[Congressional Record Volume 152, Number 29 (Wednesday, March 8, 2006)]
[House]
[Page H651]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 TIME TO CHANGE DIRECTION OF THE BUDGET

  (Mr. MORAN of Virginia asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. MORAN of Virginia. Madam Speaker, it has to be said, now that we 
are going to consider another budget, that this has been the most 
irresponsible fiscal management of the Federal budget that we have ever 
seen in our Nation's history.
  When you consider the fact that of all the 42 Presidents that 
preceded this President, if you added all of the debt that was bought 
by foreign nations, none of it comes close to the amount of money that 
we have now borrowed from foreign nations; almost half of our debt. 
China, particularly in the last 5 years, has increased their debt 
holdings of American securities by 300 percent.
  But beyond that, when you look at who have been the beneficiaries, 
you see that there has been smaller job creation in this administration 
than in any Presidential administration since the days of Herbert 
Hoover, who experienced, of course, the Great Depression.
  Madam Speaker, we need to change this budget around, and not in the 
direction that the majority wants us to turn.
  Madam Speaker, it has to be said, now that we are going to consider 
another budget, that this has been the most irresponsible fiscal 
management of the Federal budget that we have ever seen in our Nation's 
history.
  When you consider the fact that of all the 42 Presidents that 
preceded this President, if you added up all the money borrowed from 
foreign countries it is cumulatively less than the amount of money that 
this President on his own has borrowed from foreign nations; almost 
half of our outstanding debt is now held by foreign countries--you have 
to reach that conclusion. China, particularly in the last 5 years, has 
increased their debt holdings of American securities by 300 percent.
  But beyond that, when you look at who have been the beneficiaries of 
this national indebtedness, you see that it is not the working class. 
There has been smaller job creation in this administration than in any 
Presidential administration since the days of Herbert Hoover, who 
presided, of course, over the Great Depression. The beneficiaries of 
this indebtedness has been the leisure class through tax cuts.
  Madam Speaker, we need to change this budget around, and not in the 
direction that the President and the majority of this Congress wants.

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