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Budget and Accounting Transparency Act of 2012

Floor Speech

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Date:
Location: Washington, DC

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Mr. HENSARLING. I thank the gentleman for yielding. I appreciate his leadership, and certainly his leadership as one of the foremost budget hawks in the entire United States Congress.

Madam Chair, we just learned that the President will not be a day late and a dollar short with his budget. Instead, he will be a week late and a trillion dollars short on his budget. We also learned from the Congressional Budget Office this will not be his first year, his second year, his third year, but his fourth year to be a trillion dollars short on his budget.

Now, Madam Chair, we received a little good news last month: 200,000 of our fellow citizens were able to find work. Unfortunately, 13 million--almost 13 million--remain unemployed, more people are on food stamps than ever before, and half of all Americans are either low-income or in poverty under the policies of this President. It is clear that this President's policies have failed. They have made our economy worse. And because he cannot run on his record, he has regrettably turned to the politics of division and envy.

To help the economy, to help create more jobs, Madam Chair, number one, we've got to quit spending money we don't have. And second of all, the American people and job creators have to be able to know that they have a fact-based budget, one that is as honest as the American people themselves.

We need fair value accounting. If you're a small business in the Fifth District of Texas and you don't have fair value accounting, you'll probably go broke. Well, the Federal Government doesn't use fair value accounting, and guess what? The Federal Government is broke. That's why we must pass the gentleman from New Jersey's bill, the Budget and Accounting Transparency Act. No more Fannie and Freddies, no more Solyndras. Let's ensure that we account for these costs as part of the Republican plan for America's job creators to give our job creators the confidence they need to hire and grow this economy.

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