[Congressional Record Volume 150, Number 135 (Saturday, November 20, 2004)]
[Extensions of Remarks]
[Pages E2122-E2123]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  PROVIDING FOR CONSIDERATION OF S. 2986, INCREASING THE PUBLIC DEBT 
                                 LIMIT

                                 ______
                                 

                               speech of

                           HON. CORRINE BROWN

                               of florida

                    in the house of representatives

                      Thursday, November 18, 2004

  Ms. CORRINE BROWN of Florida. Mr. Speaker, I rise to oppose this 
resolution.
  The Republican leadership is trying to have it both ways. When 
President Bush took office in 2001, he inherited a budget that was in 
balance and actually had a surplus. There was no need to increase the 
debt limit, because

[[Page E2123]]

we were actually reducing the debt of the United States.
  When President Bush took office, his Office of Management and Budget, 
OMB, projected that the nation would not reach its statutory debt limit 
until 2008.
  However, due to the irresponsible fiscal policy of the Republican 
leadership in the House, due mainly to the tax cuts that cut revenue we 
needed to keep the budget in balance, we are at this place, increasing 
the debt limit.
  In 2001, the budget surplus was cut almost in half, in 2002, the 
budget plunged into deficit; in 2003, the deficit grew to the largest 
in history; and in 2004, the deficit broke its own new record.
  This third increase in 4 years should be seen as the symptom of a 
larger problem. What is the response of the Republicans? More tax cuts, 
decreasing the revenue into the treasury and cutting important programs 
to all Americans.
  This debt limit is not related only to the ability of the United 
States Government to borrow money. This huge debt is affecting our 
ability to buy goods overseas, and the ability of the dollar as a 
reserve currency for the rest of the world is being affected. One day 
we will wake up with an even larger debt and the Euro will be the 
currency of choice for the rest of the world. We will be shut out of 
markets and the interest we pay to borrow even more will rise, costing 
us more to pay our debt, and reducing the services we supply to our 
constituents.
  This includes Social Security and Medicare. By passing this 
administration's tax cuts, it reduced revenue to the country by $12.1 
trillion to $14.2 trillion over the next 75 years. This is three times 
the projected shortfall in Social Security. And it exceeds the combined 
long-run unfunded obligations of both Social Security and Medicare.
  Mr. Speaker, we must stop the bleeding and this bandage will not fix 
the problem!

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