October 3, 2008 CONGRESSIONAL RECORD — HOUSE H10817 

SPECIAL ORDERS 

The SPEAKER pro tempore. Under 

the Speaker’s announced policy of January 18, 2007, and under a previous 

order of the House, the following Members will be recognized for 5 minutes 

each. 

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The SPEAKER pro tempore. Under a 

previous order of the House, the gentleman from Texas (Mr. POE) is recognized for 5 minutes. 

(Mr. POE addressed the House. His 

remarks will appear hereafter in the 

Extensions of Remarks.) 

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REVISION TO THE BUDGET AGGREGATES FOR THE PERIOD OF FISCAL YEARS 2009 THROUGH 2013 

The SPEAKER pro tempore. Under a 

previous order of the House, the gentleman from South Carolina (Mr. 

SPRATT) is recognized for 5 minutes. 

Mr. SPRATT. Madam Speaker, under section 220 of S. Con. Res. 70, the Concurrent 

Resolution on the Budget for fiscal year 2009, 

I hereby submit for printing in the CONGRESSIONAL RECORD a revision to the budget aggregates for the period of fiscal years 2009 

and 2013. This adjustment is in response to 

consideration of the Senate amendments to 

the bill H.R. 1424; the Emergency Economic 

Stabilization Act of 2008; the Energy Improvement and Extension Act of 2008; and the Tax 

Extenders and Alternative Minimum Tax Relief 

Act of 2008. A table is attached. 

Under section 323 of S. Con. Res. 70, this 

adjustment to the budget allocations and aggregates applies while the measure is under 

consideration. For purposes of the Congressional Budget Act of 1974, as amended, a revised allocation made under section 323 of S. 

Con. Res. 70 is to be considered as an allocation included in the resolution. 

BUDGET AGGREGATES 

[On-budget amounts, in millions of dollars] 

Fiscal Year 

2008 1

Fiscal Year 

2009 1,2

Fiscal Year 

2009–2013 

Current Aggregates: 

Budget Authority 2,456,198 2,462,544 n.a. 

Outlays ................ 2,437,784 2,497,322 n.a. 

Revenues ............. 1,875,401 2,029,653 11,780,263 

Change for consideration of Emergency 

Economic Stabilization Act (H.R. 1424): 

Budget Authority 0 0 n.a. 

Outlays ................ 0 0 n.a. 

Revenues ............. 0 0 340,570 

Revised Aggregates: 

Budget Authority 2,456,198 2,462,544 n.a. 

Outlays ................ 2,437,784 2,497,322 n.a. 

Revenues ............. 1,875,401 2,029,653 12,120,833 

n.a.=Not applicable because annual appropriations acts for fiscal years 

2010 through 2013 will not be considered until future sessions of Congress. 1 Current aggregates do not include spending covered by section 

301(b)(1) (overseas deployments and related activities). The section has not 

been triggered to date in Appropriation action. 2 Current aggregates do not include Corps of Engineers emergency spending assumed in the budget resolution, which will not be included in current 

level due to its emergency designation (section 301(b)(2)). 

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WHY I VOTED AGAINST THE SENATE REPUBLICAN BAILOUT BILL 

The SPEAKER pro tempore. Under a 

previous order of the House, the gentleman from Washington (Mr. 

MCDERMOTT) is recognized for 5 minutes. 

Mr. MCDERMOTT. Mr. Speaker, on 

Thursday morning, the morning after 

the Senate passed a very different bailout bill, two things happened: The filings for new unemployment benefits 

hit a 7-year high, and a number of telephones melted in my congressional office as my constituents called in their 

opinions. By the thousands, the people 

in the Seventh Congressional District 

are absolutely enraged by what the 

Senate put over here. 

Senate Republicans blocked Senate 

Democrats from legislation that delivers for Main Street. Senate Republicans demanded the pot be sweetened, 

but they left out the millions of Americans who can’t find a job and are running out of benefits. And they left out 

a lot of other Americans, too. 

With economic times getting rougher 

by the day, Senate Republicans have 

no problem telling the American people you’ve got to go it alone. 

