Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 355 and ask for its immediate consideration. I thank you, Mr. Speaker. For the purpose of debate only, I would like to yield the customary 30 minutes to my…
Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 355 and ask for its immediate consideration.
I thank you, Mr. Speaker.
For the purpose of debate only, I would like to yield the customary 30 minutes to my friend from Massachusetts (Mr. McGovern), pending which I yield myself such time as I may consume. During consideration of this resolution, all time yielded is for the purpose of debate only.
General Leave
I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks.
Mr. Speaker, House Resolution 355 provides a closed rule for consideration of H.R. 2560, the Cut, Cap, and Balance Act of 2011. The rule provides for 4 hours of general debate on the underlying bill and grants the minority party a motion to recommit, with or without instructions.
Mr. Speaker, we are at a seminal moment in our Nation's history. When I turn on the television, when I read the newspapers, I get a lot of advice. Folks say act: act to raise the debt ceiling, act to cut spending, act to balance the budget.
Mr. Speaker, today we are here to do all of those things--cut, cap, balance, and with it increase the debt ceiling in order to allow this country to continue its good line of credit.
But, Mr. Speaker, that line of credit is not something we can take for granted. Too often, I hear folks come to the floor and say, Just raise the debt ceiling. As you know, Mr. Speaker, we've had that vote. We brought a clean debt limit vote to the floor. I would say for the sake of all the young people we're blessed to have here in the gallery with us today, Mr. Speaker, we voted ``no.'' We defeated that clean debt ceiling to say, no, we cannot simply extend America's line of credit. We must take action to bend that curve of debt. Now that was this House acting, Mr. Speaker.
Last week, America's credit rating agencies joined in that debate. I read to you from Moody's last week:
``While the debt ceiling has been raised numerous times in the past and the issue has sometimes been contentious, bond interest and principal payments have always been paid on time. If the debt limit is raised again and default is avoided, a AAA rating would likely be confirmed.''
That's what we hear all too often, Mr. Speaker. What we don't hear is this second sentence:
``However, the outlook assigned at that time would very likely be changed to negative unless a substantial and credible agreement is achieved on a budget that includes long-term deficit reduction. To retain a stable outlook, such an agreement should include a deficit trajectory that leads to stabilization and then decline in the ratio of the Federal Government debt to GDP.''
Mr. Speaker, that may be a lot of bond analyst speak, but what that means in simple terms is, if we do nothing as a Nation, our credit rating will be downgraded, and if we simply raise the debt limit and do nothing to get a handle on our debt, our credit rating will also be downgraded. That's Moody's, Mr. Speaker.
S&P writes the same thing last week:
``We view an inability to timely agree and credibly implement medium- term fiscal consolidation policy as inconsistent with a AAA solvent rating, given the expected government debt trajectory noted above.''
Mr. Speaker, that's what we're talking about today. Just cutting doesn't get it done. We've got some debt limit issues that we've got to deal with. Just capping doesn't get it done. We've still got some debt limit issues that we've got to deal with. Just balancing doesn't get it done. We've still got debt limit issues that we have to deal with. But, Mr. Speaker, just raising the debt limit doesn't get it done either.
It requires cutting, it requires capping, it requires balancing, and it requires raising the debt limit.
We have brought that resolution to the floor today. Mr. Speaker, while so many other folks in this town are content to talk, to pontificate, to share their wisdom with absolutely any television camera who will listen, this House moves forward legislation that describes line by line by line, in painful detail, what we will do to restore America's fiscal house.
I'm proud to be a cosponsor of this legislation. I'm proud to be a member of the Rules Committee that has reported this rule to the floor today. I rise in strong support of this rule, Mr. Speaker.
I reserve the balance of my time.
Mr. Speaker, I'm confused about whether time is running out or about whether we're moving too quickly here today, but to clarify that, I am pleased to yield 2 minutes to my friend from the Rules Committee, the gentleman from Florida (Mr. Nugent).
I yield the gentleman an additional 30 seconds.
Mr. Speaker, I am pleased to yield 3 minutes to a gentleman who held a very persuasive Special Order on this topic last night, the gentleman from Arizona (Mr. Franks).
Mr. Speaker, I yield myself 15 seconds to say to the gentlelady that there is only one bill in this Congress that abolishes every single corporate loophole in the entire United States Tax Code. That's H.R. 25, the Fair Tax. I would welcome the gentlelady on that bill because I too share a desire to see those loopholes eliminated.
I now yield 2 minutes to a cosponsor of the Fair Tax, the gentleman who has cosponsored bipartisan tort reform legislation here in the House, the gentleman from Georgia (Mr. Gingrey).
Mr. Speaker, at this time I am pleased to yield 2 minutes to my friend from Indiana (Mr. Pence).
(Mr. PENCE asked and was given permission to revise and extend his remarks.)
At this time I am pleased to yield 2 minutes to another cosponsor of the Fair Tax, the gentleman from Texas (Mr. Culberson).
(Mr. CULBERSON asked and was given permission to revise and extend his remarks.)
Mr. Speaker, at this time, it gives me great pleasure to yield 2 minutes to the gentleman from Louisiana, Dr. Boustany.
Mr. Speaker, I yield myself 15 seconds to say that that competing vision of trillions more in stimulus and more in government jobs and more in government spending is one idea of how to revive this economy. It's just not one that I share.
I yield at this time 2 minutes to the gentleman from Alabama (Mr. Brooks), who also I do not believe shares that opinion.
Mr. Speaker, I yield 2 minutes to a colleague who is a great leader on this issue, the gentlewoman from Tennessee (Mrs. Blackburn).
