I first want to commend Chairman Ryan of the Budget Committee for actually doing the job that we were elected to do. As Chairman Ryan pointed out, it has been more than 1,050 days since the United States Senate has actually decided to even…
I first want to commend Chairman Ryan of the Budget Committee for actually doing the job that we were elected to do.
As Chairman Ryan pointed out, it has been more than 1,050 days since the United States Senate has actually decided to even address the budget. And yet I look at what they're doing. I can't figure out what they're doing. We are actually doing the job that we are supposed to be doing and doing it ahead of schedule, per the statute, per what this country should be doing, and I am proud of the fact that we are here debating a budget.
I am also terribly disappointed in the President's budget.
You know, it is interesting. As I routinely hear, Mr. Chairman, the Democrats talk about a balanced approach, the problem is the President has never, ever introduced a balanced budget, a budget that even over the course of time, at some point in time, would actually balance. It never balances.
So for 4 years in a row, we're going to have a $1 trillion-plus deficit. Understand what that means for you and your kids.
When I was first elected in 2008, this Nation was roughly in the $9 trillion debt range. Now we're going to be close to $16 trillion by the end of the year.
Now keep in mind: How much is $1 trillion? That number is so large, it's hard to get your arms around it. If you spent $1 million a day every day, it would take you nearly 3,000 years to get to 1 trillion.
We deficit-spend as a Nation $4 billion a day. My State of Utah, their entire budget, everything we do in our entire State is about $13 billion for the year. This Nation deficit-spends roughly $4 billion a day. We pay more than $600 million a day in interest on our debt, and yet the President proposes a budget that over the course of time will get to $26 trillion in debt in the next 10 years where we will see daily debt payments to service our debt. Those interest payments are going to be in a range closing in on $2 billion a day. We can't do this, ladies and gentlemen. There is a proper role of government. We're taking a responsible approach, but we have to cut spending.
The reason I rise in support of this House budget is that over the course of time, we take that spending as a percentage of our gross domestic product and bring it down less than 20 percent.
Under the President's vision, he is fine with spending in excess of 24 percent of GDP. What does that mean? Think of all the transactions, all of the financial transactions in this country, and he is comfortable spending 24 cents of every dollar that is spent in this Nation. That is fundamentally and morally wrong.
But there is a choice. We have put together a plan. We are doing the heavy lifting. We're putting together a budget that's responsible.
I wish we could balance the budget overnight. You can't. We've got to put ourselves on a glide path. There is a proper goal of government. We have to achieve that. I believe that the House Republican budget is bold and realistic.
Mr. Chair, I thank the chairman for his great work.
Mr. Chairman, I claim time in opposition.
I yield myself such time as I may consume.
Mr. Chairman, I stand in opposition to this budget. I am proud of the fact that we are actually debating a budget; for you see, you look over to the other body, you look to the United States Senate, and you'll see it's been more than 1,050 days, an exceptional amount of time--years, in fact--since the United States Senate has actually discussed a budget.
And here we are debating a budget. There's a contrast in vision. There's a contrast in priorities, but we're debating this. On some issues, there is some common ground; but on other things, there is a divergence in our approach.
This budget that's being presented here as an amendment raises taxes by more than $6 trillion. Mr. Chairman, let me put in context what $1 trillion is. If you spent $1 million a day every day, it would take you almost 3,000 years to get to $1 trillion.
So what we have to have is a realization of the fiscal woes that we face ourselves. I didn't create this mess, but I am here to help clean it up.
The reality is we cannot face tens of trillions of dollars in debt because there's a consequence of that. The consequence of this massive debt: rising interest rates, devaluation of the dollar. There's so many things. Inflation as you throw more money into the marketplace.
Imagine what this world would be like if we didn't have what will be, at the end of this year, nearly $16 trillion in debt. Right now we're paying more than $600 million a day in interest on that debt.
So, while I think there is common ground and appreciation of what needs to happen for our kids and our future and investments that we do need to make, what they would like to do in terms of infrastructure and roads and all of these types of things and our military, we're saddled with a $16 trillion debt. So we don't have that $600 million. We really don't get anything for that. We have to pay that as interest on the debt.
That's where you see a contrast. What is being proposed here versus what the Republicans are offering in their budget, which has passed through the Budget Committee, is they would have to spend $5.3 trillion more over 10 years than what we have proposed.
So I stand in opposition to this. I appreciate the passion and commitment they have to their agenda, but I do want to recognize, and I hope we can applaud on both sides of the aisle at least here in the House of Representatives, we're actually debating a budget.
With that, I reserve the balance of my time.
Mr. Chairman, I would like to yield 2 minutes to the gentleman from New York (Mr. Hanna).
