Thank you, Mr. Speaker. Today, I really want to talk about something that I think is very critical for this Nation. It's about how we get our spending in order. I came from local government before I got here and then State government…
Thank you, Mr. Speaker.
Today, I really want to talk about something that I think is very critical for this Nation. It's about how we get our spending in order.
I came from local government before I got here and then State government before I got here. Actually, I came from a household where I ran the checking account for my husband and myself and our family. In all cases, I balanced things. When I made out my bills once a month, I did what this lady is doing right here: I balanced the checkbook first to see how much money I had in the account so I knew how much I was spending and, more importantly, whether I was overspending, so that next month I could ratchet back on the spending to balance things out. When I was a township trustee, the same thing. We looked at our revenue sheets and our income sheets at every single meeting twice a month and balanced things out. In Ohio, like 49 other States, we have to balance our State budget, in our case, every 2 years.
So you can imagine the surprise I had when I got to Congress and realized we don't balance our budget at the Federal level, that we don't balance our checkbook. I was amazed why we don't do this. Maybe that's the reason we continue to have bloated spending that is weighing down, not just the future that lays before us, but our children's future and their children's future.
In 1982, Ronald Reagan said regarding a balanced budget that only a constitutional amendment will do the job. He said, We've tried the carrot and it failed. With the stick of a balanced budget amendment, we can stop government's squandering, overtaxing ways and save our economy.
Man, that was 29 years ago. I've got to repeat that because that's kind of like where we are today.
Only a constitutional amendment will do the job. We've tried the carrot and it failed. With the stick of a balanced budget amendment, we can stop government's squandering, overtaxing ways and save our economy.
Ronald Reagan was right. In fact, in 1995, under legislation that was in the House, which was controlled by the Republicans under Newt Gingrich, they tried to pass a balanced budget amendment. Lost it by one vote. I believe tomorrow or the next day or sometime this week, under the leadership of John Boehner, we're going to try this same thing again. I just think it's imperative that we don't lose that vote.
The American people, I believe, are on the side of myself and my female colleagues who are going to join me here this afternoon, because the American people get the fact that we are not balancing the checkbook. When we don't balance the checkbook, we don't know what we're spending. If we don't know what we're spending, we don't know how to correct our past mistakes and plan appropriately for the future.
So, in the last election in 2010, when a lot of seats were changed in this very room, I believe it was a mandate by the citizens of our great Nation who said, Enough is enough. Stop the spending and stop it now. The United States is staring down the barrel of a $15 trillion accumulation of debt. $3.7 trillion of new debt in just 2 years is more than a figure, my colleagues--it is a wake-up call.
When President Obama took office, he said he would correct the problem, and in 2009, he put out an $821 billion stimulus program to stimulate the economy. Of course it cost us over $1 trillion with interest because, you see, we didn't balance the checkbook, so we really didn't know what that was going to cost. Guess what? It didn't stimulate the economy. It didn't resolve unemployment.
For the last 33 months, it has been over 8 percent. In fact, for 31 of 33 months, it has been at 9 percent or higher. In October of this year, 14 million workers were unemployed, with an additional 8.9 million working part
time because they couldn't find full-time work. There were 2.5 million workers who were available for work but who had to stop actively searching because of poor economic conditions. All told, over 16 percent of the United States workforce is now unemployed or underemployed. I truly believe it's because we can't get our fiscal house in order right here on Capitol Hill, and I believe the linchpin in all that is a balanced budget amendment.
I'm going to turn right now to one of my colleagues to have her weigh in on this, the gentlelady from the good State of Alabama.
I thank my colleague from Alabama.
I would just like to add with all of this that I think the reason why we have such uncertainty in the marketplace with the job creators is because they're looking at us and are saying, You lack fiscal discipline here on Capitol Hill.
One of my colleagues said to me, Well, why do we need a balanced budget amendment to do this? Well, quite frankly, because it will tie our hands and force us to do what every single American is doing across the Nation, which is looking at their cash on hand to figure out how much they've got and how much they can spend, balancing the checkbook before they even attempt to pay a bill. And if you don't have it in the form of an amendment, future legislators will be able to undo anything we do here today or tomorrow, and that's why the amendment is critical. It will force us to do what 49 out of 50 States already do, which is what local governments do all across Ohio and across the Nation, which is what families do at their kitchen table each and every month, if not more than a month, balance the checkbook and figure out what's in there.