Mr. Speaker, I yield 2 minutes to a mentor of mine, the gentleman from the great State of Georgia (Mr. Kingston).
I reserve the balance of my time.
Will the gentleman yield?
I thank the gentleman for yielding.
The answer is there's absolutely nothing different from this amendment than any other amendment to the Constitution that relies on the judiciary to interpret it.
That is not correct. The responsibility lies here, as my colleague knows. But as is true with every word in the Constitution, it relies on the judiciary to interpret it.
Will the gentleman yield?
I have the sponsor of the legislation right here to answer that very question.
I continue to reserve the balance of my time.
I don't, though I do have the bill's sponsor here to answer any questions you all might have.
I continue to reserve the balance of my time.
I yield myself such time as I may consume.
Mr. Speaker, it was 224 years ago that the Constitutional Convention was wrapping up that summer in 1787. Ben Franklin walked out of the front door and a woman asked him, ``What did you create?'' And he famously responded, ``A republic, if you can keep it.'' That's what the debate is about here today, Mr. Speaker--our Republic, and can we keep it?
Mr. Speaker, the last time we debated a balanced budget amendment was back in 1995, 16 years ago. At that time, now-Minority Leader Steny Hoyer said this: ``This country confronts a critical threat caused by the continuation of large annual deficits. I am absolutely convinced that the long-term consequences of refusing to come to grips with the necessity to balance our budget will be catastrophic. And those who will pay the highest price for our fiscal responsibility, should we fail, will be those least able to protect themselves and the children of today and the generations of tomorrow.''
Mr. Speaker, this debate is about those who are least able to protect themselves, and this is about the vision that we have chosen for ourselves as Americans.
Mr. Speaker, 223 years ago, in a letter written in November, Thomas Jefferson said this: I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution. I mean an additional article taking from government the power of borrowing.
Our Founding Fathers, 223 years ago--folks talk about a bill being rushed to the floor. This is a debate that has been going on since the founding of our Nation, since the founding of our Nation. We had this discussion in 1995. We had this discussion in 1994. Every Congress for the 10 years between 1985 and 1995, we discussed a balanced budget amendment. Apparently, there was no need to discuss it any longer, and look where we are.
I was down in Chinatown the other day, Mr. Speaker, where, conveniently enough, our United States debt auctions were held, right downtown in Chinatown. We sold $36 billion of debt in Chinatown the day I was down there at 0.0005 percent interest. But hear this--I will close as I opened, Mr. Speaker--from our friends at S&P: ``We view an inability to timely agree and credibly implement medium-term fiscal consolidation policy as inconsistent with a AAA sovereign rating.''
Mr. Speaker, this isn't about raising the debt limit; this is about preserving the Republic. Go ahead and raise the debt limit; Moody's says that's not enough. Go ahead and raise the debt limit; S&P says that's not going to get you anywhere. Inconsistent with a AAA rating is the borrowing and spending that this Congress has brought to the House.
Now, we talked about rushing a bill to the House floor, Mr. Speaker. I'll say this, and some of my Democratic colleagues have said it, and I associate myself with their comments: This reflects the priorities of this House. What we're working on today is exactly what we were working on when we worked on H.R. 1 in February, one of the most open and brilliant moments in this House's history in terms of debate. Well, the priorities we are setting today are the same priorities we were setting when we had that very open budget debate earlier this year in April where we brought every budget to the House and said: What can we agree on as a House? And you know what we agreed, Mr. Speaker? We agreed on the priorities that are set forth in Cut, Cap, and Balance.
Now, there has been a lot of talk about who is willing to compromise. Mr. Speaker, I can't find a single colleague on this side of the aisle who is enthusiastic about raising the debt limit, not one. But folks are willing to do it if we can preserve the Republic for our children and grandchildren, which we can do with cut, cap, and balance.
Mr. Speaker, there's all of this talk in Washington about default on the national debt. That is a serious conversation, a serious conversation.
I want to talk about defaulting on the promises of our Founders. I want to talk about defaulting on our Republic. One wish Thomas Jefferson had, one wish: If it were possible to obtain a single amendment to our Constitution, it would be an additional article taking from government the power of borrowing.
I understand, Mr. Speaker, that there's a lot of reluctance to do that. There are lots of great things that folks have, priorities that they would like to spend on. This isn't about those spending priorities. We'll still have that conversation. H.R. 1 was about those priorities. Our budget discussion was about our priorities. Today, it is about the future of our Republic. You need read no further, Mr. Speaker, than the credit rating agencies telling us that August 2 is not the date we have to fear. Today is the day that we have to fear because, if we fail to pass this bill, our Republic stands in peril.
Mr. Speaker, I rise in strong support for this rule. I am grateful to the Budget Committee for bringing forward this resolution, and I ask for a unanimous vote of support as this resolution comes to the floor.
The text of the material previously referred to by Mr. McGovern is as follows:
An Amendment to H. Res. 355 Offered by Mr. McGovern of Massachusetts
(1) Strike ``the previous question'' and all that follows
and insert the following:
The previous question shall be considered as ordered on the
bill and on any amendment thereto to final passage without
intervening motion except: (1) four hours of debate equally
divided and controlled by the chair and ranking minority
member of the Committee on the Budget; (2) the amendment
printed in section 2, if offered by the Minority Leader or
her designee, which shall be in order without intervention of
any point of order, shall be considered as read, and shall be
separately debatable for 30 minutes equally divided and
controlled by the proponent and an opponent; and (3) one
motion to recommit with or without instructions.
(2) At the end of the resolution, add the following:
Sec. 2. The amendment referred to in the first section of
this resolution is as follows:
At the end of the bill, insert the following:
I yield back the balance of my time, and I move the previous question on the resolution.