Mr. Chairman, I yield myself such time as I may consume.
One of the moral obligations, I think, is not only to the current generation but to the older Americans who have poured their hearts and souls into this contract. They've lived with the assumption that certain things are going to be there. We have to live up to those obligations, but we also have to live up to the obligations that we have for our kids and our grandkids.
One of my goals and objectives is to leave this country better than how I found it. One of the things that the House Republican budget does over the course of time is balance the budget and pay off the debt, which is something we have to do. So the fundamental question becomes, How do you do that?
Now, I think where we have some common ground is that we want to broaden the base. The Republicans are suggesting that we lower the rates. Let people keep their own money and spend their own money. That is fundamentally what the United States of America is all about. The contrast here in what's being proposed is that they want to broaden the base--again, common ground--but they want to raise the rates, and that's where I think we have a fundamental challenge. We talk about what people have to pay, their fair share and whatnot. Yet let's look historically at what has happened in the United States of America.
Historically, we have spent less than 20 percent of our gross domestic product. When the Democrats controlled the House and the Senate and the Presidency, they raised that up over 24 percent. That is more than 24 cents out of every dollar spent by the Federal Government in this country. I think that's immoral. I think that's wrong. We have an obligation--we have a duty--to live within our means and to provide opportunity and liberty for people to thrive. No matter where they are in life, the United States of America is about freedom, it's about liberty, it's about the opportunity to succeed--and that's the foundation of this country. That's what I'm committed to. That's what a responsible Federal Government does.
The proper role of government is limited in its scope, and the proper role of government is a role of government. To me, that means the Department of Defense and other things to protect our Nation. That's where we should put our priorities, and that's why I think that this budget that the House Republicans have proposed is so responsible. I don't think we're just one good tax increase away from prosperity in this country, and that's, in part, why I stand in opposition to this amendment.
I reserve the balance of my time.
Mr. Chairman, I yield myself such time as I may consume.
You have to recognize how much money the Federal Government is spending here. We're going to spend in the range of about $3.5 trillion to $3.6 trillion in a 12-month period. Part of my rhetorical question here is: If that's not stimulative to the economy, why isn't it? What are we spending our money on if it's not intended to, in part, stimulate the economy? There are things that we have to do in terms of security and in providing for the FAA and for the Department of Defense, but we have to utilize those resources in a very wise way.
I reserve the balance of my time.
I continue to reserve the balance of my time.
Mr. Chairman, may I inquire as to how much time both sides have.
Mr. Chairman, it is my intention to yield the gentleman some additional time. I know he has a number of speakers who are still left. I am happy to do that. So that is my intention as you allocate the rest of your time.
For now, I reserve the balance of my time.
Mr. Chairman, I would like to yield 2 minutes to the gentleman if he needs it and has additional speakers.
Mr. Chairman, I yield myself such time as I may consume.
I do appreciate the gentleman's comments, Mr. Chairman, the generosity and the approach that he took that, yes, we should debate the issues, but we don't need to attack the person. I think it is the right attitude, and I appreciate the comments about our chairman, Chairman Ryan.
I remember what Speaker Boehner said at the beginning when I started. He said, We may disagree, but we shouldn't be disagreeable. So I appreciate the spirit in which we do this today.
This is a contrast. There is a difference in opinion in the direction that we should go. I fundamentally don't believe that we're just one good tax increase away from prosperity in this country. I think one of the problems and challenges in this Nation is that our government has overreached. It is spending too much money. It is borrowing too much money. And it is regulating too much. Is there a proper role for regulation? Absolutely, absolutely. And where it's a necessity, we need to prioritize it. We need to fix those things that aren't working.
But what we have proposed, as the House Republicans, in our budget is a responsible, bold budget. It's also a realistic budget that, over the course of time, balances the books and pays off the debt. That is the imperative of our Nation. Because, as I sited earlier, we have to leave--we should leave this Nation better than the way we found it; and that means creating opportunity for this Nation to thrive. We need to remember that manufacturing is good in this Nation. We need to remember that, yes, we have to make investments, but to protect our Nation.
I look at the President's budget, and the only thing I see that it cuts is defense; and the only thing it drills is your wallet. I don't believe that that is the direction of our Nation, and that is why we are debating this issue in contrast to the United States Senate which, for more than 1,050 days now, has not even brought a budget to the floor to debate. That is fundamentally and morally wrong. I am proud of the fact that this body is doing this.
I encourage a ``no'' vote on what has been offered as the substitute, but I do encourage Members to vote for what passed out of the Budget Committee. I think it's responsible. I think it's bold. I think it's the right move for our Nation.
With that, I yield back the balance of my time.