Madam Speaker, I yield myself such time as I may consume. Madam Speaker, today's debt ceiling issue is a political and economic crisis of the Democrats' own making. They have known for 2 years this day was coming. They never even bothered…
Madam Speaker, I yield myself such time as I may consume.
Madam Speaker, today's debt ceiling issue is a political and economic crisis of the Democrats' own making. They have known for 2 years this day was coming. They never even bothered to draft a budget for the government, much less pass it, and never lifted a finger to start the bipartisan discussions on how to raise the debt ceiling while addressing America's exploding national debt.
They have insisted on one-party rule all year, from an unnecessary, wasteful $2 trillion COVID stimulus that didn't stimulate the economy or defeat the virus to a national takeover of State and local elections, bailouts of failing State and local governments, ignoring the humanitarian and security crisis at the southern border, and the disastrous surrender to the Taliban in Afghanistan.
House Democrats have made it clear: We are running the place. Just sit down and shut up.
The bottom line on the debt ceiling today: Democrats alone have set fire to America's house and are now demanding Republicans put it out for them.
I urged Treasury Secretary Yellen, who I respect and who has bipartisan credibility, to do what the congressional Democrats have not: engage with Republicans on a reasonable framework of financial stability for our Nation.
There is precedent. Secretary Mnuchin certainly set that, reaching out repeatedly to Democrat leadership on these issues.
Although it should be noted, given the strident blame game now by Speaker Pelosi on the debt ceiling, I remember February 2018 when she, Leader Hoyer, Whip Clyburn, and 116 other House Democrats voted to default on America's debt, shut down the government, and refuse disaster relief to devastated communities across America.
One of the Democrat leaders even said: ``Republicans control the House, the Senate, and the White House. The responsibility to govern rests squarely on their shoulders.''
Well, right now, the Democrats control the House, the Senate, and the White House. The responsibility to govern rests squarely on their shoulders.
I agree that Congress should not play political games with the debt ceiling or
ignore the danger of making permanent the temporary COVID relief with spending that will bankrupt our Nation in the future.
Democrats control everything--the House, the Senate, and the Presidency--and they can easily pass the debt ceiling by including it in their $3\1/2\ trillion tax hikes and welfare state expansion, which requires no Republican votes.
But rather than work together, what did Democrats do? As I noted, they rammed through a partisan, nearly $2 trillion so-called stimulus bill. This was unaccountable, partisan Washington spending that only made matters worse, especially rising inflation for working families.
For example, in that bill, Democrats undid a bipartisan agreement to protect taxpayers against the greatest theft of American tax dollars in our lifetime, which by now has lost up to $400 billion to fraud.
They even opened the door to greater fraud by replacing the Republican child tax credit that rewarded work with the cash-for-kids welfare check program with few safeguards.
Stopping fraud and taking care of tax dollars should be a bipartisan goal that would stretch the spending in the Federal Government. Instead, Democrats are demanding this tax and spending binge that will kill 3 million U.S. jobs, drive prices even higher, and impose the largest expansion to the welfare state in our lifetime.
I urge my Democrat colleagues: End the brinkmanship. We can achieve a bipartisan framework. Just look at the Republicans' repeated efforts.
In 2016, the House passed a Ways and Means bill called the Debt Management and Fiscal Responsibility Act, creating a system that would have allowed Congress to make informed decisions about the debt ceiling and consider changes before it became a crisis. Yet, the Obama administration opposed the bill.
Today, Democrats are hardly worried about new burdens as they put the IRS in charge of workers' paid family and medical leave, or hire 80,000 new IRS agents, or impose IRS bank surveillance on the personal and business accounts of Main Street and working families.
And Democrats won't take up a similar bill, the Debt Solution and Accountability Act, offered by Ways and Means Republican Representative Lloyd Smucker from Pennsylvania.
Democrats' alternatives these days to a bipartisan framework range from ridiculous to irresponsible.
One Democrat Congressman has proposed U.S. Treasury mint a trillion- dollar coin--a trillion-dollar coin. Why not a quadrillion-dollar coin?
This farfetched idea sounds about as brilliant as many Democrats' own calls to end the debt limit entirely, as the Speaker has sought.
I think Democrats' best answer to Washington's out-of-control spending is to spend more and to tear out the brakes.
Let's be honest. This is an economic and political crisis of the Democrats' own making. There isn't enough money in America to cover what Democrats want to spend, and Americans know it.
