[Congressional Record Volume 151, Number 57 (Wednesday, May 4, 2005)]
[House]
[Page H2947]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             AMERICA NEEDS TO WAKE UP BEFORE IT IS TOO LATE

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Georgia (Mr. Scott) is recognized for 5 minutes.
  Mr. SCOTT of Georgia. Mr. Speaker, I rise to talk to the House about 
this deficit and about our failure and the consequences facing this 
Nation if we do not respond and put some brakes on our spending.
  This deficit is our greatest problem and the greatest threat to the 
financial security of the United States, which means the financial 
security of the free world.
  Just think of it, when this administration, when President Bush took 
office 4 years ago, we had over $2 trillion surplus. Now, 4 years 
later, we have over a $4 trillion deficit, running up nearly $400 
billion as we speak here this afternoon.
  This is dangerous. It is not in the best interest of this country. 
Just think of this one fact: just on paying the deficit, paying the 
interest on what we are borrowing, 90 percent of which we are borrowing 
from foreign countries, China, Japan, India, 90 percent of our debt is 
being held by foreign interests. How insecure is that? And just the 
amount that we are paying, the interest is more than what we are paying 
for our own national security.
  America, we need to wake up. We need to understand what is at stake; 
our future is what is at stake. And who is going to pay this debt? Not 
me. Not anyone in this room. Our children, our grandchildren. I have 
children; I have two young grandchildren. Is it right to saddle them 
with this deficit?
  Just recently on the issue of Social Security, the President's answer 
for Social Security is to do what? Borrow more money to set up private 
accounts. That will do absolutely nothing to deal with the solvency of 
Social Security.
  Something is wrong and this House must move to correct it. Not long 
ago or at a time of great crisis in this country, two great men sat 
here right here in Washington, D.C. One was Robert E. Lee and the other 
was Abraham Lincoln. They sat on the balcony of the White House and 
looked out at all the devastation that the Civil War had brought.
  These are two great Americans. Abraham Lincoln said to Robert E. Lee, 
It is not incumbent upon us to complete the task. Robert E. Lee 
finished the sentence and said, But neither are we free to desist from 
doing all we possibly can.
  Are we doing all we possibly can on this deficit, on this debt? No, 
we are not. We are on that side, and we are on this side, and we are on 
this corner. The American people are expecting us to come together, 
solve this deficit, pay as you go, put some strong fiscal 
responsibility in this House and solve Social Security.
  There was a recent poll on Social Security that I bring of interest. 
It was just out in yesterday's paper. It had an interesting point. 
Sixty-two percent of the American people feel that the Republicans will 
do too much to solve the Social Security problem and sixty-one percent 
of the American people feel that the Democrats will do too little. 
Therein lies our challenge, but also lies our opportunity, from this 
side to come and from that side to come and we can come together and 
solve this issue.
  Mr. Speaker, let me conclude with this statement, a very important 
statement. On the bleached bones of many past great civilizations are 
written those pathetic words: Too late.
  Will that be our epitaph? When the history books are written, what 
did this Congress do to save Social Security, to pay down the debt?
  Let it not be that the history books will write of us ``too late.''

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