Date: 2011-07-25
Speaker: JACKSON LEE (democrat)
Chamber: H
State: Texas

I thank the gentlelady from the Virgin Islands. And let me thank you for persisting in discussing these issues with our colleagues. You have been determined. and your leadership has caused us to have this. I think. very thoughtful discussion more often than not. Im also pleased to be joined by my friend and colleague from Virginia. who has developed tenure on these issues dealing with the budget and has always been helpful. Mr. SCOTT. on really sort of getting us through the weeds. And in an hour or two. or approximately an hour and a half maybe. the President will speak to the Nation. And I believe that this President truly appreciates democracy and. frankly. has no problem with coming to the American people in a straightforward and honest manner. But it really is important I think to educate ourselves. to educate our colleagues. because with all the chatter. it seems as if theyve lost their way. Soon after the President speaks tonightI believe around 9 oclockMr. BOEHNER will come forward. But if our Republican friends come forward. are they coming forward with facts? Will they educate the American people to inform them that the debt ceiling has been raised 100 times before? Will they educate the American people that probably for the first time in 2011 they have actually put "debt ceiling" in your vocabulary. Now its going to be highlighted in Websters dictionary. Most Americans did not know that terminology. but I think those of us who remember our history and those who studied the Constitutioneven those of us who are lawyers remember the importance of studying the Constitution. and will always remember the words the "full faith and credit of the United States." Even in difficult days that keeps the country going. Why? Because the world buys Americas Treasury notes. They buy it willingly and openly and excitedly. which means that our dollar is strong and that people are happily holding on to the Treasury note. again. because they believe that America will never default on her debt. Now if you wanted to get more detailed. Id refer you to the 14th Amendment. section 4. Theres a lot of chatter about what it means. but the clear language says that the public debt shall not be questioned. Of course it lists wars and other issues that occurred in the historical perspective of that amendment. but scholars have not formed opposition to the thoughthardcore oppositionthat it also lives today and really means that we must recognize the public debt and pay our bills. So full faith and credit and a constitutional premise for doing what we should do. So why dont we just move forward so that on August 2. or even before that. we will not have to face our seniors looking for their Social Security check. or maybe even visit a nursing home. as I have done over the last 2 weeks and before. and see seniors who are able to pay their way. but others who are on Medicaid. So I dont think that we should suggest that this is a drama and a dramatization to say that some seniors will be put out on the curb because they depend upon Medicaid. Even those who worked but had jobs that did not allow them to have a 401(k) or longterm care. they depend upon Medicaid. And as we look at the plan that we will hear tonight. its been put on the Web site by Speaker BOEHNER. there is a great deal of fear that Social Securityor apprehension might be the word that we want to usethat really the Medicare. Medicaid. and Social Security safety net are in the eye of the storm. And so when you look at no tax hikeswhich we have heard a number of people raise their voices on that. and I think it should be noted that the Obama administration and this Democratic leadership in the last Congress gave tax cuts over and over again. and particularly gave tax cuts to the working and middle class. The stimulus package. the American Recovery and Reinvestment Act. gave tax cuts. But how do you truly say to the American people that were trying to do what you do. which is to tighten your belts. that is. looking realistically at the right kinds of cutsand most economists will tell you that the cuts should be long range. They tell you it makes no sense to talk about cuts overnight. In fact. its unrealistic. The family sits at the kitchen table trying to balance their books. It is almost impossible for them. in the next 24 hours. to have a total change. They have to. over a measured period of timemaybe someone gets another job. maybe someone finds an increased amount of wages. and then they. over time. cut their budget and begin to pay bills. America has to pay its bills right now. But over the timeframe. we need to look for ways to raise revenue. So let me just share with you: A friend of ours. a colleague. Congressman BISHOP has shared this very potent poster that is very easy to understand. We need to allow those tax cuts for a small percentage of the American publicand this is not a class warfare situation. I believe it is important for people to enjoy their wealth. to create wealth. to create jobs. but this is what we call equal sacrifice. accepting the burden of being an American. rising to the cause when youre called upon to serve. No one can compare to the men and women right now as we stand here that are on the front lines of Iraq and Afghanistan. No one can compare to families who are welcoming flagdraped coffins home right now because their soldiers died on the battlefield. We cant compare to that. But right now America needs all of us. and she needs us to stand up and