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Mr. HENSARLING. Mr. Speaker, this Nation suffers from a surplus of deficits.
First, our seniors have a health care deficit because, in the last Congress, Democrats cut Medicare by a half a trillion dollars, hastening its bankruptcy and then creating a new board, called the IPAB, in order to ration the access and quality of their health care.
Next, they brought us a jobs deficit. Millions are unemployed and they remain unemployed--the highest duration of long-term unemployment since the Great Depression.
Then, Mr. Speaker, we have the financial deficit. After the President's trillion-dollar stimulus program, which has failed miserably, after his $1.4 trillion takeover of our health care system, after an increase of base government--24 percent in 2 years and three trillion-dollar-plus deficits in a row, we now have a debt crisis. So the President says, Do you know what? We need a balanced plan. I want you, Republicans, to raise taxes to pay for my spending.
Mr. President, one of the greatest impediments we have to job creation today is the threat of taxes to pay for your spending.
Every day, I hear from small business people in my congressional district. I heard from Kristine Tanzillo of Canton, Texas: "Washington seems to think they can tax its way out of our economic problem, which is not possible. We are not hiring or planning to grow for the next several years. We are concerned that our government will raise taxes or put other burdensome restrictions on us that we will not be profitable.''
The financial deficit is tied to our jobs deficit. The American people have a message for their government:
It is time to quit spending money we do not have. It is time to quit borrowing 42 cents on the dollar, much of it from the Chinese, and then sending the bill to our children and grandchildren. It is why, today, House Republicans bring to the floor the Cut, Cap, and Balance program.
Cut. It cuts spending to at least the '08 levels. Who thought that government was too small before President Barack Obama came into town?
Cap. Since World War II, spending has averaged 20 percent of our economy. Under this President, it's 25 percent, growing to 40. Let's keep it at 20 percent.
Balance. Every family in America has to balance their budgets around the kitchen table. Every small business has to balance their budgets as do 49 of the 50 States. But no. Our Democrat colleagues said it is radical. It is radical to balance the budget.
What I say is, if we want jobs, hope and opportunity, we must cut, cap, and balance.
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