I appreciate the gentleman from Florida taking the lead in putting this hour together tonight. Starting tomorrow, I am going to go around my district and talk about what we have done in this Congress. For me, this is an exciting time. As a…
I appreciate the gentleman from Florida taking the lead in putting this hour together tonight.
Starting tomorrow, I am going to go around my district and talk about what we have done in this Congress. For me, this is an exciting time. As a freshman Member of Congress wrapping up our first year, the gentleman is correct, we have some enormous achievements to talk about. Right from the very first day, something that we talked about last night, we did reform of the ethics process here in the House of Representatives, including PAYGO budget scoring. PAYGO is something that business owners across the country know, and every person that runs their household knows. It is what you do with your own home checkbook. You have to have money on one side of the equation to spend it on the other. If you want to decrease revenues or increase spending, you have to have an offset. That is something that we did on the very first day.
That used to be the case in the House of Representatives. It was put into place in 1990, as the gentleman certainly knows. It led to the record surpluses of the 1990s when we had four consecutive budget surpluses following the all-time record deficits of the 1980s.
Unfortunately, when this administration took office in 2001, they did away with PAYGO and the Republican Congress at that time agreed that PAYGO shouldn't be expanded and reauthorized. And as a result, we now have had seven consecutive budget deficits, deficits that are forecast as far as the eye can see.
The most troubling part of those deficits is when we are borrowing against our children and grandchildren, putting our increased spending on the credit card and letting them take care of it later, the most troubling part is who is holding this debt that we are creating. And the gentleman from Florida was very articulate when he talked about the foreign-held debt and that this administration in the first 6 years added more foreign-held debt to this country than his 42 predecessors combined in 230 years.
So we have an administration that has no standing to lecture us, this new Congress, on fiscal responsibility coming as the all-time highest spending administration and record deficits.
So what we did on the very first day was put in place PAYGO budget scoring. We took a vote today, our last day, on the alternative minimum tax. And a lot of Members on the other side of the aisle talked about the fact that this is the first bill of this new Congress that did not comply with PAYGO scoring because we had to lower taxes for 23 million Americans because those are Americans that would have seen an increase in their taxes had this Congress not taken clear and decisive action today.
And we did it. One of the things about this job which I am finding out as a new freshman, and the gentleman from Florida and the gentleman from Ohio have known for a long time, you have to make tough choices. One of the choices we had to make today was the Senate sent us a bill that I wasn't entirely happy with. I didn't like the fact that the other body made a decision not to comply with pay-as-you-go. I had a choice to make, and I chose to lower taxes for 23 million Americans, 70,000 in the district in western Pennsylvania that I represent.
Now we will have to pay for that in the future, and hopefully we will do that as one of the first orders of business when we come back after the holiday break. But I am proud of the accomplishments of this Congress. I am proud of the fact that we can go home and talk about raising the minimum wage for the first time in 10 years.
Is there any other segment of our society that can say that they haven't seen even a cost-of-living adjustment, even a minor increase in their pay in the last 10 years? I don't think there is. So, for the first, time we raised the minimum wage.
We have an energy bill to talk about. The first time in 30 years that we have increased the mileage standards, the average mile-per-gallon standards of the fleet serving this country, foreign and domestic automobiles. That is a major accomplishment. Something that hasn't been done in three decades.
We can talk about these accomplishments, and I want to yield some time to the gentleman from Ohio (Mr. Ryan) because I know he is chomping at the bit to talk about his experiences this past year.
On the subject of investments, that is something that had not been done in this Congress. We talked about the 6 years prior to the new Democratic Congress taking over, one of the things that had been unresolved was a water resources development bill, which is the critical infrastructure needs across this country, the most obvious of which is the gulf coast in Louisiana and Mississippi, what happened with Hurricane Katrina and the unmet investment since that time.
But all across this country, including in my district, we had severe flooding in western Pennsylvania in 2004 and again this summer. And we continue to have this discussion, and I am sure you have the same thing in Florida, that after the fact we come in and say, Why wasn't something done to prevent this? Why didn't we improve, in the case of western Pennsylvania, the locks and dams and the critical infrastructure that needs to be done to prevent the floods? Why didn't we bring in the Corps of Engineers and do the research and do the construction necessary to prevent the disaster from happening in the first place?
Well, that hadn't been done. The water resources development bill, WRDA, the WRDA bill hadn't been done. In 2-year increments, it is supposed to be reauthorized. They hadn't done it in 7.
So what did we do when we came into this new Congress? We made the difficult decisions and did the water resources bill. And as a result, $90 million in infrastructure investment is going to go into western Pennsylvania and fix this problem that I discussed in my district.
