[ applause ] across the country and the world watched this moment tonight at the white house. Right during prime time President Donald Trump announced his pick for the next Supreme Court justice. And that is neil gorsuch. The president says gorsuch has a brilliant mind license use it to defend our nations constitution. Good evening, im lucy noland. Im iain page. If the Senate Confirms him, gorsuch will fill the seat left vacant after the death of Antonin Scalia nearly a year ago. Heres what we know about neil gorsuch. 49yearold currently serves as a federal appeals judge in denver youngest nominee and more than 20 years. The colorado native went to Harvard Law School and clerked for Supreme Court justices byron white and anthony kennedy. Politically speaking he is conservative which is expected to ignite a fight from Senate Democrats but tonight he vowed to up hold the constitution regardless of party lines. Standing here in a house of history and acutely aware of my own imperfections
Deal. Thats the way it has worked. And its gramm rudman, its the 1990 balanced budget agreement or the Andrews Air Force base agreement. Its the 1997 balanced budget agreement. Its paygo rules that many in this committee on the other side of the aisle talk about favorably. Of course, its the 19 its the most recent budget control act, just a couple of years ago. All in the context of the debt limit. So my view is kind of strange the president would, one, not want to negotiate, but, two, say we havent added stuff. Its all that has worked to deal with this. And you indicated this earlier, it only makes common sense because its a tough vote, as you said. Why . Because our constituents dont get it. You know, why would you extend the credit card again, go over the limit again without dealing with the underlying problem . And thats why, you know, the polling shows that by over two to one the American People say, yes, we should extend the debt limit but only if we deal with the underlying prob
A benchmark for credit markets source of world, as a safe investment. I hope as we have this discussion we can be candid about what we are talking about here. As we all know, if we do not raise the debt ceiling sometime soon, then at some point we will have disruptive consequences, because tax revenue is only 85 of all the money we are planning to spend, not 100 , and that means the other 15th percent 50 has got to be our it, and if not, then you have to make some decisions about what gets cut. That is disruptive, not where we want to go, and i hope the president will agree to actually address the underlying problems underlying problems that got us are so we can avoid it. Having said that, there is no circumstances under which we should ever tolerate choosing, willfully, to make sure that a missed payment would include a missed payment on the Treasury Security. Processing because of uniquely Important Role the treasury securities play. I was disappointed that the treasury secretary in
Testing the impact would persist well beyond any resolution of the debt ceiling and repair of the defaults. Let me stress that default is by no means uniquely a problem for mutual funds or other investment companies. Nothing about their structure makes them any more vulnerable than any other investment vehicle. Because the health of the treasury market underpins virtually all financial markets, the damage of a default or even of a second near miss in a little over two years time will be visited on every american who saves, invests, or has any stake in the economy. With our focus on the debt ceiling, it is easy to lose sight of the other looming risk, the unsustainable longterm growth in our national debt. The taxandspending bargains reached so painfully in the last three years have slowed the growth of debt for the short term. The office latest projection shows that that progress will be shortlived. By 2018, the debt held by the public will be rising as a share of gdp. By 2038, federal