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I thank the gentleman for yielding, and let me say that I want to be the first one to say we do want to close the tax loopholes for Big Oil. In fact, for the 4 years the Democrats were in charge, we're not sure why they didn't take it on. We are ready to take it on after this 4-year negligence on it.
Think about this, Mr. Chairman: For every dollar we spend, 40 cents is borrowed. Now, if that was happening in your family, you would bring everybody to the kitchen table and you would say, Look, we have got to make some changes here. We can't continue to spend money the way we are doing.
Today, the national debt is 90 percent of the GDP. Spending is approaching 24 percent of the GDP. That's a historic high. We can't get to a balanced budget with a spending gap that high above revenues, and yet that is what we are doing. That is why the Republican budget, the Ryan budget, not just reduces spending by $4 trillion, but changes the trajectory of spending. Because unless we change the pattern and we make some choices for the next generation, important programs like Social Security, like Medicaid, like Medicare, will not be there.
Too often we hear from the liberals in Washington, D.C., the scare tactics: Well, Republicans hate seniors, they hate clean air, they hate education. And that's what we're seeing here tonight. In fact, yesterday the President tried to claim a mulligan on his budget. He actually introduced a budget in February and did not bring in one recommendation of his own deficit reduction commission. Even though I've seen a chart on the floor tonight about it. It sounds great, but it's not in the President's budget because it wasn't presented.
We think it might be a good idea to use some of the recommendations of the deficit reduction commission, and that's what the Ryan budget does. But more importantly, it doesn't do anything to the important entitlement programs for anybody over the age of 55. Medicare will be there for them as it is today. But for younger people, it is not going to be there because it is going broke. That's why we need to make some changes. And giving them a subsidy to help them have more choices in Medicare is the way to save the program.
That's just one of the many aspects of the Ryan budget, and it's well worth supporting.
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