I know there is money going into the Florida districts that Mr. Meek and Ms. Wasserman Schultz represent, and I am sure Mr. Ryan has some need in his district.
But the critical investment in infrastructure is something that had been ignored for so long in this country. We are dealing with it. We made the difficult decisions and passed the bill, and we overrode the President's veto on it.
I do hear in my district frustration: Why aren't you taking on the President and why don't you do more to overturn his decisions? Well, we have divided government, and under the Constitution, in many cases the President, the executive, has the upper hand, especially in foreign policy.
He has vetoed a number of things. He has vetoed the children's health bill twice. Unfortunately, we lack the votes by a small margin to override those vetoes. He vetoed some of our appropriations bills. Multiple vetoes that we have come close to overriding on.
On the water resources bill, overwhelming bipartisan support to do the critical infrastructure investment that will prevent the flooding and that will prevent disasters in this country. I am proud of that accomplishment. That is something that hadn't been done.
Trillion.
If I could tie this all together, what we're talking about with pay-as-you-go, and the gentlewoman talks about the energy bill. And the gentleman from Ohio talked about the College Cost Reduction Act dealing with student loans. Let's tie this together. What does it mean to pay as you go, to pay for what you're doing? Well, with the College Cost Reduction Act we did things that are going to substantially improve the lives of middle-class Americans all across this country. They're going to make a real difference for families in America. We cut in half the interest rates on student loans from 6.8 percent to 3.4 percent, which, by itself, if we did nothing else, would save the average student on student loans in this country over $4,400 over the lifetime of their loan. But we didn't just stop there. We increased Pell Grants, the staple of student support in this country, to $5,400, the largest increase in the history of that program. And we capped at 15 percent of discretionary income the amount that the borrower, after they graduate, would be required to be burdened with debt to repay their student loan. These are things that are going to make a big difference. But they cost money. It had a $20 billion price tag, which is a substantial amount of money. And unlike previous Congresses, instead of charging it to the credit card and saying, Nicky Ryan, you're going to have to pay for this in 30 or 40 years, for the rest of your life, this is something that you, as an individual, we're going to take the initiative as a Congress and we're going to pay for this up front. And what did we do? We went to the big banks and the lenders who've turned a hefty profit on the backs of students and parents in this country for years and have done quite well with these student loan programs and we've said it's time to pay your fair share. And we took the subsidies from the big banks and the lenders and redirected every penny of them into the student loan programs to help students and parents in this country.
Similarly, with the energy bill, we had the $14 billion subsidies that were going to the big oil and gas industry at a time when they were making all-time record profits. They're doing quite well. I don't think anybody can argue that the oil and gas industry is suffering right now. They're doing very well.
So we said, we're going to take away those subsidies at this time when you're making all-time record profits.
Thank you. And we're going to redirect that $14 billion into research and development of alternative fuels, alternative energy, which gets us off of the foreign oil which is what the President talked about doing. It lessens our dependence on foreign oil, and it helps the environment by having clean-burning fuels and renewable energy, all of those things that everybody talks about, and we paid for it; $14 billion directly paid for by those subsidies.
Now, in the other body, unfortunately, we fell one vote short. They had 59 votes. That's much more than a majority, but the rules are a little bit different in the other body, and they need 60 votes now to move on legislation, which is a subject for another day, the fact that that rule is there.
But the point is, that's what it means to pay as you go. We're doing very good things. When they cost money, unlike previous Congresses, we're paying for it up front in a budget neutral way.
So I will yield back to the gentlewoman from Florida. And I think the gentleman from Florida, who controls the time, is looking to wrap up here shortly. Is that correct?
I just want to say very quickly, Mr. Murphy's not here, our fifth partner here, but the three, the gentlewoman from Florida, the gentleman from Ohio, the other gentleman from Florida have done a magnificent job over the years of carrying the 30-Somethings and getting the message out at a time when it was very difficult to do so.
And now, luckily, times have changed, and now the Democrats are in the majority, and it's a little bit easier to control the agenda and talk about issues and move forward.
I just want to say what an honor it is for me to have been a part of the 30-Something Working Group, and I know Mr. Murphy would say the same, that we were very familiar with the group and had seen you in action for many years, but as we are now the last group to speak on the last day of the first session of the 110th Congress, I didn't want to let the moment go by and say it's great for me.
And I love especially the geographic diversity that we have where Ms. Wasserman Schultz and Mr. Meek have their districts next to each other in south Florida and Mr. Ryan and myself have our districts next to each other on the Ohio-Pennsylvania border. So we have fun with that from time to time for sports analogies and weather and so forth, but it really is an honor for me to be here, the same media market.
I've heard all five.