I now would like to yield to my other good friend, the gentlewoman from Kansas.
I thank my colleague from Kansas. And I couldn't agree with you more. The passage of a balanced budget amendment will legally prevent us from spending more than we take in. It is the only method guaranteed to control our spending. By controlling our spending, we will lower the deficit, which will lower interest rates, which will contribute to greater economic growth. The passage of a balanced budget amendment will provide job creators with a better understanding of the economic environment in which they can expect to do business--that's called certainty--thereby encouraging investment and expansion. I could go on and on.
I will now turn to my good friend from Florida because I want to hear your thoughts on this balanced budget amendment.
I thank my good friend from Florida.
As I said a moment ago, a balanced budget amendment will legally prevent us, tie our hands from spending more than we take in. It's the only method available to control spending in Washington, and it will lower our interest rates which will contribute to economic growth.
This balanced budget amendment is a job creator because it puts certainty back into the marketplace. It will remove legislative gimmicks--you know, the kind of accounting gimmicks that say we've cut when we really haven't--from the budgeting process because it will be just like what this woman is doing with her checkbook, how much in, how much is going out, are we in the black or are we in the red.
Since the passage of a balanced budget amendment, or the attempt to pass a balanced budget amendment in 1995 by a bipartisan House and its subsequent failure by one vote in the Senate, the national debt has grown by $9 trillion. You know, if we just had that courageous person in the Senate in 1995 to say yes, I dare say we wouldn't be in the position we are in today. The passage of a balanced budget amendment would be a key step to rebuild, restore, and regain the American public's trust and confidence in the United States, and not just the confidence for the Americans to have in us, but the confidence for our creditors around the world.
This resolution does a couple of things. It prohibits outlays for a fiscal year except for those repayment of debt principal from exceeding total receipts for that fiscal year except those derived from borrowing unless Congress by a three-fifths rollcall vote, none of this voice vote, rollcall, we have to put our card in the machine and show how we vote up on the wall, authorizes a specific excess over the outlay. So if you have to overspend, three-fifths of us are going to have to agree to overspending.
It requires a three-fifths rollcall vote of each Chamber to increase the public debt limit. Again, none of these shenanigans about a voice vote when we're all in the corners of the hallways or back home. Each and every one of us are going to have to take our voting card and put it in the machine and Americans are going to see how we voted right on that screen.
It directs the President to submit a balanced budget to Congress annually. Wouldn't that be a breath of fresh air?
It prohibits any bill to increase revenue from becoming law unless approved by a majority of each Chamber by again a rollcall vote. That means putting your card in the machine and having it displayed on the wall.
It authorizes waivers of those provisions when a declaration of war is in effect or under other specified circumstances involving military conflict. So again, in a case of national emergency where we would be placed in harm's way, it allows for those provisions to occur.
My fellow friends in this Chamber, it is so important that we think about doing this and doing it this week because I do not believe we can wait any longer. You know, the United States, as was said before, has spent almost $15 trillion of accumulated debt, 3.7 of new debt in just 2 years. It's an alarming figure. No wonder our bond creditors are looking at us and shaking their fingers.
Our spending driven debt crisis poses a lethal threat to our country's economic recovery, our national security and our sovereignty and the standard of living for future generations. And, Mr. Speaker, I have a stake in these future generations because not only do I have a wonderful daughter and a great son-in-law, but I have the two best grandsons a grandmother could ever have. And I look at them and I see such potential in their eye. And I look at them and I remember how my ancestors came from Ellis Island with nothing but pennies in their pockets, maybe not even pennies, how my own father started with nothing and worked and worked and worked to put food on the table and give us the promise for a better future. How me, from an ordinary beginning, born and raised on a farm, could end up serving in the U.S. Congress. All of that is the fabric of the American dream. All of that is the potential that we can be and we should be, and I see it being threatened by our overspending.
Mr. Speaker, about 10 days ago I took the Staten Island ferry to Staten Island. You know me, I'm a runner. I was doing my 90th-whatever marathon it was. My friend, my cousin, said let's take the ferry and we did. It reminded me of the critical juncture we are in in our Nation.
