[Congressional Record Volume 155, Number 54 (Tuesday, March 31, 2009)]
[House]
[Pages H4135-H4136]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        FISCAL YEAR 2010 BUDGET

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Virginia (Mr. Connolly) for 5 minutes.
  Mr. CONNOLLY of Virginia. I thank the Speaker.
  Madam Speaker, listening to some of our friends on the other side, I 
am struck sometimes with the idea of--have you no shame? The crowd that 
brought us from record surpluses in 8 brief years to record deficits--
have you no shame? The crowd that rode this economy, a healthy economy 
that was growing jobs, into the economic ditch--have you no shame? The 
crowd that oversaw the dismantling of strict enforcement of regulation 
and prevented regulation of the financial services industry to any 
great degree when it came to complicated financial instruments and then 
is surprised at the results--have you no shame?
  Madam Speaker, today I rise to discuss the fiscal year 2010 budget 
and its critical importance to our Nation's future. The latest estimate 
of our 2008 fourth quarter GDP decline is now 6.3 percent. After a 
record job loss of 681,000 in December, January and February losses 
both topped 650,000. Almost 2 million Americans have lost their jobs in 
just the last 3 months. The Federal Reserve has estimated that GDP for 
the entirety of this year will decline between 0.5 percent and 1.3 
percent, which underscores the dire need for action. Every further 
contraction in our economy represents additional Americans who lose 
their jobs.
  President Obama has set a bold agenda to heal our ailing economy. 
While no one action will instantly fix the economic troubles we have 
been left by the Bush administration, the President and this Congress 
have taken a number of steps to put us on the path to recovery. Like 
many of my colleagues, I have already seen positive effects of the 
American Recovery and Reinvestment Act in my district:
  A community health center at risk of closing its doors received 
funding and is treating patients today.
  Local small businesses that were laying off workers are now rehiring 
them to complete transportation projects.
  But there's more to accomplish. President Obama's vision is 
transformative and provides for the critical investments in America 
that have been neglected for far too long. Deficit reduction, middle-
income tax relief, health care reform, education and energy 
independence are the linchpins of the President's plan.
  Under President Obama's plan, at the end of 4 years, we will have cut 
the current year's deficit of $1.8 trillion, most of it inherited from 
President Bush, by two-thirds, to $586 billion. The fiscal year 2010 
concurrent resolution on the budget reduces nondefense discretionary 
spending over the next 10 years to its lowest level as a percentage of 
GDP in almost 50 years. This Congress expects similar fiscal 
responsibility from the private sector and that is why the Budget 
Committee cut $250 billion reserved for future financial sector 
bailouts.
  The President's vision supports the middle class by expanding the 
child tax credit, maintaining the elimination of the marriage tax 
penalty, carrying forward the Making Work Pay tax credit, maintaining 
the estate tax and capital gains tax reductions, and ensuring that the 
alternative minimum tax does not hit the millions of working Americans 
in danger of being affected. There are $1.5 trillion of tax cuts in 
this budget.
  The President's vision supports meaningful health care reform as 
well. Even as overall health care costs rose over the last 8 years, the 
number of Americans without health insurance increased from 13.7 
percent of the population to 15.3 percent. Under the President's 
proposal, we will be able to offer health care to the 46 million 
Americans currently without coverage.
  The President's vision invests in energy independence and promotes a 
clean energy economy that creates jobs. For too long, a sustainable and 
clean energy policy has been ignored and our dependence on foreign oil 
has grown. Increasing our investment in energy efficiency and renewable 
energy technologies will promote America's energy independence and 
safeguard our environment through a reduction in greenhouse gas 
production.
  In recognition of the critical role that education plays in our 
economic productivity, the President's budget builds upon the classroom 
support provided in the Recovery Act. From enhancing Head Start and 
early childhood learning opportunities to making college more 
affordable through expanding Pell Grants, this budget will prepare our 
children to become productive, contributing members of the global 
economy.
  In addition, the President's vision places national defense on a 
sustainable course, including a 4 percent increase in defense spending 
for fiscal year 2010. It includes enhanced support for our veterans, 
finally fulfilling the duty this country owes for the service they have 
given.
  The President's vision prepares for the reauthorization of the 
transportation funding bill that will invest in transit and 
infrastructure projects throughout the country.
  Now I would like to confirm what is not in the concurrent resolution 
on the budget. Much has been made of the potential funding sources the 
President has listed in his blueprint. Madam Speaker, I would point 
out, the concurrent budget resolution that is scheduled to come before 
the full House does not increase taxes. In fact, it would reduce them. 
It simply lays the foundation for fulfilling President Obama's vision 
and making the critical investments in America's future. Specific tax 
policies will be pursued by the tax-writing committees of the Congress 
where I expect further modifications

[[Page H4136]]

and hope to see elimination of the proposed caps on mortgage interest 
and charitable deductions.
  Madam Speaker, I look forward to supporting the President's budget.

                          ____________________