be counted. And so there are wealthy persons like Warren Buffett and Bill Gates who for a long period of time indicated that these tax cuts need to expire. Here is the revenue right here. There are 30.000 households that report incomes of more than $1 million. One day of the Bush tax cuts for millionaires expiring gives us $120 million. That may provide the resources for our national parks and wildlife. It may as well shore up hospitals that really depend upon Medicare reimbursement. It might help in a military familys pay increase. Then of course if you take one week of allowing those tax cuts to expire. here is revenue to the Federal Governmenthere you get $857 million. That is one week. Just a reminder. in terms of moneys that were spent. we created 3 million jobsand Ill get to that. I think Im going to hold that point because I want you to see the difference$857 million comes in for one week. Thats Pell grants for our students. thats allowing research at the NIH for cancer. cures for cancer and as well for heart disease. stroke. neurological disease. payments for those suffering from mental health needs. And then if you just go 1 month of the expiration of the Bush cuts. you have $3.43 billion. Now in the Recovery and Reinvestment. the President. because of the crisis he facedwhich was none of the Clinton surplus was left. it was all gone because of two unpaid warshe had to come in and save us. So about $800 billion in the Recovery Act put 3 million jobs on the table. It created 3 million jobs. Just imagine what would happen if those tax cuts expired. We would have $3.43 billion. and we would have the opportunity to multiply that. which I think goes in about six timesmath on the floor of the Housea little less than that. four times. It would create 4 times 3 million: 12 million jobsreal quick math here. So the question is. and let me reverse that math because I see BOBBY SCOTT looking up. I thought it was 343. its only 3. So I wont do any math on the floor of the House. but I will say that it will create jobs. Because we had $800 billionI was reading that as $343 billion. So it was $3.43. and then if we do 1 year of Bush cuts. it will be $41 billion. And so we can take a portion of the $800 billion and we can see the jobs that will be created by $3 billion and $41 billion. What I will say to you. my friends. is that the announcement that is going to be made by the Speaker doesnt give us that flexibility. It truly undermines the safety network of Medicare. Medicaid. and Social Security. but it also puts in some elements that clearly undermine the running of this country. A balanced budget amendment is not realistic for the United States because the Federal Government takes care of 50 States. not just one. And our friends will tell us that these States have balanced budgets. Its okay when youre taking care of one household. but if youre taking care of 300 million households plus. when that particular State that needs the Federal Governmentlike Missouri during the horrible tornados. or Alabama. or the floods. or any other manmade or natural disasterthey want us to be able to help them. A balanced budget amendment would not allow that. And then the caps to control spending do not allow the discretion to be able to make priorities when priorities are necessary. The last point I want to make about what our Speaker will be announcing tonight to calm the markets is that this is going to be a bifurcated process. Let me say to my colleagues. if you are having fun now. just think about 4 months from now or 6 months. We will have to go through this again. Another debate about the debt ceiling. And I remind you. we have raised it 100 times before. Most Americans have never heard of it because we worked with the Presidents. like President Reagan who in 1983 wrote his own Republican Senate majority leader. Senator Baker. and said you cannot not pass the debt ceiling. It is incalculable to think of America defaulting on her bills. So here we go with a proposal that would cause us to have to vote twice in a 6month period. What does that mean? It means that a young couple trying to buy a house sees a surge in their interest rate. It means if you have a credit card. it may be defunct only because you cannot afford to pay the surging interest rate. Fees for you to buy a house might skyrocket. Housing costs might go up. Houses might stop being built. So I would simply ask my colleagues today: lets be Americans. Lets look at what we can do together. Just allow these tax cuts to expire and allow us to be able to calculate this amount of money. And. again. $3.43 billion and $41 billion makes a difference in the lives of Americans. So I thank the gentlelady from the Virgin Islands for allowing me to share some thoughts and to hopefully dispel some myths. and also some fears. It is $14.3 trillion. It is a big number. but economists will tell you that America is not broke. Its not broken. either. It is at a stage when we need to come together to raise this debt ceiling and go back into regular order. Whether I agree or disagree with what the House Republicans bring forward in the appropriation process. we can hassle that out on the floor of the House. But we will allow America to pay her bills. And soldiers on the battlefield will not fear that grandparents are not getting their Social Security. or worrying about their family members getting compensation that they are truly due because of the sacrifice that their loved ones are making on behalf this Nation. I believe America is going to stand up and be counted.