That is why President Biden has gone out of his way to sell his $3.5 trillion bill as not adding to the debt, saying the ``Build Back Better agenda costs zero dollars,'' a claim that ranks right up with: ``If you like your healthcare plan, you can keep it.''
Unfortunately for him and for the taxpayers that will have to foot the bill, The Washington Post fact-checker found this claim misleading.
They said that it ``would take dubious gimmicks that will help disguise the true cost of President Biden's agenda.''
Again, considering Democrats have not had a single conversation about spending, stimulus, or the debt with us to date, I think they, by their behavior, have taken responsibility to pass this by themselves.
It is irresponsible to keep raising the debt limit, keep on spending without any framework, or any discussion about this explosion of America's debt.
We need to grow the economy, constrain our spending, work together, both parties together, to get our financial house back in order for our children and grandchildren.
Madam Speaker, I reserve the balance of my time.
Madam Speaker, I include in the Record this fact-check from The Washington Post about this claim we just heard, that 83 percent of the Tax Cuts and Jobs Act went to the top 1 percent. They gave that false statement ``3 Pinocchios,'' calling it a ``zombie claim'' and ``galling.'' PolitiFact agreed, calling it ``misleading.''
[From the Washington Post]
The Pinocchio Six: Myths, Lies & Debunked Claims About Taxes
1. False: Biden: ``All of [GOP Tax Cuts] went to folks at
the top and corporations that pay no taxes.''
The Washington Post fact check gave this ``4 Pinocchios,''
saying this is ``simply wrong'' and ``clearly false.''
Three of every four dollars in the 2017 tax cuts went to
individuals, cutting taxes for the lowest-income Americans by
10% while cutting taxes for the top 1% by less than one-half
of 1%.
In the 2017 GOP tax reform, corporations effectively paid
for 85% of their tax cuts thanks to eliminating special tax
provisions and broadening the U.S. tax base.
2. Myth: ``The wealthy don't pay their `fair share.' ''
America has long had one of the most progressive tax codes
among developed nations, with higher-income people paying
higher tax rates, say the Organization for Economic
Cooperation & Development (OECD).
The top 1% pay 40% of all income taxes, and the top 10%
pays 70% of all income taxes, according to the Tax
Foundation.
After the GOP Tax Cuts, the rich pay a larger, not smaller,
share of income taxes.
3. False: ``83% of Tax Cuts and Jobs Act (TCJA) tax cuts
went to top 1%.''
The Washington Post gave this false statement ``3
Pinocchios,'' calling it a ``zombie claim'' and ``galling.''
Politifact agreed, calling it ``misleading.''
4. False: ``Corporate tax receipts declined by 40% after
GOP Tax Cuts.''
Like government revenue that reached record levels in the
two years after GOP tax reform, corporate tax receipts are
higher and growing after TCJA, despite Democrats' claims.
Corporate tax revenues this year are $285 billion, 22%
higher than the Obama-Biden Admin's last year.
The Congressional Budget Office projects corporate tax
revenues under TCJA will increase to $379 billion in 2023--a
record high.
Biden's own budget scorers project U.S. corporate tax
revenues under TCJA will reach 1.63% of GDP by 2025, higher
than the 1.55% average in the decade before the GOP tax cuts.
5 Myth: ``55 profitable U.S. corporations paid no taxes
last year.''
This is an unverifiable claim by a far-left group (ITEP)
using flawed methodology. It is not based on actual tax
data--taxpayer data is private and most 2020 tax corporate
returns have yet to be filed.
This group confuses the difference between taxable income
and financial statement reports.
Similar reports that U.S. multinational corporations only
pay very low tax rates on their earnings overseas are flawed
either by double-counting, faulty methodology, or cherry-
picked data.
6. Myth: ``The Death Tax only impacts two of every 1,000
taxpayers who die.''
Relatively few estates pay the Death Tax, but many more
file estate tax returns, and millions of farms and other
family businesses are forced to waste precious time and money
to avoid a mistake that will result in a confiscatory tax
bill from the IRS.
The Death Tax crushes investment in workers & expanded
operations, harms growth & opportunity.
The Death Tax ranks as a devastatingly inefficient tax
since it raises a very small amount of revenue while placing
a very large burden on farms and other family businesses. In
fact, the Cato Institute says the Death Tax ``is anti-saving
and anti-investment,'' encourages ``wealthy folks to consume
their wealth before death,'' and does nothing for U.S. long-
term growth.
