I believe that it more than anything else explains why we have a crisis. From the beginning of the Republic. in 1789. until the onset of the war effort in 1942. the public debt never exceeded $73.3 billion. For 152 years we ran the Republic. fought the wars of the Nation. provided an environment that drew 20 million immigrants to this country in search of opportunity and freedom. built the worlds greatest democracy. and did it all without ever going more than $73.3 billion in debt. Tonight. we are being asked on a temporary debt ceiling. so that we might recess. to raise the debt by $73.3 billion Just to last us until the middle of September. My colleagues. to fund the borrowing of the Federal Government between now and the middle of September. we are being asked to incur more debt than the Nation incurred during the first 152 years of the history of the Republic.
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