House of Representatives
Mr. Chairman, before anyone thinks that I am trying to impress upon them that I am a biblical scholar, I will tell my colleagues I am not, but I happened to listen to one Sunday evening. His name is Father Dennis Carver, and he was in Pass…
Mr. Chairman, before anyone thinks that I am trying to impress upon them that I am a biblical scholar, I will tell my colleagues I am not, but I happened to listen to one Sunday evening. His name is Father Dennis Carver, and he was in Pass Christian, Mississippi. He was talking about a civilization called the Babylonians. They were apparently a very prosperous civilization, but one of the things that was unique about them is that for the sake of their prosperity, they would literally take their children, put them on an alter, and slit their throats.
Although the gentleman from Iowa's budget does not quite do that, I will say that it is fair to say that we are burdening our children with so much debt that they cannot possibly hope to attain the sort of lifestyle that we have, or remain the world's greatest Nation.
In 1994, the gentleman from Iowa (Mr. Nussle), the chairman of the Committee on the Budget, gave a speech on this House floor bemoaning the fact that at the time, every American man, woman, and child was $17,000 in debt as a portion of the national debt. The Republicans took over in 1995. I had hoped things would get better. But since 1995 through today, that same statistic is that every American man, woman, and child is now in debt $22,000. The Republicans have been in charge, the Republican Party. I had hoped they were truly fiscal conservatives. They have proven otherwise.
If we look at American history, during every single war in American history, and I challenge all of my colleagues to question me on this and look it up for themselves, in every other war in American history, they raised taxes to pay for that war. They took the attitude that those of us who were fortunate enough not to be in the front lines, not to be shot at, not to watch our comrades maimed, ought to at least be willing to pay for that. But there is a difference. Only this generation of Americans is saying that we are going to fight a war, we are going to occupy the nation of Iraq for at least 10 years, with a starting force of 100,000 people as occupiers, but, by the way, we are going to stick these young people in this room and the young people back in Mississippi, the young people in Texas, we are going to stick them with the bill, knowing that they will never have a chance to recover from that and they will continue to squander at least $1 billion a day every day of our lives as a Nation on interest on that debt.
The gentleman from Texas (Mr. Stenholm) and other members of the Blue Dog Coalition have done an admirable job of saying, we have to do better. And I have to tell my colleagues, I am going to vote for the Blue Dog budget, but I would have been willing to vote for any budget that freezes all of the tax cuts, because it is simply not fair.
Two years ago, the gentleman from Iowa and others came to this floor and said the President's tax breaks would not increase the national debt. I say to my colleagues they were $802 billion wrong. At what point do they admit to their mistakes, and at what point do they stop the bleeding?
The Federal debt is still growing. On February 28, 2003,
the public debt was $6,445,790,102,794.08.
The public debt has increased by more than $802 billion
since Congress passed the President's first budget plan on
May 9, 2001. The debt grew $442,337,086,210.23 in the 12
months from February 28, 2002 to February 28, 2003.
There is no surplus except in trust funds. In the first
four months of fiscal year 2003, the Treasury reported a
budget deficit of $97.6 billion. However, the trust funds for
Social Security, Medicare, military retirement, and federal
employees retirement collected $90.2 billion in surpluses to
fund future benefits. Outside these trust funds, the federal
government ran a deficit of $187.8 billion.
During fiscal year 2002, Social Security added $159 billion
to its surplus, and the trust funds for Medicare, military
retirement, and federal employee retirement added to total of
$68 billion in surplus funds. Outside those trust funds, the
federal government ran a deficit of $386 billion. The
Congressional Budget Office reported that fiscal year 2002
had the largest percentage decrease in revenues in 56 years
and the largest percentage increase in spending in 20 years.
We spend almost one billion dollars per day on interest.
The Treasury spent $332.5 billion on interest on the debt in
fiscal year 2002. Military spending totaled $332.1 billion,
slightly less than the interest expense, despite a 14 percent
increase to fight the war on terrorism. Medicare spending
totaled $256 billion, $77 billion less than we spent on
interest.