[Congressional Record Volume 151, Number 31 (Tuesday, March 15, 2005)]
[House]
[Page H1425]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       THE NATION'S FISCAL CRISIS

  The SPEAKER pro tempore. Pursuant to the order of the House of 
January 4, 2005, the gentleman from California (Mr. Cardoza) is 
recognized during morning hour debates for 5 minutes.
  Mr. CARDOZA. Mr. Speaker, I rise today to recognize our Nation's 
fiscal crisis and budgeting process that, frankly, defies logic.
  As we consider the budget this week, let us keep a few facts in mind:
  First, our Nation's debt is out of control. We are expected to run a 
$427 billion deficit in 2005, with more deficits projected well into 
the future. This is $600 billion if you count what is being stolen from 
Social Security trust funds.
  Second, we do not even have a firm grip on where our money is going. 
For example, at the Department of Defense, only 6 of 63 departments are 
able to produce a clean audit. That is less than 10 percent.
  Third, the Bush budget omits so many major expenses that the budget 
is virtually a sham. The administration has essentially cooked the 
books using Enron-style accounting.
  So here we are trying to pass a budget that hides half our problems. 
Already we know that foreign holdings in the United States, as far as 
United States debt, are on the rise and that the trade deficit is 
totally out of control.
  Mr. Speaker, I hope this Congress will wake up and restore fiscal 
responsibility. The Blue Dog Coalition's 12-step reform plan is a good 
place to start. It requires a balanced budget, stops Congress from 
buying on credit, and puts a lid on spending. The time to stop digging 
is now.

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