My colleagues, I would like to cut through all the fog here rather quickly. Today's GDP figures remind us that our economy is still not creating enough jobs. Americans are worried about finding work. They are worried about our economy, and…
My colleagues, I would like to cut through all the fog here rather quickly.
Today's GDP figures remind us that our economy is still not creating enough jobs. Americans are worried about finding work. They are worried about our economy, and they are worried about the mountain of debt that is facing them and their children.
Today, we have a chance to end this debt limit crisis. With this bill, I think we are keeping our promise to the American people that we will cut spending by more than the amount of the increase in the debt limit. The Congressional Budget Office has certified this commonsense standard, and it has been backed by more than 150 distinguished economists from across the country.
We are also imposing caps to restrain future spending to stop the expansion of government while giving our economy a chance to grow and create jobs, and we are advancing the great cause of a balanced budget amendment to the Constitution.
What this bill now says is that before the President can request an additional increase in the debt limit, two things have to happen: A joint committee of the Congress must produce spending cuts larger than the increase in the debt limit, and both Houses of the Congress must send to the States a balanced budget amendment.
Listen, the balanced budget amendment, it's time for this to happen. It enjoys support in both Houses of this Congress, and it enjoys bipartisan and widespread support across our country.
The bill also ends this crisis without raising taxes, which would cripple our economy, and there are no gimmicks. There are no smokescreens here that represent the old and comfortable way of doing things.
Now, the bill before us still isn't perfect. No Member would argue that it is. It's imperfect because it reflects an honest and sincere effort to end this crisis by sending a bill over to the Senate that at one time was agreed to by the bipartisan leadership of the United States Senate.
And to my colleagues in the Senate, if they were here, I would say this, if this bill passes, this House has sent you not one, but two different bills to cut spending by trillions of dollars over the next decade while providing an immediate increase in the debt limit. And to the American people, I would say, we have tried our level best. We have done everything we can to find a commonsense solution that could pass both Houses of Congress and end this crisis.
We have tried to do the right thing by our country, but some people continue to say ``no.''
My colleagues, I have worked since the first week of this session when we were sworn in in January to avoid being where we are right this moment, but 2 days after we were sworn in, the Treasury Secretary sent us a letter asking us to increase the debt ceiling. I immediately responded by saying we would not increase the debt ceiling without serious cuts in spending and serious reforms to the way we spend the people's money.
We passed a budget. The other body spent over 800 days and still no budget, no plan. This will be the second bill we send over to the Senate, and yet not one piece of legislation out of the Senate has passed that deals with this crisis.
And my colleagues, I can tell you that I have worked with the President and the administration since the beginning of this year to avoid being in this spot. I have offered ideas. I have negotiated. Not one time, not one time did the administration ever put any plan on the table. All they would do was criticize what I put out there. I stuck my neck out a mile to try to get an agreement with the President of the United States. I put revenues on the table in order to try to come to an agreement to avert us being where we are, but a lot of people in this town can never say ``yes.'' A lot of people can never say ``yes.''
This House has acted, and it is time for the administration and time for our colleagues across the aisle to put something on the table. Tell us where you are.
Yes, people can be critical of what we've done, but where are the other ideas? At this point in time, the House is going to act and we're going to act again, but it is time for our colleagues across the aisle to tell us what they're for, tell us how we can end this crisis.
Ronald Reagan has been quoted throughout this debate over the last few weeks, and Ronald Reagan would probably be flattered, I'm sure, if he were here. But Ronald Reagan, on his desk, had a little placard, and that placard was real simple. It said: ``It can be done.'' I have a replica of that placard on my desk, and let me tell you, Members of this House, it can be done, it must be done, and it will be done if we have the courage to do the right thing.
So for the sake of our economy, for the sake of our future, I'm going to ask each of you, as representatives of the people of the United States, to support this bill, to support this process and end this crisis now.