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What Happened in Cyprus Can Happen in U.S.

Floor Speech

Location: Washington, DC

Mr. MICA. Mr. Speaker, the indebtedness of the United States is reaching $17 trillion. Just a few weeks ago, Europe, the entire world, and Americans shuddered when they saw, in Cyprus, what took place.

Imagine going to the bank and having the door closed. Imagine putting your ATM card in and not being able to get funds. Imagine being restricted to taking $300 a day.

What happened in Cyprus can happen in the United States.

Remember, also, accounts for people who worked hard, had invested and put their accounts and money away. They came in; and if you had $100,000, the government skimmed off the top.

Look at President Obama's proposal in his budget. Look at his restrictions, and also taxing and taking from those who have retired.

The same thing can happen in America that's happened in other countries.

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