I thank the Republican whip for yielding. Madam Speaker, on Monday, the House will meet at 12:30 p.m. for morning-hour debate and at 2 p.m. for legislative business, with votes postponed until 6:30…
I thank the Republican whip for yielding.
Madam Speaker, on Monday, the House will meet at 12:30 p.m. for morning-hour debate and at 2 p.m. for legislative business, with votes postponed until 6:30 p.m. On Tuesday, the House will meet at 10:30 a.m. for morning-hour debate and at 12 p.m. for legislative business. On Wednesday and Thursday, the House will meet at 10 a.m. for legislative business. On Friday, no votes are expected in the House.
We will consider several bills under suspension of the rules, including the very important H.R. 3393, Improper Payments Elimination and Recovery Act of 2009, introduced by Representative Patrick Murphy of Pennsylvania. The complete list of suspension bills will be announced by the close of business tomorrow.
In addition, we will consider H.R. 5013, Implementing Management for Performance and Related Reforms to Obtain Value in Every Acquisition Act of 2010, and H.R. 2499, the Puerto Rico Democracy Act of 2009.
I thank the gentleman for yielding.
As the gentleman knows, our number one priority has been and continues to be the progress on the creation of jobs. Last month's report was a positive report. We gained 162,000 jobs, and the economy is showing signs of very substantial improvement as a result of the Recovery Act and of other actions that we've taken to get Americans back to work. So that will continue to be our focus.
Having said that, we also have passed already the HIRE Act, which we think
will have a very substantial, positive effect, which includes payroll tax forgiveness for the hiring of new employees who have been unemployed for some period of time. If they are kept on for 52 weeks, there will be a $1,000 additional payment, which we hope will encourage employers to hire new people. Additionally in that bill, we gave an extension of the Highway Trust Fund to allow for continued and increased investment in infrastructure and the Build America Bonds legislation, as well as giving a boost to small business growth in terms of expensing.
In addition, the House passed the Small Business and Infrastructure Jobs Act, which is pending in the Senate. We hope that it is coming back to us this work period. We would like to build on our record of job-creating legislation with additional relief to small businesses.
The President has proposed, as the gentleman knows, the Small Business Lending Fund that would take $30 billion of TARP funds, which was obviously designed to try to get our economy moving again, and provide capital infusion to local banks, and provide assets of $10 billion or less to incentivize small business lending.
Also, we hope to complete action with the Senate on a long-term extension of unemployment insurance, COBRA benefits and tax extenders for businesses, large and small. Obviously, those pieces of legislation have passed the House.
I expect the House will also take action this work period on the COMPETES Act, which is relatively noncontroversial, but invests in growing our economy, particularly in technology innovations, math, and science.
Other items on our agenda for this work period are budget resolution, defense acquisition reform, which I announced we would do next week, defense authorization, the Afghanistan/Pakistan supplemental, the Haiti supplemental, and of course the Iran sanctions conference report, which I hope to have done. As to the resolution that you and I just voted for, the motion to instruct, I urge that that be reported back by the Memorial Day break.
Before the gentleman asks another question, would you yield so I might comment on the comments that the gentleman made?
The gentleman indicates that we want to stop spending. Every economist from his side of the aisle to our side of the aisle said that if we did not spend money last year that we wouldn't have grown the economy. In fact, Ben Bernanke, the Republican-appointed Chairman of the Federal Reserve by President Bush; and Secretary Paulson all said you had better invest or you are going to go into a depression, not a recession.
The gentleman talks about job creation, and it is very interesting because, generally speaking, he wants to return to the policies of the Bush administration. And the Bush administration, of course, was the worst job-performing administration since Herbert Hoover. I know the gentleman knows that because those statistics are pretty clear. It created 19,400 jobs per month. You talk about 400 and some odd thousand jobs. I agree with the gentleman. We need to create that level if we are going to get the jobs that your economic program lost, 19,400 jobs, and you need 100,000 to stay even. That was average over 96 months of the policies that were pursued during the Bush administration that my friend supported.
Very frankly, if you will remember, during the Clinton administration, in an economic program that your party didn't support to a person--everyone voted against it--we created 216,000 jobs per month. Now, there's no secret as to where those jobs were lost. If you create 10 percent of the number of jobs you need to stay even, you're going to go behind and we have a real deficit.
