Mr. Speaker, we just heard that we were cutting Medicare, but in fact it was the minority party that cut $500 billion out of Medicare last year to pass Obamacare. How quickly we forget.
At one time, people stored cash under their mattresses for safekeeping. Now people all over the world put that same money in Treasury bills. That benefits every American in countless ways. Let's not lose that advantage.
The imminent threat to the safe haven of Treasury bonds and our national security is default and downgrade. However, by far the overriding danger is too much government spending.
The federal government must do what every family in America is called on to do when times are tight: cut spending and live within their means.
As long as we ignore our spending problem, the economy will weaken. Confidence will not be restored. Jobs will not be created. We -- and more profoundly our children and grandchildren -- will bear the cost.
Earlier, the Minority Leader said, "What will the students say? What will the children say?'
Let me say this. When we say to them - your money is all gone, we spent it, we lacked the courage to address the problem, we didn't confront the problem -- what will our children say to us? What will our grandchildren say?
The heritage of America has never been "can't do." It has always been "can do." We can do it. We can rise to the challenge. We can answer our children and our grandchildren in future years and say we did the right thing for you. We did the right thing for our country. We confronted the problem.