BREAK IN TRANSCRIPT
Mr. ANDREWS. Mr. Speaker, I think that my friend from California, the chairman, my friend from New York, the chairman emeritus, have it exactly right. The issue is jobs. And that's really what this bill on the floor today is about.
One of the reasons, but for sure not the only reason, that our companies aren't hiring and our economy is not growing is uncertainty about interest rates. If you're thinking about adding on a new store or hiring more people to do more R&D and you think the interest rates are going to rise, you don't to it. If you're not sure what they're going to do, you don't do it. And we've been living under a period of uncertainty for two reasons with respect to interest rates.
The first is are we going to default on our national obligations? The House today will and should emphatically say no, we will not. And then the second question is will Uncle Sam continue to eat up too much of the entrepreneurial capital in this country to finance ever-growing Federal deficits?
The House today will and should, in my view, approve the bill before us that will begin to make a reduction in that deficit. This bill will reduce our projected deficit by anywhere from 25 to 35 percent. And it's important to understand what history tells us about sincere and legitimate deficit reduction.
In 1993, President Bill Clinton's plan was supposed to reduce the deficit by 28 percent. It did not. It reduced the deficit entirely. That bill was supposed to generate $500 billion in deficit reduction. In fact, it generated $1.6 trillion in deficit reduction. That's the elixir that the American economy needs now.
And I do not, my colleagues, believe that this is the only step that we need to accomplish in order to reduce unemployment. But it is an essential step. And for that reason, I am pleased to join with both Republicans and Democrats in voting
"yes'' for this bill.
BREAK IN TRANSCRIPT