them, either. and i want to thank my friend, the majority leader, for his work in getting this agreement over the finish line. we may disagree a lot, but i hope everyone realizes it's never, ever personal. and i think today we can prove that when it comes down to it, we'll get together when the

greater good is at stake. i also want to thank the president and the vice president. and everyone on their staffs who believed as we did that despite our many differences, we could all agree that america would not default on its obligations. it's a testament to the goodwill of those on both sides we were able to reach this agreement in time. neither side wanted to see the government default, and i'm pleased we were able to work together to avoid it. now, this bill does not solve the problem. but it at least forces washington to admit that it has one. the bill doesn't solve the problem, but it forces washington to admit that it has one. and it puts us on a path to recovery, where -- we're nowhere near where we need to be in terms of restoring balance but there should be absolutely

no doubt about this: we have changed the debate, we're headed in the right direction, and people are wondering how it happened. well, it happened because the american people demanded it. so in the end, we're back to where we started. the only reason we're talking about passing legislation that reins in the size of washington instead of growing it is because the american people believed they could have a real impact on the direction of their government. they spoke out, and we heard them. and it's only through their continue he participation in this process and lawmakers who are willing to listen to them that we'll complete the work we've begun. as winston churchill once said, "courage is what it takes to stand up and speak. courage is also what it takes to sit down and listen." swrat of a -- i can't think of

a better way to sum of this last year and in particular these last few months right here in washington than that. the american people want to see accountability and cooperation in washington, and they want to see that they're working together to get our fiscal house in order. this legislation doesn't get us there, but for the first time in a very long time, i think we can say to the american people that we're finally facing in the right direction, and for that, we have them to thank. mr. reid: mr. president. the presiding officer: the majority leader, the senator from nevada. mr. reid: the eyes of washington and the world have been watching washington this past week very closely. while they witnessed a lot of political wrangling they also saw congress make some historic, important decisions. and averted a default on our

debt that has been so concerning to all of us for such a long period of time. our country was literally on the verge of a disaster. it was on the brink of a disaster. one day left, we were able to get together and avert that disaster. now, this compromise that we've reached is not perfect. and i feel it's important -- mr. president, can we have order, please. the presiding officer: the senate will please come to order. we welcome all our visitors and want to make it clear think disturbance or manifestation of approval or disapproval is prohibited under the senate rules. the majority leader may proceed. mr. reid: i appreciate the kind words that my counterpart mr. mcconnell has stated on the floor, i've gotten to know him and speaker boehner a lot better this past month or two. especially the speaker. even though i disagree

vehemently with the direction the speaker's legislation took with no bipartisan support at all, it is not the product we have here. the product we have here is one of compromise. the winners, without trying to outline who the winners are, there is principally one winner through this, and ities american people. we settled for less than what we wanted, so do did my friend, the leader of the republicans, settle for less than they wanted. that's the way legislation works, the way compromise works. but i can't let go without responding to my friend who boasted about in his own way about this -- the new senators and the new members of congress who came here. i welcome them all, but a result of the tea party direction of this congress the last few months has been very, very disconcerting, and very unfair to the american people.

it stopped us at arriving at a conclusion much earlier and we must go forward. and also, mr. president, i recognize we have to do more. of course we need to do more. and that's why we have the joint committee set up that i'll talk about in just a minute. the american people are not impressed with the new revenue. the vast majority of democrats, independents, and republicans think this arrangement we've just done is unfair because the richest of the rich have contributed nothing to this. the burden of what has taken place is on the middle class, and the poor. my friend talks about new taxes. mr. president, if their theory was right, these huge taxes that took place during the bush eight years, the economy should be thriving. these tax cuts have not helped the economy. the loss of eight million jobs during the bush eight years, two wars started, unfunded,

all borrowed money, these tax cuts all on borrowed money. if the tax cut were so good, the economy should be thriving. if you go back to the prior eight years, during president clinton's administration, 23 million new jobs were created. we had when president bush took office a surplus over 10 years of $7 trillion. that has evaporated and now we're talking about a $14 trillion debt. the compromise we reached is imperfect. and we're going to send legislation to the president today that will not only avert a default but make significant deficit reductions. is it enough? i repeat, no, not enough. this legislation will provide our economy with stability it desperately needs and to assure congress we will continue working -- and i said this yes, i say it again -- i appreciate my friend, the republican leader, putting his

arms around the idea that i came up with to have this joint committee. they've worked in decades past, there's no reason it can't work now. no supermajority, each leader will appoint three, a committee of 12. we need to do something because the trigger that kicks in is very, very difficult. we need to do this. and it has to be one that's fair. the american people demand fairness. it can't be more cuts to programs that have made this country what it is. there must be a sharing of sacrifice. it's really unfair for billionaires and multimillionaires not to be contributing to the arrangement that we've just made, but they're not. my friends, the republicans, held firm. and no revenue, which is really too bad. we need to have a fair approach 0 this joint committee and i'm confident we will do that. and one reason we're going to do that is because the trigger

mechanism that kicks in. now, this committee that was going to have -- be appointed, the members i say here must have open minds. we've had too much talk the last few days of republicans as early as this morning, republican leaders in the senate saying there will be no revenue. that's not going to happen. otherwise, the trigger is going to kick in. the only way we can arrive at a fair arrangement for the american people with this joint committee is to have equal sharing. it's going to be painful. each party if they do the right thing, it's going to be painful for them because to be fair, we have to move forward. there has to be equal spending cuts, there has to be some revenue that matches that. the legislation is going to be sent to the president today ends a stand-off that ground the work of washington to a halt this summer. so congress must now return to its most important job,

creating jobs. now, mr. president, there are things we can do to create jobs. we know that. we passed out of here quickly the patent bill. 270,000 jobs we're told that legislation will create. so we'll move to that first time we get back to that after the summer break. we're going to move to the patent legislation. important we do that. there are other things we can do. there are things out there that should be bipartisan in that it that we can do. we have a highway bill that's due. i've spoke to the chair -- the chairman of the finance committee today. there are ways we can fund that that should be in keeping with a bipartisan approach to this. the important part, the important thing that we have mr. president, with these infrastructure jobs we need so very much is that for every billion dollars we spend in infrastructure, we create 47,500 high-paying jobs. a lot of other jobs spin off

from that. these aren't jobs you have a billion dollars and have you all these jobs are jobs that the federal government does. these are moneys that go to the private sector to build roads and bridges and dams. we need to do that and we can do that. clean energy jobs. they're changing the face of this nation. we need to do that. i'm optimistic and hopeful that the spirit of compromise has taken root in washington over the last several days will endure. i hope my republican colleagues will join forces with democrats to bring america back to work an not be looking for winners and political parties. let's start looking for winners with the american people. we've made progress toward cutting the goal -- we made progress toward our goal of cutting the deficit spending that we have around here. this nation still faces a jobs deficit as well. there's no issue more important to the american people than job

creation. tell every american who chooses to work and find a job, our job is undone. so we're going to continue making jobs our number-one priority. we ask the republicans to join with us in this regard. adlai stevenson once called politics "the people's birks the most important business there is." that's what adlai stevenson said. so, mr. president, it's time for congress to get back to doing the people's business, creating jobs. nothing is more important than that. mr. president, i ask for the yeas and nays on my motion to concur. the presiding officer: is there a sufficient second? there appears to be a sufficient second. the yeas and nays are ored. the clerk will call the roll. vote: