Madam Chair, I thank the gentleman for the time. You know, in the confusion and the smoke and mirrors of what frequently passes for floor debate, the budget every year actually offers us very clear contrasts between priorities and the…
Madam Chair, I thank the gentleman for the time.
You know, in the confusion and the smoke and mirrors of what frequently passes for floor debate, the budget every year actually offers us very clear contrasts between priorities and the vision and the direction for the Nation.
America is at a historic crossroads. We have severe recession, record foreclosures, lack of credit, growing deficits, and high unemployment.
This year alone, Congress has spent $787 billion on an economic stimulus and another $480 billion on what's called an omnibus. This does not take into account the TARP spending, the Federal reserve lending programs that currently expose over $5 trillion in government capital to financial institutions and companies.
We are in the midst of an all-out economic downturn not experienced in generations, and yet, while families are cutting back from their own spending and reprioritizing their budgets, the Federal budget just keeps spending. Families and small businesses, and even local and State governments, have to make tough decisions, quite frankly decisions this Congress has been unwilling to make.
This isn't a budget. It's an invoice. It's at best a $3.5 trillion IOU deliverable to every hardworking family across the country, courtesy of Washington, DC. You earn it; we'll spend it.
The administration and the Congress had an opportunity to produce a responsible budget that would do more than throw borrowed money at old problems. Instead, we're debating a budget that proposes more spending, more taxing, more borrowing and no reforms.
If the majority's budget is supposed to represent a new era of responsibility, I'd hate to see what this Congress considers to be irresponsible. Washington continues to ask hardworking families to make tough decisions on their own, but the double-speak coming out of our Nation's capital is quite the opposite.
The Democratic budget we are reconsidering today will not end Washington's spending spree but further saddle future generations with irresponsible spending priorities of this Congress and this administration. It assumes a peak deficit using terms and numbers that are inconceivable.
I thank the gentleman.
It is important that we adopt the Republican budget that offers no new taxes, lower spending, and lower deficits, and a lesser burden on future generations, who are going to be expected to carry America into the 21st century as a strong capitalistic and free society and not the Venezuelan model that we are creeping ever closer to each day.