[Congressional Record Volume 151, Number 6 (Wednesday, January 26, 2005)]
[House]
[Page H201]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         GROWING BUDGET CRISIS

  (Mr. EMANUEL asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. EMANUEL. Mr. Speaker, in December of 2003, Josh Bolton, the 
Director of the Office of Management and Budget wrote, ``With the 
adoption of the President's policies, our projections show a solid path 
toward cutting the deficit in half within the next 5 years.''
  Fact: this year our deficit will increase for the fourth straight 
year, to a record $427 billion. The Webster's dictionary defines a 
crisis as ``an unstable state of affairs.'' If you are looking for a 
crisis to solve, look no further. Look at the President's budget 
deficit.
  The President's reckless policies are damaging our Nation's future. 
Our annual interest payments on the national debt are more than six 
times what we spent on education last year. They are more than 12 times 
what we spent on veterans.
  What are we doing with this $7 trillion debt that keeps running up? 
We are asking our bankers, Japan and China, for more money. They 
control our future. It is a very fascinating economic strategy.
  The President has indicated that his budget will be tough. I agree. 
With 3 years of record deficit and a record national debt accumulating, 
it is tough. It is tough on America's future.
  Mr. Speaker, when it comes to the President and the economy, the 
truth is, we will forever be in his debt.

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