The CBO says that the program that was adopted that, of course, your party opposed, created 2 million new jobs or retained jobs in our economy. Over the last 5 months, we have had a net positive growth in jobs. We grew 162,000 jobs last month. The gentleman is absolutely correct, not nearly enough, but much better than the 779,000 jobs that were lost in the last month of the Bush administration or the average 726,000 jobs that were lost in the last 3 months of the Bush administration.
We are now in the pluses. We are starting to grow. We need to do much, much more. And that's why I responded to the gentleman, when he asked me what we were going to do, we're going to continue to focus on bringing jobs back to America and to our people.
Well, I hope that we act on a budget certainly before the end of this work period. I think it's important to pass a budget. I have said that. I am working towards that end.
Will the gentleman yield on that?
The gentleman would like to pretend that the Bush administration didn't exist. He doesn't like to look back. He doesn't like history. He doesn't like to learn from our mistakes. I notice he doesn't outline the mistakes that the Bush administration made and that he made in supporting the Bush economic policies, but presumably he believes they existed, which led to such a disastrous performance of our economy. The turning of a $5.6 trillion surplus that the Bush administration inherited, which allowed it to do some of the things that it did without paying for them because they inherited surpluses, unfortunately, they left a $5 trillion deficit to this administration. They left a deep, deep, deep hole that we have been trying to dig out, without much help, frankly, from your side of the aisle, I will tell my friend. And we are getting out of that hole. Almost every indicator indicates that, including a growth in jobs. Not nearly to where people are feeling it. So we need to make sure that we continue to create jobs and create an economy that is working much better than it worked during the Bush administration.
The gentleman mentions that we were in charge of Congress in 2007. Yes, in 2006 the American public said we don't like the policies that the Bush administration and the Republicans in Congress are pursuing; we want a change. We did change. But the gentleman well knows that no veto of President Bush was overridden to change the economic policies you were pursuing, period. We couldn't do that. We couldn't do it until such time as January of 2009 occurred. When it occurred, unfortunately and tragically for the American people and the millions, 8 million- plus, to be exact, lost their jobs, a financial system that was suffering from egregious regulatory neglect and had, as a result, put many, many taxpayers, millions of taxpayers, to the responsibility of trying to stabilize the ship of state. And we have done that.
The good news is that money is being paid back. And the good news is that in terms of the bill that you and I both supported but two-thirds of your party did not, we did stabilize, at the request of the Bush administration, the financial community.
So when the gentleman says that we need to grow jobs, we do. But very frankly, if the gentleman is proposing the same policies that were pursued for 8 years under the Bush administration, then that won't get it and didn't get it. And that's why it is important to learn, not to place blame, but to learn, as I said the other day, from those failures and not repeat them, to invest in the growth of our economy.
First of all, the gentleman does this often. I never said there has been enough tax relief. What you just said I said, I never said that. Nobody heard me say that.
If I can, I think you anticipated what the facts are as you know. I didn't say that but you anticipated I might say it.
Ninety-five percent of the American public, 95 percent of the American working people, got a tax cut, as you recall, in the legislation that you voted against, $280 billion in tax relief. That went into the pockets of Americans, helped them get through some very, very tough times which we inherited, did not create, which we inherited, and moving forward.
Now, with respect to the tax increases that you referred to earlier, they are going into effect because of a policy that I voted against but I think you voted for. You were here in 2001 and 2003. And why did you do that? You talk about budgeting. You did it because you couldn't conform to your budget requirements. So what you simply did was you did the artifice, with all due respect, to saying, well, they will expire in 2010. So what is projected to happen in 2010 is a direct result of the budget and the policies that you promoted and voted for, I tell my friend.
When you say taxes have gone up in this period, what period are you referring to?
And what were those taxes?
The health care bill has not gone into effect. You're saying this year taxes have been increased.
Will the gentleman yield?
The gentleman perhaps believes if he says it enough that I said there's been enough tax relief maybe people will believe it. I have never said that on this floor or any other place. So I wish the gentleman would stop mischaracterizing what I say.
Now, very frankly, what I have said is the policies we pursued were not working demonstrably when we took over the Presidency of the United States, and could change policy, which we did. We changed policy consistent with, frankly, what Senator McCain said ought to be done during the course of the election, not the same way, but that we had to invest in our economy. Mark Zandi, Senator McCain's economic adviser, along with others, said we needed to do what we did.
Now, the gentleman voted against it. But it has, I tell you, worked demonstrably, 2 million new jobs according to the CBO--not new jobs, retained or created. In fact, over 2 million jobs; 162,000 jobs created last month. Not enough. He is correct.
