Mr. Speaker, ladies and gentlemen of America, every day that I'm on the floor, I can't help but be reminded that facts are a stubborn thing, and I simply want to talk to you about the facts today. You see, the President and the Democratic…
Mr. Speaker, ladies and gentlemen of America, every day that I'm on the floor, I can't help but be reminded that facts are a stubborn thing, and I simply want to talk to you about the facts today. You see, the President and the Democratic leadership spent the last 4 years blaming George Bush for driving our economy into the ditch. Now, as President Obama drives our economy towards the fiscal cliff, I'd like to share with you some remarks, remind you, remarks that he made during his Fiscal Responsibility Summit held on February 23, 2009, at the White House.
The President said:
We cannot and will not sustain deficits like these without
end. Contrary to the prevailing wisdom in Washington these
past few years, we cannot simply spend as we please and defer
the consequences to the next budget, the next administration,
or the next generation. We're paying the price for this
budget right now.
He continued:
In 2008 alone, we paid $250 billion in interest on our
debt--1 in every 10 taxpayer dollars. That is more than three
times what we spent on education that year, more than seven
times what we spent on VA health care. So if we confront this
crisis without also confronting the deficits that helped
cause it, we risk sinking into another crisis down the road
as our interest payments rise and our obligations come due.
Confidence in our economy erodes, and our children and
grandchildren are unable to pursue their dreams because
they're saddled with our debts.
That's why today, I'm pledging to cut the deficit we
inherited by half by the end of my first term in office. Now,
this will not be easy. It will require us to make difficult
decisions and face challenges we've long neglected. But I
refuse to leave our children with a debt they cannot repay.
That means taking responsibility for it right now, in this
administration, for getting our spending under control.
Now, let's do the math, Mr. Speaker. The deficit that the President is talking about is this 1.4, the $1.4 trillion deficit that he's talking about. Now, according to his own proposal, if he gets all of the tax increases that he has asked for, and I want to make this clear, his revenue estimate right here assumes that he gets the tax increases that they're asking for.
You still have a $900 billion deficit, ladies and gentlemen. He promised it wouldn't be any bigger than $700 billion. That means that the President owes the American taxpayer $200 billion in cuts, not over the course of 10 years, but over this year right now, the fiscal year 2013 that we're in.
Mr. Speaker, the President made a pledge to cut spending not to the Republican Members of Congress. He doesn't even speak to us, if you want to know the truth of the matter. He made a pledge to cut spending to the citizens of the United States of America so that our children and grandchildren would be able to pursue their dreams instead of being saddled with our debts.
Mr. Speaker, a pledge from the President of the United States to the citizens of this country should mean something. Instead, his plan in his budget, assuming his tax increases, leaves our children and grandchildren with a debt of more than $21 trillion. That, ladies and gentlemen, is something that we simply cannot allow him to do to our country and to our children.