Mr. Speaker, I thank the gentleman for yielding. Later on this week there will be a debate between the two candidates for President. I distinctly remember the incumbent telling me a little over 3\1/2\ years ago that he could increase…
Mr. Speaker, I thank the gentleman for yielding.
Later on this week there will be a debate between the two candidates for President. I distinctly remember the incumbent telling me a little over 3\1/2\ years ago that he could increase spending, decrease taxes and pay down the national debt.
Having watched this body for decades have huge annual operating deficits, I did not think it could work. It just did not make sense. It took fiscal restraints, it took some tax increases that I voted against, but it took both of those things to balance the budget. And here he was coming in saying, I am going to spend more, I am collecting less, and I am going to balance the budget.
So on the night of my son's 13 birthday, they passed the President's budget. At that time our Nation was $5,643,283,000,000 in debt and owed over $1 trillion to the Social Security trust fund, and yet he said what we needed to do was spend more and collect less.
In slightly over 3 years the national debt has increased by $1,735,784,685,911. To put that into context, if you went all the way from the American Revolution, the cost of the American Revolution, the cost of the War of 1812, the cost of the Mexican American War, the Civil War, Spanish-American War, World War I, World War II, Korea and Vietnam, all the things that happened in those years, all the way up to 1979, our Nation borrowed $1 trillion. In a little over 3 years, our Nation has borrowed $1.7 trillion. Where did it come from?
The gentleman from Tennessee (Mr. Tanner) has done a great job of talking about we borrowed it from the Communist Chinese. By the way, if you are concerned about Taiwan's independence, imagine a scenario where the Chinese are getting ready to invade Taiwan and say, By the way, if you defend Taiwan, we are calling in the note for $160 billion you owe us, plus the note for the other $50 billion you owe to Hong Kong, since we now own them also. So we are calling in the note for over $200 billion if you defend Taiwan. I have got to tell you, I do think that is part of their strategy. I have said that here on the House floor. If you think big deficits are a good idea, then you like borrowing money from the Communist Chinese.
But worse than that, every single American who has a job, from a kid who is working at a snowball stand to Bill Gates, everybody pays at least on
their first $68,000 of income on their Social Security. There was a solemn promise made back during the Reagan Presidency when those taxes were increased that that money would be set aside for no other purpose than paying Social Security benefits.
Right now, our Nation owes the Social Security trust fund $1.6 trillion with no plan to pay it back. The past 3 years, they have stolen an additional $521 billion from the Social Security trust fund.
So if you watch the debates Thursday night, and I hope some television commentator somewhere is watching this, how about a great question: How do you plan to pay back the $1.6 trillion that has been stolen from the Social Security trust fund, including the $521 billion that has been stolen in just over the past 3 years? Because if you do not have a plan to pay it back, then you stole it.
So in order to get about $600 billion in tax breaks, $521 billion stolen from the Social Security trust fund, the rest is borrowed from the Communist Chinese. A heck of a deal.
As a matter of fact, if you take a look at it, for every dollar the American people got back in tax breaks, our Nation has borrowed three. That is a heck of a sound business decision.
So if you have watched the House floor in the past couple of weeks, you know that we have had votes on things like gay marriage, which I opposed. We have had votes on things like burning the flag, which I oppose. We have had a lot of talk of morals; we have had a lot of talk of patriotism.
So let me pose to my Republican friends who vote for most of these things, a moral question: Is it moral for you to spend money that you are going to stick your kids with the bill? What moral father, what moral mother would go out and buy a house or a fancy car and say, I don't care what it costs, because my kids are going to pay for it.
What moral grandparent would go out and buy something and say, I don't care what it costs. My grandkids are going to pay for it.
Right. Talk about patriotism. What patriot would bankrupt the country he loves? That is exactly what has been going on for the last 3 years.
We hear talk about sound economic principles. Really? What is so sound about borrowing $3 for every $1 the citizens got back in tax breaks? New York loan sharks do not charge that kind of interest. Yet it is what we continue to pay.
So I think the questions that I would hope the press will be asking Thursday night are how did we get into this jam and what is your plan, both of you candidates, for getting us out it?
What is my plan? Number one, I think we need a constitutional amendment to protect the trust funds. We have a solemn promise. If we take money out of a person's paycheck and say it is going towards Social Security, then it should go towards nothing but Social Security. If we take money out of a person's paycheck to pay for Medicare, then it should go towards nothing but Medicare. It is pretty simple. If we tell a Federal employee we are going to take money out of their paycheck and set it aside for their retirement, then we ought to do just that.
But what you do not know and probably do not want to hear is that as of this moment this Nation owes you, every Social Security recipient, a total of $1.6 trillion has been taken out of your trust fund. For those of you who paid into Medicare, and every working American has, we owe you $270 billion. If you are a Federal employee, we owe you $622 billion in your retirement fund.
