H8924 CONGRESSIONAL RECORD — HOUSE December 7, 2006 The question was taken; and (two- The projected deficit for fiscal year vesting in education, homeland secu- thirds of those voting having responded 2007 is $350 billion, at least that is what rity, veterans or our soldiers, simply in the affirmative) the rules were sus- they tell us, but not true. The real def- paying interest on the national debt. pended and the resolution was agreed icit for fiscal year 2007 is $545 billion. That is the red bar. You can see in con- to. You see, when the people in this House, trast how much we are spending of A motion to reconsider was laid on when the Republican leadership tells us your tax money on education and on the table. that the deficit that is projected for homeland security and on veterans. The majority of the money is going to f fiscal year 2007 is $350 billion, that is counting the money they are bor- help pay interest, not principal, not in- b 1348 rowing from the Social Security trust vesting in education, homeland secu- rity, veterans or soldiers, but paying RECESS fund, with absolutely no provision on how or when or where the money is interest on the debt we already got. So The SPEAKER pro tempore. Pursu- going to come from to pay that debt America’s priorities will continue to go ant to clause 12(a) of rule I, the Chair back. unmet until we get our Nation’s fiscal declares the House in recess subject to I am starting to understand now why, house in order. the call of the Chair. when I first got to Congress in 2001 and To help me explain this, and I will be Accordingly (at 1 o’clock and 48 min- I wrote that bill to tell the politicians coming back to talk more about the utes p.m.), the House stood in recess in Washington to keep their hands off Blue Dog Coalition’s 12-point plan for a subject to the call of the Chair. the Social Security trust fund, I am be- meaningful budget reform, I will be f ginning now to understand why the Re- talking about our package of account- publican leadership refused to give us a ability bills; but to help set the stage, b 1414 hearing or a vote on that legislation. Mr. Speaker, and to put this in per- AFTER RECESS Last year, the deficit was about $300 spective, I yield to my colleague and billion. In fact, Mr. Speaker, if you fellow Blue Dog member from Georgia The recess having expired, the House (Mr. SCOTT). was called to order by the Speaker pro look with me here, you can see in 2004, we had the largest deficit ever in our Mr. SCOTT of Georgia. Mr. Speaker, tempore (Mr. SHIMKUS) at 2 o’clock and thank you very much. It is always a 14 minutes p.m. Nation’s history, $413 billion; the sec- ond largest deficit ever in our Nation’s pleasure to join you as we talk about f history in 2003, $378 billion. In 2005, it the important issue of getting our fis- was $318 billion, and for 2006, there was cal house in order. ANNOUNCEMENT BY THE SPEAKER Coming out of this recent election, much to do made out of the fact that PRO TEMPORE the American people spoke and they they only had a deficit of $296 billion. spoke boldly, and the one thing they The SPEAKER pro tempore. Without Only $296 billion? Mr. Speaker, that is said was they want a new direction. A objection, the Chair will recognize the an enormous debt. That is a lot of hot part of that new direction is to be fis- gentleman from Arkansas (Mr. ROSS) checks that have been written by our cally responsible and to make sure we and the gentleman from Illinois (Mr. Nation. are spending the taxpayers’ money KIRK) each for 45 minutes without prej- Let me put it in perspective. Those udice to the resumption of legislative wisely. are the four largest deficits ever in our I want to talk about several aspects business. Nation’s history, the fiscal year 2007 There was no objection. of this today, one of which I want to deficit projected at $350 billion, but let start off by talking about the aspect of f me put it in perspective. The total na- our foreign borrowing. That is one of BLUE DOG COALITION tional debt from 1789 until 2000 was the most dangerous areas in which we $5.67 trillion, but by 2010 the total na- The SPEAKER pro tempore. Pursu- are moving. tional debt will have increased to $10.88 As you well know, we now are bor- ant to the previous order of the House, trillion. This is a doubling of the 211- rowing more money from foreign gov- the gentleman from Arkansas (Mr. year debt in just 10 years. Interest pay- ernments and foreign banks, foreign fi- ROSS) is recognized for 45 minutes. ments on this debt are one of the fast- nancial institutions. In the last 5 Mr. ROSS. Mr. Speaker, I rise this est growing parts of the Federal budg- years, we borrowed more money from afternoon on behalf of the 37-member et. foreign interests than we borrowed in strong, fiscally conservative, Demo- It is called the debt tax, D-E-B-T, and the whole history of this country up to cratic Blue Dog Coalition, a group of that is one tax that cannot be repealed, 2001. conservative Democrats that are that cannot be cut until we get our Na- I want to make that clear because I united with a common cause, and that tion’s fiscal house in order and return know the American people are sitting is, restoring common sense and fiscal to the days, like we saw under Presi- there and saying, is he saying what I discipline to our Nation’s government. dent Clinton from 1998 through 2001, think he is saying, that since 1789, at As we spend the next 45 minutes or where for the first time in 40 years the birth of this country, through all so, Mr. Speaker, talking about the fis- Democratic or Republican, the Clinton the way up to 2001, we have borrowed cally conservative Democratic Blue administration gave us the first bal- less money from foreign governments Dog Coalition’s 12-point plan for mean- anced budget, gave us a surplus that in than we have borrowed in the past 5 ingful budget reform, and as we talk the past 51⁄2 years has been squandered years? That is a dangerous situation about our plan for accountability with- by this administration and this Repub- for us to be in. It is dangerous to the in our government, I would remind lican-led Congress. future of our country, and we must you, Mr. Speaker, that you can e-mail Our Nation is borrowing $1 billion a move to correct that. us your comments or concerns at day. We are sending $8 billion a month When we look at Japan, we are bor- [email protected]. Again, Mr. to Iraq, $57 million a day to Afghani- rowing nearly $700 billion from Japan. Speaker, if you have any comments, stan. We are borrowing $1 billion a day, We are borrowing $368 billion from questions or concerns of us, you can e- and before we borrow $1 billion today China, and we are borrowing $117 bil- mail us at [email protected]. and before the current debt grows by lion from Taiwan. We are borrowing Mr. Speaker, the Federal debt is the another $1 billion today, our Nation is over $200 billion from the OPEC na- largest this Nation has ever seen, some paying $500 million on the debt we have tions. When you look at the Asian $8.6 trillion. This Nation has had one of already got in interest payments alone. Basin and you look at the Middle East, the largest deficits year after year America’s priorities will continue to you also find another occurrence that after year since 2001. I believe the go unmet until we get our Nation’s fis- is troubling, and it presents some of American people are ready for us to cal house in order. Let me just make the most unstable regimes and coun- put an end to the partisan bickering this point of what I mean by that. tries in our world today. It is a terrible and clean up the mess in Washington The red bar is the amount of money situation for us to be in. to restore common sense and fiscal dis- our Nation is spending on interest not At home, we must act more respon- cipline to our Nation’s government. meeting America’s priorities, not in- sibly by making sure that we are VerDate Aug 31 2005 04:49 Dec 08, 2006 Jkt 059060 PO 00000 Frm 00034 Fmt 4634 Sfmt 0634 E:\CR\FM\K07DE7.055 H07DEPT1 jcorcoran on PRODPC62 with HOUSE December 7, 2006 CONGRESSIONAL RECORD — HOUSE H8925 spending our money and putting our for folks earning over $400,000 a year and never take a single day off of work priorities where they count the most. that you want to cut, you have got to for vacation, you earn $10,712 a year. The American people are looking for show us where you are going to pay for If we are serious as a Nation in mov- help in terms of getting more of this it.