BREAK IN TRANSCRIPT
Mr. LANKFORD. I thank the gentleman.
Back home last week, I had a gentleman who came up to me who said, ``I make $80,000 a year between my wife and me. That has always been enough until now. With the economy's slowing down and prices continuing to increase, it's not enough. What is going on?''
The simple statement that I can make to him is that the economy continues to slow down because the Federal Government continues to borrow more and more money for its own debt, taking that money out of the private sector's hands, which would typically increase the economy, increase jobs, increase economic activity; but instead, right now, it's all coming towards the Federal Government as we require more and more money, thus slowing the economy down more and more.
The unemployment rate under this President has been higher longer than any of the last 11 Presidents combined. There is something unique that I can say to the college student coming out of college who can't find a job: This is not a typical American economy.
What's going on? We're borrowing too much money. We're slowing down the economy. It's not stimulating. It's hurting what's going on.
This simple bill just says this: as is already required by law for the House, the Senate, and the President to all put a budget out, this also says let's put a budget out because of the dire times that we are in. It says, at some point in the next 10 years, let's bring it to balance.
When the President sent his folks over last year to the Budget Committee in order to present the President's budget, I asked specifically, Does this budget balance at any point--10 years? 25 years? 75 years? Is there a point of balance? The response was, No.
We are just asking for things to balance sometime. Tell us when there is a proposed balance out there. Have a plan. Right now, we have no plan to plan, and that needs to change. The Senate hasn't had a budget for the last 4 years at all. The President presents a budget that never balances. After the fiscal cliff issues and after all of the things that have happened, our tax revenues estimated by the CBO will go up 25 percent next year. It is estimated that our revenues next year will be the highest revenues in the history of the United States, yet the President still comes back and says he needs more revenue.
We need to find areas to cut. We need a plan. We need to get into balance.
BREAK IN TRANSCRIPT