By the way, if a private sector employer had done that, if a private sector employer had dug into his employees' retirement fund for any reason, no matter how good, whether it was to help a crippled child, whether it was to help someone go to college, whether it was to pay a disaster loan, if they borrowed into it for any reason, they would go to jail. Yet the people who run our country continue to do that with absolutely no remorse for what they have done, and, sadder still, with absolutely no plan for paying it back.
So I say to the gentleman from Tennessee (Mr. Tanner), I do appreciate the opportunity to be here tonight.
For you House employees, I hate keeping you here tonight. There is one week left in this session. I promise not to do this to you on a regular basis. I think these are things the American public needs to know about. I think this is the time to talk about it.
Mr. Speaker, it is funny how people change. There was a guy who was a Representative from Illinois and he believed in a balanced budget. His name is Dennis Hastert. Back when he was just Member Hastert, he gave great speeches on the House floor about the importance of a Balanced Budget Amendment to the Constitution. So whether the gentleman from Tennessee (Mr. Tanner) is here, whether the gentleman from Texas (Mr. Stenholm) is here, whether I am here, whether the gentleman from California (Mr. Cunningham) is here, no matter who is here, the rules are that Congress cannot spend more than they collect in taxes.
The gentleman from Illinois (Mr. Hastert) he came to the floor back then and said, Mr. Chairman, I rise today in support of a Balanced Budget Amendment. ``It is an amazing statistic that interest payments on our national debt were 5 times higher in 1993,'' we are going back a ways, ``than outlays for all education, job training, and employment programs combined. Clearly, until our monstrous'' then ``$4.3 trillion Federal deficit is eliminated, interest payments will continue to eat away at the important initiatives which the government funds. I will not stand by and watch Congress recklessly squander the future of our children and grandchildren. Mr. Chairman, when I served in the Illinois legislature, the fact that we had a balanced budget amendment to our State Constitution enabled us to practice strong fiscal discipline. We must have the same safeguard at the Federal level. The American people have wanted a Balanced Budget Amendment for a long time because they know it is the only way to force Congress to make the tough spending choices.''
That comes out of the Congressional Record March 17, 1994. The gentleman from Illinois (Mr. Hastert) became Speaker in January of 1999, almost 5 years ago. In the 5 years that he has been Speaker, he has not allowed a single vote on a Balanced Budget Amendment to the Constitution. We have had a number of votes on amending the American Constitution on things that I voted for, things like preventing gay marriage, things like preventing flag desecration, but not a single vote on what I consider to be the most important issue in America right now, and that is passing a law that whether or not the gentleman from California (Mr. Cunningham), or the gentleman from Texas (Mr. Stenholm), or the gentleman from Tennessee (Mr. Tanner), or myself, the Speaker, or no matter who sits in our chairs, those people who serve the public will spend no more than they collect in taxes.
I say to the Speaker of the House, the gentleman from Illinois (Mr. Hastert), we have about 1 week left in this session. I, for one, would like the opportunity to vote on a Balanced Budget amendment. You have blocked it for 5 years now. One of the reasons I will never vote for you for Speaker is because what you said as a Member did not translate into what you did as Speaker of the House.
I believe it is important. Almost every State has laws that say, you cannot spend more than you collect in taxes. In my State of Mississippi, city councilmen and county supervisors are held personally liable if they spend more than they collect in taxes. And guess what? They do not spend more than they collect in taxes. We need that sort of responsibility here.
So I say to the gentleman from Tennessee (Mr. Tanner), thank you for pointing out the evils of the debt. We have outlined some solutions tonight. We are hoping guys like the gentleman from Illinois (Mr. Hastert) or whoever the next Speaker is will give us a vote on that. And I am ready to do that, I say to the gentleman from California (Mr. Cunningham), and I hope he is ready to do that. But at the very least, let us have a vote on it. Let us show the American people who is for a Balanced Budget Amendment and who is not. Quit hiding behind the Speaker of the House who, for 5 years now, has blocked that vote, even though he came to this floor on any number of occasions and said how important it was for our Nation to have that.
Mr. Speaker, just along the lines of the gentleman from Tennessee (Mr. Tanner), and I am really reminded of it when I see a great American hero sitting across the aisle from us, someone who fought for his country in Vietnam, was an ace, probably has some different views than what we do. But I will say this: I greatly respect the gentleman from California (Mr. Cunningham), and I greatly respect everyone who has ever served our country. I have enormous respect for all of those fighting in Iraq and Afghanistan tonight.
But I will say this. Those of us who are fortunate enough not to have to fight these wars, ought to at the very least be willing to pay for them right now and not stick those young soldiers and their children with the bill for this war.
That is what is going on. We are just kicking the can. We are asking the kids to fight for us now, and, by the way, when you get home, here is the bill. And if you cannot pay for it, your children and your children's children will pay for it.
Almost every tax on the books, as regrettable as taxes are, almost every tax on the books was put on during wartime. Never in the American history has there been a tax break during a war, never, because every other generation says, we have a challenge we are going to pay for.
This generation needs to step forward as other generations did. And those of us who are fortunate enough not to fight this war ought to at least be willing to pay for it right now.