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Public Statements

Sequestration Transparency Act of 2012

Floor Speech

Location: Washington, DC


Mr. LANKFORD. At home, people have just a simple request of Congress: do our job. Just do it. They're tired of worrying about what dumb thing the Federal Government will do to them and their business and their family that will cause them even more pain. They just want us to identify the problem, fix it, and quit messing with the private business world.

When a private business sees a threat on the horizon, they prepare for it. If it's good, they ramp up hiring, they add more inventory, they increase training, they increase sales staff. They get ready for something good. They take the entrepreneurial risk. If they see a threat on the horizon that looks bad, they pull back staff, they slow down internal purchases, they freeze inventory and hiring.

I have two quick observations. One is this: right now the national threat on the economic horizon is the Federal Government's lack of imperative to resolve this manufactured crisis. We need to fix it now. The second is this: we've got to look up and see there is a financial crisis coming and prepare for it. If we wait until the last minute to act, it creates incredible uncertainty in our economy and businesses and families can't prepare for it. When we wait until the last minute to do something, we have already created economic uncertainty there.

Here's what this bill does: it requires that we actually plan for an economic crisis that we know is coming January 2, 2013. It pushes us to do what's essential right now. Federal spending has dramatically increased. As we approach $16 trillion in national debt in our fourth straight year of trillion-dollar deficit spending, we should not guess or try to make up a financial plan at the last minute. Some have proposed that we debt our way into prosperity or that we take even more money from one family and give it to another to make life fair.

This bill simply asks the President to let us know the plan, let us know the consequences of sequestration. We know it's bad policy, but the administration has not given us the details of how they will implement the sequestration. Months ago, the House Budget Committee and then the full House worked with six committees to create a specific plan of how we were going to deal with this. We just want to know what OMB's plan is and how things are going to be done.

Get us the information now.


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