[Congressional Record Volume 156, Number 101 (Thursday, July 1, 2010)]
[House]
[Page H5308]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         IS ANYBODY LISTENING?

  (Mr. TIM MURPHY of Pennsylvania asked and was given permission to 
address the House for 1 minute.)
  Mr. TIM MURPHY of Pennsylvania. Mr. Speaker, what were world leaders 
saying last weekend about their troubled economies?
  German Chancellor Merkel: Budget cuts are urgently needed.
  Prime Minister David Cameron: Those countries that have big budget 
deficits like ours have to take action.
  The Washington Post headline said: ``President Obama urges G20 
nations to spend; they pledge to halve deficits.''
  Just like England, the U.S. has a budget deficit that's equal to 11 
percent of gross domestic product. While other nations are tightening 
their belts, Washington is borrowing Chinese money belts.
  By year's end, the national debt will reach 62 percent of the GDP, 
the highest leveled since World War II. The more Washington spends, the 
more it borrows, the more interest rates, the more taxpayers must spend 
on interest payments to Chinese and foreign debt holders.
  You know, the first rule when you're in a hole, especially a $13 
trillion hole, is stop digging. American families understand that just 
because there are checks in the checkbook, that doesn't mean there's 
money in the account. And that's the message from Main Street to Wall 
Street. Is anybody listening?

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