TRANSPORTATION, HOUSING AND URBAN DEVELOPMENT, AND RELATED AGENCIES APPROPRIATIONS ACT, 2008 -- (House of Representatives - July 24, 2007)
BREAK IN TRANSCRIPT
Mr. Chairman, let's take a little status report here. This is the eighth appropriations bill that has moved across this floor, which is commendable, since none have moved across the Senate floor. But it is easier to move legislation when there is no bottom line, when there are no constraints, when you can just put any amount of money into the spending bills. This bill marks the eighth step in the progression towards a $1 trillion fiscal train wreck that is coming this fall because of the inability of the Democratic Congress to adhere to fiscal restraint.
There is a $23 billion difference between what the Democratic Congress would fund and where the President's request is, something that has been dismissed in their letter to the President as ``a mere 1 percent.'' Well, only in the fantasy land of Washington is $23 billion pocket change.
It is vitally important that we restore fiscal accountability to Washington, and it begins with amendments like this one offered by my friend from Ohio that says let's just hold what we had last year. This bill proposes to spend almost 7 percent more than last year and almost 6 percent above what the President requested.
But what's the difference between that 1 percent? You say it is 7 and 6 percent. That is the difference between $2.8 billion and $3.2 billion. The difference between what this Congress would spend and what the President would spend is larger than most States' budgets that meet all of the needs of that State. This is the first step in this bill's process towards restoring the kind of commonsense fiscal accountability that Americans are starving for.
And when we get down into the weeds of these numbers, people just cloud up because it is so hard to comprehend that a mere 1 percent translates into tens of billions of dollars. But mark my words, ladies and gentlemen, the fiscal train wreck is coming this fall because of the inability of this Democratic-led House to restrain itself from spending billions more than are necessary to meet the needs of this government.
And what that will mean undoubtedly as part of their budget blueprint is higher taxes, taxes that will cripple our economy, taxes that will undo the record low unemployment rate, undo a 14,000 point Dow, undo record homeownership.
Mark my words, a trillion-dollar train wreck is coming if you don't adopt amendments like these.
BREAK IN TRANSCRIPT