"You have some Republicans in the House of Representatives who are promising to shut down the government at the end of this month if they can’t shut down the Affordable Care Act. And if that scheme doesn’t work, some have suggested they won’t pay the very bills that Congress has already run up, which would cause America to default on its debt for the first time in our history and would create massive economic turmoil. Interest rates on ordinary people would shoot up. Those kinds of actions are the kinds of actions that we don’t need.
The last time the same crew threatened this course of action back in 2011 even the mere suggestion of default slowed our economic growth. Everybody here remembers that. It wasn’t that long ago.
Now, keep in mind, initially, the whole argument was we’re going to do this because we want to reduce our debt. That doesn’t seem to be the focus now. Now the focus is on Obamacare. So let’s put this in perspective. The Affordable Care Act has been the law for three and a half years now. It passed both houses of Congress. The Supreme Court ruled it constitutional. It was an issue in last year’s election and the candidate who called for repeal lost. (Applause.) Republicans in the House have tried to repeal or sabotage it about 40 times. They’ve failed every time.
Meanwhile, the law has already helped millions of Americans — young people who were able to stay on their parents’ plan up until the age of 26; seniors who are getting additional discounts on their prescription drugs; ordinary families and small businesses that are getting rebates from insurance companies because now insurance companies have to actually spend money on people’s care instead of on administrative costs and CEO bonuses."