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Public Statements

Small Business tax Cut Act

Floor Speech

By:
Date:
Location: Washington, DC

BREAK IN TRANSCRIPT

Mr. SCHWEIKERT. Mr. Speaker, to my friend, thank you for yielding me a few minutes here.

One of the reasons I'm standing here is, over the last week we've heard the President talk about what we call the Buffett rule, and the Senate, and its failure to move the Buffett rule--thank heaven. And realizing, for a lot of Americans, they don't understand this is, A, it's absolutely pretend math. But it's also meant as an absolute attack on the entrepreneurs, on the wealth creators and the people that create jobs and economic growth in this country.

So I thought I would do another one of my clocks to try to help folks understand the reality of the math. Think about this. We borrow about $3.5 billion every single day, which is actually an improvement from where we've been, but $3.5 billion every day. There's 1,440 minutes in a day. So we were trying to figure out how do you explain how little the Buffett rule does to help us in our debt crisis but how much damage it will ultimately do to our economic growth.

And where this came from is 2 days ago my phone rang, and I had a gentleman from my district who was absolutely insistent that the Buffett rule would solve the debt problem. So we made a clock. And here it is. If you think about how much we borrow in a single day--that $3.5 billion in a day--how much would the Buffett rule, with our math, how much of that day would it cover of the debt? Remember, 1,440 minutes in a day. It would cover 3 1/2 minutes of borrowing in a day. It's fantasy.

So why does the left, why does this President engage in this sort of political theater? Maybe because it's good politics. But it's really crappy math.

And here's the reality of our future, and this keeps coming back, and why we so desperately have to do those things to get our small businesses to start hiring and growing. But we here in the Federal Government, we here in Congress, are going to have to deal with a reality that's coming at us like a freight train. This year, 63 percent of all of our spending is Medicare, Medicaid, Social Security, interest on the debt, veterans' benefits. In 4 1/2 years--so the 2017 budget--75 percent of all of our spending will be what we call the mandatory--the entitlement.

It is consuming us as a people. Your government is very quickly becoming a health insurer with a shrinking army. We need the President to stop pushing policies that attack our job-creation engines. The fantasy of things like the Buffett rule may be great politics but it's not good for this country.

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