Last week, the House passed on a 

strong bipartisan vote a stimulus package that would help Main Street, but 

Senate Republicans said no. They were 

willing to help Wall Street, but looked 

the other way for Main Street. 

One caller said they were stunned 

that the Senate included a call for the 

Securities and Exchange Commission 

to alter a fundamental way assets are 

valued. It’s called mark-to-market accounting, and let me quote an NPR report. 

The Council of Institutional Investors and the CFA Institute oppose a 

suspension of mark-to-market—also 

known as ‘‘fair value’’—accounting because, in their opinion, the rule offers 

investors transparency. 

In other words, suspending the rule is 

letting the fox into the henhouse. 

The other day I voted in favor of the 

House bailout bill because I trusted 

Democratic leaders who worked tirelessly to represent Main Street. I still 

do, but Senate Republicans changed all 

that. 

When Republicans force a bill that 

ignores the plight of regular Americans 

but includes so-called sweeteners, that 

is not worthy of support. 

When Republicans force a bill that 

slips in more earmark spending, that’s 

not worthy of support. 

When Republicans force a bill 

through that includes an accounting 

gimmick, that is not worthy of support. 

The Senate dug an enormous ditch 

alongside Main Street, and they want 

the House to drive into it. That is exactly what the President has driven 

this economy into over the last 7 years. 

When Senate Republicans set the 

agenda, that’s just another way of saying they are following the orders of the 

President who long ago lost all the 

trust of the American people. 

That is not how we are going to restore the trust with the American people. And that is why I voted against the 

Senate Republican bailout. 

b 1500 

There is no question that we need a 

rescue plan, but the Senate has just 

made matters worse, and that is pretty 

hard to do in this economy. Government has a role to play in calming the 

markets and addressing the economic 

crisis, but the more we learn, the more 

convinced I am the latest Senate plan 

is taking us in the wrong direction. 

There are two models that have 

worked and which would serve as the 

foundation blocks that we can build 

upon in a short period of time to 

produce a plan that Americans could 

trust and believe in. During the Depression, President Roosevelt developed a Home Loan Housing Corporation that stabilized the housing market 

and helped homeowners work through 

the foreclosures. More recently, in the 

1990s, Sweden stepped in and assumed 

temporary control of the financial system, cleaned up the mess, and then got 

out. 

There are models available that we 

can use to quickly produce a solution 

that the American people will actually 

believe in because they will understand 

it and it will be transparent. The 

amendment from the Senate was to 

make it more un-transparent. There is 

a credit crisis in the United States to 

be sure, but there is no question today 

that there is also a trust crisis in 

America, every bit as damaging and debilitating. 

We cannot solve the first crisis before 

we address the second. Since the current administration precipitated this, 

we should be focused on rebuilding a 

new foundation for a new administration to restore the faith and trust of 

the American people as we work to restore the trust and credit of our financial system. 

Since the current administration precipitated 

this, we should be focused on building a foundation for a new administration to restore the 

faith and trust of the American people as we 

work to restore the trust and credit of our financial system. 

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The SPEAKER pro tempore. Under a 

previous order of the House, the gentleman from North Carolina (Mr. 

JONES) is recognized for 5 minutes. 

(Mr. JONES addressed the House. His 

remarks will appear hereafter in the 

Extensions of Remarks.) 

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RE-INFLATING THE BUBBLE 

The SPEAKER pro tempore. Under a 

previous order of the House, the gentleman from Michigan (Mr. MCCOTTER) 

is recognized for 5 minutes. 

Mr. MCCOTTER. Mr. Speaker, we 

have confronted the first financial 

panic of the ‘‘New Global Economy’’— 

an economy spawned by the fall of the 

Berlin Wall—and the precedent we set 

will affect our prosperity, liberty, and 

posterity for generations. 

Unconscionably, we have rushed to 

misjudgment and approved a $700 billion Wall Street bailout the American 

people know is intrinsically unfair to 

them. This truth is self-evident in how, 

initially, an exiting President and his 


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