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Emergency Mortgage Relief Program Termination Act

Floor Speech

By:
Date:
Location: Washington, DC

BREAK IN TRANSCRIPT

Mr. CANTOR. I thank the gentleman.

Mr. Chairman, for the past several years the conversation in Washington has been about how much we can increase spending. Today, the debate is centered on how much we can increase savings.

On November 2, voters sent a message that they will not sit by as Congress spends our way into national decline. It was a statement of rejection towards a buildup of debt and burdensome regulation that continues to cloud the prospects for the future.

The new Republican majority has responded with a cut-and-grow agenda designed to produce results. We're cutting spending and job-destroying regulations and growing private sector jobs in the economy.

Last month, we voted to cut spending down to 2008 levels. Today, through our YouCut program, we offer American taxpayers the opportunity to recoup roughly $300 million dollars in wasteful spending. The savings come from terminating a program funded in the Dodd-Frank regulatory bill. This mandatory spending program allegedly provides loans to homeowners potentially facing foreclosure, but it is estimated that the subsidy rate, meaning the amount of the loan that will not be repaid, is 98 cents out of every dollar.

So we are borrowing money we don't have to give loans to certain homeowners that can't repay and that other American families will have to pay back in higher taxes in the future. This program truly does not make sense and leaves everyone worse off.

At a time, Mr. Chairman, when we must do everything in our power to balance the Federal budget, this legislation must pass. And I urge my colleagues to vote in favor of it.

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