On the way down in the cab, where you catch the ferry is real close to the World Trade Center. My daughter lived in New York during the time of the attack on the World Trade Center. I had just taken her to the Windows of the World for dinner just 3 weeks before those towers came crashing down. So I said to the cab driver: Would you mind driving me around, I want to see what the new building looks like. You know, I saw the rebirth of the brick and mortar of that emblem in New York.
And then I got on the boat, on the ferry. The sun was coming up and it was dancing across the water, and I saw Ellis Island. I thought: Wow, my ancestors came through there; my own grandfather with nothing came through there and ended up in Cincinnati. And then I saw the Statue of Liberty. I thought: Oh, my gosh; that's the beacon of hope. That is where people from across the globe want to come to America because they know they have the chance to be the best person they can be. They have the choice and the chance and the opportunity to be what they want to be, to chart their own destiny. And there are so few places around the world that give them that choice.
And then we landed, got to the bridge, the Verrazano Bridge, where we
start the marathon. Because I was in the second wave, we started with ``America the Beautiful'' and then they sang ``New York, New York,'' you know, the Frank Sinatra song. Actually, it wasn't ``America the Beautiful,'' it was ``God Bless America,'' but I digress. And I started to cry. And it wasn't just soft tears, these were tears running down my face and I cried because I realized we are at a crossroad. We could lose all of this. All of this could be lost because we're allowing ourselves to become obese with debt. Let me repeat that, obese with debt.
You know, our First Lady likes to talk about obesity in America. And yes, it's a problem, but we have become obese with debt and we have no road map to get out of it. The road map to get out of it is a balanced budget amendment because it says you can't spend more than you take in. You can't do it. And oh, if you decide in this Chamber to do it, we're going to see how you vote. And it's not just going to be 51 percent, or 50 plus one, it's going to be three-fifths of everybody in this Chamber. And we're going to have to show America how we voted right there on that wall. So if you're going to overspend, you better dog on well have a good reason to do it.
Again, let me repeat what this measure does. It requires the Congress not to spend more than it receives in revenues unless a supermajority, three-fifths vote and a rollcall vote to provide otherwise.
It requires a corresponding three-fifths vote to raise that debt ceiling; again, a rollcall vote.
It requires the President to submit a balanced budget to this auspicious body. It requires him to do that--him or her.
It requires a majority rollcall vote for any proposed bill to increase taxes. So if we want to do this by increasing taxes, you've got to have three-fifths to do that. It also provides for a limited exemption in times of war and serious military conflict. So it protects us in case we have a national strike against us. And it would take effect beginning the fifth fiscal year after the ratification by the States, because my friends, the problem is our national debt crisis.
I would now like to turn to my good friend from North Carolina.
May I ask a question? When you do your bills, do you do what this lady is doing and balance your checkbook first? What would happen if you didn't do that?
So it didn't balance, did it?
I thank you for your attention in this matter, and you're absolutely right. We've got to get control of the spending and get control of it now.
It reminds me of when you're trying to go on a diet. And so if I'm trying to go on a diet back home--believe it or not, every once in a while I have to watch what I eat--I don't sit there and have every candy bar in the world out in front of me and open them up. That only entices me to want to eat it. So if I'm going to go on a diet, I don't buy the candy. I buy an apple, I buy bananas, I buy something that is filling and good for me. But I certainly don't tempt myself with something that I know is only going to be wasted calories and put on weight. And yet, we don't do that here at the Federal level. We say, well, it's okay, we'll cut spending tomorrow, but we'll spend today. If we had a balanced budget amendment, we couldn't have that attitude. We'd have to look at every single dime that is in our checking account and account for it before we built a new program.
Look at how many attempts there are for new programs, small and large, right here in this body. You've been here 11 months. How many programs and ideas have come before you and you've had to say, can we afford it? But here we don't have to answer that question. We have the freedom to do it. We may not be able to afford it, but I'm not balancing the checkbook, so we don't know. It doesn't matter. It's okay.
No, it's not. We have to force ourselves to do what's right for America, and not just here in 2011, but in 2111
and 2211 and beyond. Our protection, the only protection that we have is with a balanced budget amendment because it ties our hands to future spending. It forces us to balance that checkbook and do what's right for America.