But to ignore the fact that we are making some progress, I don't know whether you saw Larry Kudlow, he said, you know, stop talking down the economy, stop saying that things aren't getting better because the psychology of the economy is very important. And, in fact, whether it's the stock market indication going up, they have confidence, whether it's the growth in our economy from a 6.4 percent decline in the economy that we took over from the Bush administration, to now, a 5.6 percent growth, that figure doesn't mean anything to anybody unless they get jobs. I understand that. We need to get jobs.
What it does mean, however, with the economy growing, that jobs will follow. And that's important.
So please don't put words in my mouth. We need to cut taxes for the American public. In fact, as you know--I want to remark on something that you said. Ronald Reagan was a supporter of the earned income tax credit. Why was he a supporter of the earned income tax credit? Because he thought making sure people had enough money to get by on, buy some food for their family, buy some clothes for their kids to go to school and pay their mortgage payment, was an important thing to happen.
That's the difference, frankly, between our two parties. We don't believe that was a handout. It was a hand up in a very difficult economy. We said--and they don't pay taxes. Why don't they pay taxes, I ask my friend rhetorically. The reason they don't pay taxes is they're not making enough money to pay taxes.
Under your tax program, I would suggest to you, you did that, we supported it. They didn't pay taxes. But what we said is, they've got to live, their kids have to eat, they have to get by. And to the extent that they have some assistance in doing so and spend that money, as every economist will tell you, and you know this to be the case, it will help the economy grow. Yes, we help those people as well.
Maybe you think that was simply a handout and that we shouldn't have done it. But we did it, and it is the difference between our parties in many instances.
I yield back.
Will my friend yield one more time?
It is a new time. We're paying our bills. Now, we had to borrow a lot of money because we were in a very deep hole. And everybody said if you didn't, all economists, Marty Feldstein, conservative adviser to Ronald Reagan, said you need to put more money back into the economy.
We didn't have any money. You had a $5.6 trillion surplus that you inherited. We inherited a $5 trillion deficit. So we had no money. Your administration spent it all.
But you didn't pay for things you bought. You didn't pay for your tax cuts. Very nice to give tax cuts, but if you don't pay for them and they create deficits, then who's going to pay for them? Our children. And that's what happened.
We went to war. One was absolutely essential. We went to another war that some say was of choice, that is, in Iraq. We somewhat abandoned Afghanistan when we went to Iraq, and we didn't succeed in Afghanistan; but we didn't pay for either one of those wars.
Who are we expecting to pay for those wars? Our children.
You adopted a drug prescription program which, very frankly, we made better in the health care bill. We made seniors more secure in getting their prescription drugs. But you didn't pay for it.
Your economy that you left us, very frankly, is responsible for 38 percent of that deficit to which you referred; 90 percent-plus of the deficit that confronts this country are direct results of the policies pursued in the last administration. Just as when Roosevelt inherited from the Hoover administration a very substantial downturn, it took him time to turn that economy around.
So I say to my friend, we are prepared to work together, but we're not prepared to pretend that--when you say times are different, they are different. They are very different. The difference between a $5.6 trillion surplus and a $5 trillion deficit, the Bush administration inheritance and our inheritance. And that has made it tough. It's made it tough on us, tough on the American people. And we're trying to get out of this. I think we are.
And again I repeat to my friend, Larry Kudlow gave you some good advice, very conservative guy, on television. You know him; I know him. We appear on his program. And he urged those of you on the conservative side of the ledger, don't deny the facts. That's what Larry Kudlow said. Don't deny the progress that has been made because if you deny it and people believe that denial, they won't think things are getting better and they won't act accordingly. And that's not going to be good for our economy. It won't be good for our country.
So I caution my friend to, when things are positive, have the ability to say, yes, we've made some positive progress from where we were before this administration came into office.
I yield back.
If the gentleman will yield, I'll simply say, I agree with the gentleman. And I agree with the gentleman, and certainly want to join together in this effort. And the gentleman will observe, that's why we have adopted, readopted statutory PAYGO. We think that will constrain spending. That's why we've created a commission to look at spending and make recommendations to get a handle on the spending in this country and bring our deficit in line as it was in the nineties.
And that is why the President has submitted a budget that freezes discretionary spending at last year's levels. So we agree with you that we need to move in that direction and, in fact, we are.
I thank the gentleman.