A growing number of women- and minority-owned businesses
are finding themselves subject to the Death Tax as they try
to build wealth for the first time and pass it on to the next
generation.
Madam Speaker, I yield 2 minutes to the gentleman from California (Mr. Nunes).
Madam Speaker, I yield 2 minutes to the gentlewoman from West Virginia (Mrs. Miller).
Madam Speaker, I yield 2 minutes to the gentleman from Missouri (Mr. Smith), the ranking Republican of the Budget Committee.
Madam Speaker, I yield 2 minutes to the gentleman from Kansas (Mr. Estes).
Madam Speaker, I yield 2 minutes to the gentleman from Pennsylvania (Mr. Smucker).
Madam Speaker, I yield 2 minutes to the gentleman from west Texas (Mr. Arrington).
Madam Speaker, I yield 2 minutes to the gentleman from Nebraska (Mr. Smith), who is the ranking member of the tax policy subcommittee.
Madam Speaker, I reserve the balance of my time.
Madam Speaker, I reserve the balance of my time.
Madam Speaker, I reserve the balance of my time.
Madam Speaker, I reserve the balance of my time.
Madam Speaker, I yield myself 30 seconds, and I can't help but remember that, in February 2018, my colleague from Houston, Texas, voted to default on America's debt, to shut down the government, and to withhold disaster funding for Hurricane Harvey in our region.
I reserve the balance of my time.
Madam Speaker, I yield myself such time as I may consume.
What a bunch of nonsense that we just heard. I respect the majority leader. I love his talk about courage and principle and language and all of that.
But what he didn't tell you was that in February of 2018, Speaker Pelosi, he, Whip Clyburn, 119 House Democrats, voted to shut down this government, to default on America's debt, and deny hurricane assistance to communities not just in Texas, but across the country. He played politics with America's debt. So did many Democrats that day.
While they lecture us about irresponsibility, here is what we do know. This is a dangerous, irresponsible charade. Democrats are desperate to blame the GOP for this when, in fact, they created this economic crisis.
For 2 years, our Democrat colleagues have known this day was coming and never even passed a budget. They didn't even try to pass a budget to deal with this. They never sat down with Republicans. They have rammed everything through this House this year.
Now, even though they have all of the votes they need, they are just playing political games, willing to shut down this government, willing to deny disaster aid, willing to harm our economy and working families so they don't have to raise this debt ceiling.
The truth is, they don't want to. They can. They don't want to. They are manufacturing this crisis. They have all the votes they need. They are willing to bring this economy to the brink. They have got all the votes they need. All they have to do is include it in reconciliation. They just don't want to. They just don't want to.
We could fact-check so much of what we heard today. We could spend the next 2 hours on this, and we could talk about all of the tax breaks for the billionaires and the wealthy in the new spending bill that is being brought to the floor. Trust me, this isn't just about past debts. This is about a green light to spend America deeper and deeper and deeper into debt.
To quote our Democrat leaders in 2018: ``Republicans control the House, the Senate, and the White House. The responsibility to govern rests squarely on their shoulders.''
Democrats control the House, the Senate, and the White House. This responsibility rests on their shoulders.
I will tell you, Madam Speaker, at the end of this debate, I intend to offer a motion to commit the bill to the Committee on Ways and Means and include a provision that would prohibit the IRS from implementing a bank surveillance scheme.
The reason I am doing this is because Democrats are leading a campaign to impose bank surveillance on your personal bank account and your business bank account. They are targeting families and farmers and America's small businesses.
They want to give the IRS unfettered access to individual and business bank accounts. It is an outrageous intrusion into the private lives of all Americans. And they want to do that because they think they can raise money to lift the SALT cap, to give tax breaks to millionaires, to create tax havens for billionaires against the very tax hikes that they are proposing. Penthouse occupants are cheering. The building janitor gets nothing.
This is why they don't want to take responsibility for lifting the debt ceiling, because they have huge plans to really harm middle-class Americans while giving huge tax breaks to their friends.
When Democrats want to sit down with Republicans and have a serious conversation about how we raise the debt ceiling, how we address the financial stability of this country, let me tell you, I am in, a lot of us are in. I am hopeful someday we can get to that because that is what our country deserves. I will oppose this debt ceiling.
Madam Speaker, I ask unanimous consent to include the text of my amendment in the Record immediately prior to the vote on the motion to commit.
Madam Speaker, I yield back the balance of my time.
Madam Speaker, I have a motion to commit at the desk.
Madam Speaker, on that I demand the yeas and nays.