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Public Statements

Providing for Consideration of H.R. 5072, FHA Reform Act of 2010

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Date:
Location: Washington, DC

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Mr. CANTOR. I thank the gentleman for yielding.

Madam Speaker, recently, we found out that the national debt has surpassed $13 trillion. That means that each American owes approximately $42,000. I align myself with the remarks of the gentleman from Texas in applauding the gentleman from Colorado and Massachusetts in bringing this bill to the floor that actually does save taxpayer dollars for the American people. I also want to recognize the leadership of Ms. CAPITO from West Virginia, whose bill this originally was.

Here's an idea, Madam Speaker. Rather than simply talking about how shocking our dangerous level of national debt is, why don't we actually do something about it today. America is at a crossroads, and the choices we make today will determine the kind of country we will be.

The Republican Economic Recovery Working Group launched the YouCut program to change the culture in Washington, and it's clear from news reports, Madam Speaker, that it's starting to do so. We saw the White House just last week ask each government agency to cut 5 percent from their budgets. While we applaud their intentions, House Republicans are offering a way to cut spending--not tomorrow, not next week, but right now--with YouCut.

There is no doubt that our debt situation is reaching a crisis point that demands a united, bipartisan effort to solve it. I'll be the first to raise my hand to say that Republicans have played our part in contributing to the problems in the past. But for those Americans out there struggling to pay their mortgages, does it really matter to them whose fault it was?

I come to the floor today, Madam Speaker, to urge my Democratic colleagues to join us in supporting this week's winning YouCut proposal to reform Fannie Mae and Freddie Mac, which received 45 percent of the vote on YouCut. SCOTT GARRETT and JEB HENSARLING's proposal would save $30 billion in taxpayer money over the next decade.

The two government-sponsored enterprises have racked up a taxpayer-funded tab of $145 billion and counting. According to the Congressional Budget Office, if we don't reform Fannie and Freddie, that price tag will only rise. There's no doubt that reforming Fannie and Freddie will be a challenging task, but taking on this kind of challenge is why our constituents gave us the privilege of serving in this House in the first place.

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