Mr. Speaker, I rise today in opposition to the conference report to the economic stimulus legislation. I understand that Americans are hurting. Many have lost their jobs, are unable to pay their mortgage, don't have health insurance and…
Mr. Speaker, I rise today in opposition to the conference report to the economic stimulus legislation.
I understand that Americans are hurting. Many have lost their jobs, are unable to pay their mortgage, don't have health insurance and are struggling to make ends meet. Small businesses have especially felt the brunt of the recession.
Congress needs to come together with the president to restore confidence in the economy and create a climate conducive to job growth. But instead of a narrowly focused effort to stimulate the economy through targeted programs to put more money in the hands of taxpayers and create jobs, this massive spending bill--the largest in our Nation's history--creates new programs and bolsters others, many of which have nothing to do with economic recovery. I don't question the urgency of congressional action to stimulate the economy, but I do question the priorities in this package and its price tag.
I have never been more concerned about the future of our country. The unprecedented amount of borrowing and spending in this package will place a tremendous burden of debt on present and future generations. This economic stimulus package was not only an opportunity to look at short-term solutions to help jump-start the economy and assist struggling taxpayers and homeowners, but also a historic opportunity for Congress to address the long-term financial plan for our country.
I have been speaking out for several years about getting mandatory spending under control. Congressman Jim Cooper and I have authored bipartisan legislation, which I first introduced in 2006, to set up a national commission to review our nation's long-term economy, including entitlement spending, discretionary spending and tax policy, and recommend a plan to Congress to get America on a sustainable financial path. The Securing America's Future Economy (SAFE) Act would address this financial crisis and solve it with bipartisanship. The SAFE effort differs from others because it requires an up or down vote in Congress on the commission's proposal, similar to the process for closing military bases enacted in 1988.
As the piece of the budget pie continues to grow to pay for entitlements, spending for discretionary programs shrinks. That means fewer dollars for education, for medical research, for investment in technology, for national security, for transportation, and a myriad of other programs on which Americans rely. Not only is it unacceptable to shoulder our children and grandchildren with a crushing debt burden, I believe it raises serious moral questions. Is it right for one generation to live very well knowing that its debts will be left to be paid for by others?
I reached out to both Democrats and Republicans to push for a bipartisan entitlement reform commission to be considered as part of the stimulus package. The SAFE idea has garnered growing support. I offered the SAFE Commission as an amendment when the stimulus legislation was marked up in the House Appropriations Committee, and again when the Rules Committee decided which amendments would be made in order for consideration on the House floor as a part of House legislative package. I was disappointed that my amendment was not even allowed to be debated by the House.
I am deeply concerned about the divisiveness in Congress and believe that a bipartisan commission may well be the only way to mandate action on long-term budget controls. President Obama has indicated his willingness to reach across the aisle to find bipartisan solutions. I have always believed that working together in a bipartisan manner is what the American people expect of their leaders.
The Congress had the chance in this measure to take a bold step for America's future financial security and instead we are going down the same road of adding to the deficit and national debt with questionable programs that are touted to create jobs and stimulate the economy. We can do better and we must
do better--for our children and our grandchildren's future.
Mr. Speaker, I insert with my statement an op-ed from yesterday's Washington Times by Stuart Butler of the Heritage Foundation who understands the urgency of Congress and the administration coming together to stop the financial tsunami that threatens the financial future of our country.
[From the Washington Times, Feb. 12, 2009]
Butler: Congress Needs Cover to Reform Entitlements
(By Stuart Butler)
The price tag is stunning. Pegged at nearly $800 billion--a
figure that doesn't even include interest payments--the so-
called ``stimulus'' bill sets an all-time record for deficit
spending by a single bill.
Congress has gotten away with deficit spending in the past,
because foreign investors were willing to buy U.S. bonds to
cover the debt. But the size of this bill will send our
deficits sky-rocketing, to the point where overseas investors
may have second thoughts about lending us more.
And that's the good news!
The bad news is there's a far bigger problem threatening to
undermine overseas confidence in America's finances. That's
the looming fiscal tsunami due to wash over us as baby
boomers start retiring in ever-growing numbers and start
claiming Social Security and Medicare benefits Congress has
promised them. They are promises even the most robust economy
could not afford to keep.
Some lawmakers fear that Congress is incapable of
addressing this problem, given the way it currently does
business. They say the entitlement tsunami needs a very
different approach. They are right.
Let's understand the situation. Over the next 10 years,
Congress says the stimulus will cost about $800 billion we
don't have. In its single most expensive year--2010--Congress
will borrow just over $350 billion to create ``energy-
efficient visitors centers'' and otherwise ``stimulate'' the
economy. That's a lot of money.
But let's look at what Medicare alone must borrow--every
year--to cover the gap between what it spends and takes in
through premiums and payroll taxes. It's already costing
taxpayers almost $200 billion this year. Within 10 years,
yearly borrowing will hit the equivalent of $285 billion in
today's economy. In 20 years it will be close to $600
billion, with hundreds of billions more from red-ink
saturated Social Security and Medicaid spending.
And we are worrying about a peak of $350 billion for the
stimulus?!
Two congressmen, Rep. Frank R. Wolf, Virginia Republican,
and Rep. Jim Cooper, Tennessee Democrat, don't believe
Congress has the stomach to rein in such staggering
shortfalls in these politically sensitive programs.
To give weak-kneed politicians the cover they need, Mr.
Wolf and Mr. Cooper propose a bipartisan commission to
recommend long-term structural changes in entitlement
programs. Commission proposals would be sent to Congress for
an up-or-down vote.
Mr. Wolf and Mr. Cooper reckon their commission would get
members off the hook of voting line-by-line for unpopular
changes. And a bipartisan commission means both parties get
the political pain and gain of taking tough action.
Now, we've had budget commissions before. Sometimes they
consist of top congressional leaders who meet behind closed
doors and produce few real program changes but more real
taxes. Or they produce a report that goes nowhere.
But the Wolf-Cooper plan has two stages that may change the
political dynamic.
Before the commission even meets to talk turkey, for
several months it would hold a national conversation across
the country, with town meetings and other ways to gauge
public sentiment. Only then would the commission begin its
work. Armed with this public support, Mr. Wolf and Mr. Cooper
reason, lawmakers could vote ``aye'' with political
protection.
This ``public mandate'' stage is modeled after something
called the Fiscal Wake-Up Tour. The tour consists of
representatives from the Concord Coalition, a budget watchdog
group, as well as the Heritage Foundation and the Brookings
Institution, together with former U.S. Comptroller General
David Walker.
This left-right panel has held dozens of large meetings
around the country, talking with tens of thousands of
Americans. As a ``made member'' of the tour, I can tell you
how Americans are likely to react to a commission seeking
their views:
People want the truth about our fiscal future. If they get
the facts in a nonpartisan way, first they are stunned and
then they want action.
The elderly, as well as young Americans, are willing to
support tough steps on Medicare and other programs--if they
are first brought into a serious conversation.
And they doubt that more money sent to Washington would be
used to avoid future deficits. They are sure it will be
spent.
Here's a thought. Let's say President Obama were to back
the Wolf-Cooper two-stage commission. Imagine if he and
congressional leaders from both parties were to hold their
own tour. They would jointly give Americans the full picture
of the future tsunami and an honest description of the major
options from all sides. And imagine they asked the American
people what to do. Then, say, a commission put together a
package of reforms based on the people's mandate and sent it
to Congress for a vote.
That's the kind of commission report that could work. The
kind of change you can believe in.