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Sequester Replacement Reconciliation Act of 2012

Floor Speech

By: Dave Camp
By: Dave Camp
Date: May 10, 2012
Location: Washington, DC
Issues: Senior Citizens Entitlements and the Safety Net Health Insurance Government Budget and Spending

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Mr. CAMP. I thank the chairman for yielding.

Mr. Speaker, back in 2010, I served on the President's debt commission, otherwise known as the Simpson-Bowles Commission. During that Commission, we heard nonpartisan, expert testimony that debts as large as ours slow economic growth by about 1 percent. In America, that translates into 1 million fewer jobs. So, to start getting our debt under control and our economy back on track, we passed the Budget Control Act, but we all know that was a blunt and ineffective tool. As a result, Republicans have stepped forward with a smarter plan.

Today, I want to highlight the more targeted, sensible reductions in spending the Ways and Means Committee has offered as part of the reconciliation process, each of which has enjoyed bipartisan support.

Our first recommendation requires exchange subsidy overpayments in the Democrats' health care law to be repaid in full. This is simple and common sense. If you aren't entitled to the benefit, you don't get to keep it. This policy will reduce the deficit by $43.9 billion over the next 10 years.

A Democrat-controlled House and a Democrat-controlled Senate first used a version of this offset in 2010 to pay for a temporary Medicare so-called ``doc fix.'' This Congress also endorsed this policy as part of the 1099 repeal legislation that became law early last year. As Secretary Sebelius has previously said, requiring the return of exchange subsidy overpayments ``makes it fairer for recipients and all taxpayers.''

Mr. Speaker, I now yield 1 1/2 minutes to the gentleman from Texas (Mr. Sam Johnson) to discuss the committee's second recommendation. He is a true American hero, as well as the chairman of the Social Security Subcommittee.

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Mr. CAMP. Today, the economy is down and we're out of money, so it is our responsibility to reevaluate these programs, to assess whether they're meeting their intended purposes and to determine if the American taxpayer can afford them. We must reduce the burden our debt is putting on our economy, on our families, on job creation in this country. This legislation does that. It encompasses commonsense, bipartisan policies; and I urge its passage.

I yield back the balance of my time.

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