[Congressional Record Volume 157, Number 177 (Friday, November 18, 2011)]
[Senate]
[Page S7826]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      H.R. 2112 CONFERENCE REPORT

  Mr. McCAIN. Mr. President, yesterday, the Senate voted on the 
conference report to H.R. 2112. Unfortunately, I was not able to cast 
my vote in support of the conference report because it increased 
spending. By increasing spending, Congress is ignoring the fact that 
our country is facing a $15 trillion debt and $1.3 trillion budget 
deficit. By Congress refusing to cut Federal spending, we are telling 
the American public that we are not serious about restoring fiscal 
responsibility in government and will continue with business as usual.
  In addition, the bill contains language that would increase the FHA 
loan limits from $625,500 to $729,750, further putting the American 
taxpayer at risk. Taxpayers are already on the hook for $170 billion in 
bailouts to mortgage giants Fannie Mae and Freddie Mac because of 
irresponsible lending practices. And just last week Fannie and Freddie 
asked for an additional $13.8 billion in Federal funding from the 
pockets of hardworking Americans, many of whom are underwater on their 
mortgages. With over 50 percent of homeowners in Arizona underwater on 
their mortgages, I cannot support this increase in loan limits that 
could potentially worsen the disastrous housing market our country is 
currently facing.
  While I appreciate the fact that Congress is doing its job by moving 
appropriations bills, I could not in good conscience have voted in 
support of this conference report knowing we are bankrupting our 
country. We must make sacrifices now to ensure that our children and 
grandchildren have the same opportunities that all of us have had 
instead of handing them a future filled with unsustainable debt and 
lost opportunities.

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