Job Creation And Unemployment Relief Act Of 2008
Mr. Speaker, reserving the right to object, I would guess there is nobody in the House that has more rural territory than this Member, and the program that my chairman is suggesting we put in the bill is one that is very important to my…
Mr. Speaker, reserving the right to object, I would guess there is nobody in the House that has more rural territory than this Member, and the program that my chairman is suggesting we put in the bill is one that is very important to my constituency. I do have serious reservations, however, about the way we got to having to present this in the first place.
This Member just received this bill very early this morning. I would guess there may be dozens of Members who have issues that they would hope would be in the bill if they had the time or the flexibility in the approach we handled this bill to have their items considered. So in that sense, I have serious reservations, but it is not my intention to object.
Mr. Speaker, I yield myself such time as I might consume.
Mr. Speaker, it was just 2 days ago that we were debating an $800 billion continuing resolution to fund our troops and veterans, protect our homeland, respond to natural disasters and put our country on a pathway towards energy independence. Many Members, including this Member, reluctantly agreed to support the CR to keep the essential business of our government running through March 6 of next year.
Now in addition to being asked to pay for a bailout for Wall Street, taxpayers are being asked by House Democrats to swallow an additional 60, that is $60 billion in spending on a laundry list of items I saw for the first time just a few hours ago. This would be laughable if it were not so serious.
I was reluctant to support the CR the other day because virtually every dollar was approved without the consideration of the House Appropriations Committee, without floor consideration in the House and Senate, without any amendments or input from any House Member or Senator and without formal House and Senate conference committee work.
During our debate we all agreed on the importance of getting the appropriations process back on track. Just 2 days ago we found ourselves back on the House floor making the very same mistakes again, debating an additional $60 billion--$60 billion is a lot of money--in spending legislation that very few have yet seen. There was no committee consideration, no amendments and no debate. One more time, we are presented with a take-it-or-leave-it proposition. So much for getting the appropriations process back on track.
The majority is describing this legislation as a ``stimulus package'' to help our national economy. But let's be clear about that. Let's not fool ourselves. This is a political document pure and simple. If these priorities are so important, why hasn't this bill gone through the normal legislative process? We could have, and should have, debated many of the items included in this package, hearing full committee and House floor consideration when we are considering each of the 12 individual bills. But as we know, the majority is unwilling to move individual spending bills and derailed the appropriations process for this entire year.
Before you make a decision on this legislation, I ask you to consider three sobering facts: First, of the projected $247 billion increase in the budget deficit in 2008, $226 billion results from additional spending, and $21 billion results from decreased revenues. Second, in 2009, spending is projected to reach 21.4 percent of the GDP for the first time since 1993. Third, balancing the Federal budget by 2013 would require either limiting annual spending growth to 1.4 percent or raising annual revenue growth at 8 percent or a combination of both.
So to balance the budget, we either need to raise taxes or we need to spend less. Now I didn't fall off the turnip truck this morning. It doesn't take an economist to tell you that the economy needs our help. And what does this Congress do? It proposes to spend billions and billions and billions more without any offsets in spending. The failure to adhere to pay-as-you-go, or what we call PAYGO, means that this new spending will be financed through additional borrowing, which will increase interest rates and prove a further drag on our struggling economy.
In recent days, government has taken steps to bail out the auto industry to the tune of some $25 billion. It has proposed a bailout for Fannie Mae and Freddie Mac to the tune of another $25 billion. It has committed as much as $70 billion to rescue AIG. In the last few weeks, this Congress hasn't found a cause that doesn't need a handout or a bailout. Where does the spending end, Mr. Speaker? Where does it end?
In this time of financial instability and national anxiety over the state of our financial market, the first goal of the Congress should be to do no harm. But this legislation does just the opposite. Is it any wonder that the approval rating of Congress is now at 13 percent? If Congress were a business, its CEO would have been fired long ago.
Mr. Speaker, there's an old saying: ``No bill is better than a bad bill.'' That is especially true in this case. We would be doing our constituents, our shareholders, the American taxpayer, a tremendous favor if we took our foot off the gas pedal for a while. We ought to be focused on more oversight rather than more spending. Indeed, spending money is not the answer to every problem.
Mr. Speaker, I have got a feeling that I have seen this movie before. And believe me, the sequel is always worse than the original. We must display more discipline and demonstrate better judgment in spending taxpayers' money. There is no better time or place to begin than right here now.
I strongly urge my colleagues to reject this unfettered spending spree.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I continue to reserve my time.
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I do not intend to take very much time, but I do want to take just a moment to express to the Members that which I have expressed to my chairman in many a forum.
This Member has been very, very concerned about the way the appropriations process has been working during this Congress, concerned enough to think that we could very well be on the pathway to destroy the Appropriations Committee, which has historically been the rock of this place in terms of accomplishing real work.
I certainly don't point to my chairman in terms of these concerns directly. We have very, very fine members with great experience and talent on each of our subcommittees. On both sides we have fabulous staff people who make a great contribution to this entire arena. But over this last year or year-and-a-half, those people have been heard all too seldom. Indeed, while our staffs do work together weekend after weekend, in turn they know full well we are not producing the product we could if we had a fully-developed bipartisan discussion in every one of these very important subcommittees.
It is with that concern that I rise to suggest to the Members, it is long past due that we change the pattern by way of which we are carrying forward our appropriations business.
Mr. Speaker, I yield back the balance of my time.