As we are looking at this, we know that the American public is with us on this. Ninety-five percent of Americans believe that the deficit problem is what's ruining our Nation, and almost 75 percent of those that recognize that the problem is the debt and the deficit, almost 75 percent say a balanced budget amendment is the right tool to make the answer. Stop the spending.
I turn now to my good friend from the State of Washington.
And I thank you, my good friend, for that eloquent view and argument for the balanced budget amendment because we are at a crisis, we are at a threshold, we are at a fork in the road in our country. And if we don't get this spending under control, your children and my grandchildren--they're about the same age--are going to have a really tough time charting their own destiny.
This is America. This is the place where streets are ``paved in gold,'' and it's the gold of sweat from the Americans before us, the Americans that are here with us now, and the Americans of our future. But if we don't stop the unbridled spending in Washington, our future is not going to be able to continue to pave the way with gold.
This spending has to stop. To say we'll do it tomorrow is not enough. We have to force ourselves into fiscal discipline. And the only way to do that, the only legal way to bind us is through a constitutional amendment, because the Constitution says one legislative session can't bind a future legislative session with anything unless it is written in the Constitution. That means what? A balanced budget amendment. If we're going to control the spending, we have to have the balanced budget amendment.
I think we're going to take this historic vote on Thursday or Friday. This is not a partisan vote. This is what is right for our future. Three-quarters of Americans get it. That woman that balanced her checkbook on this picture gets it. My family that's back home, my brothers and sister and nieces and nephews that are probably balancing their own checkbooks sometime this week, they get it. The local government that I used to represent, they have to do it, they get it. The State legislature that I came from, they just balanced theirs on June 30 of this year, they get it. I think it's insane that we don't do the same thing.
Mr. Speaker, this week we're going to do something that is right for America. It's not a partisan thing. It's not a bipartisan thing. It is an American thing. It is what will preserve for us the American Dream, not just for our children, but their children and their children. It will promote economic security and national security. It will say to the world we're ready to stand as a nation with a firm financial foundation. It has to happen with a balanced budget amendment.
I yield to my good friend, if you have anything to add.
You know, you're right. If I could go back a little bit, the local government that I represent, they have to ratchet back their revenue spending because their revenues are not what they used to be. The State that I represent, Ohio, they've had to ratchet back on their spending because guess what they have to do? They have to balance their budget. They can't go in the red.
I thank you, and I thank you for your time because I know you've got a busy schedule and you've got those two adorable children that you want to throw some love to. And the best love that we can give to our children and our grandchildren is the balanced budget amendment.
Ronald Reagan was right in so many ways, but he was right in 1982 when he said, if we are going to resolve our overspending, it has to be through a balanced budget amendment. My good colleagues, 29 years later, we've got to hear his words and act on them because, if we don't, 29 years from now, I'm not sure if we will be the greatest nation that we are today.
My good friends across the aisle want to talk about how we create jobs, and we do need to create jobs. Our President, as I said earlier, had this stimulus bill that he thought was going to create jobs, and it didn't create any jobs. And then just a few months ago
he rolled out a new jobs bill of a half trillion dollars that he thought was going to create jobs, but I just don't think that it's going to create jobs either. It's just going to add to our national debt. And the reason why he can do all of these things is because he doesn't have to do what this lady does each and every day, and that's to balance the checkbook. Americans want a checkbook that's balanced.
I would like to show another visual. I'd like to talk about what a few other people said in addition to Ronald Reagan.
Ben Franklin: ``Creditors have better memories than debtors.''
George Washington: ``As a very important source of strength and security, cherish public credit. One method of preserving it is to use it as sparingly as possible.''
Oh, my good friends in the House, if we had only utilized his words, to use it sparingly as possible.
Both sides have been part of the problem. This is not a Republican or a Democrat sin. This is a sin from past Congresses. This is a sin we can rectify.
Thomas Jefferson: ``The principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale.'' The principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale.
He was saying you can't spend your way out of debt. You can't spend today, put the burden on your children of tomorrow and expect a healthy economy. No Nation has ever been successful in doing that. We in America will not be successful in doing that, and that's why we have to have the balanced budget amendment.
My good friends in the House, this week is a very important week for America. We need to pass the balanced budget amendment.
I yield back the balance of my time.