[Congressional Record Volume 164, Number 60 (Friday, April 13, 2018)]
[Extensions of Remarks]
[Pages E455-E456]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      CRISIS OF OUR NATIONAL DEBT

                                 ______
                                 

                         HON. JAMES R. LANGEVIN

                            of rhode island

                    in the house of representatives

                         Friday, April 13, 2018

  Mr. LANGEVIN. Mr. Speaker, we need to address the crisis of our 
federal debt. We need fiscal responsibility. As Members of Congress, we 
are entrusted by the public to be wise stewards of taxpayer dollars. 
The deficit is a long-term threat to our country's stability, but this 
proposed amendment is not a realistic solution to that problem. We need 
a bipartisan, adult conversation about the need for both budget cuts 
and additional revenue to bring our country's finances into balance. 
This shouldn't be rocket science.
  A Balanced Budget Amendment would be worthy of consideration if 
properly crafted to provide flexibility in times of war, recession, or 
national emergency. However, this rigid amendment fails to anticipate 
these unfortunate, but inevitable, contingencies. Instead, it is a 
cynical attempt to paper over the enormous cost of the Republican tax 
bill that disproportionately benefits wealthy and corporate interests 
in the United States. That's not a solution for serious investment in 
our country, nor is it a plan for smart growth.

[[Page E456]]

  We need to have responsible discussions about how to fund our 
military, provide support to Americans in need, and invest in 
infrastructure, research, and other ways to improve Americans' lives. 
In short, we need to have a budget that works for its citizens. A 
balanced budget cannot just mean cutting for the sake of cutting. 
Responsible budgeting must include the revenue side as well.
  It's not too much to ask the wealthiest Americans and major 
corporations to pay their fair share, to give back to American society 
and help build our country up. This serious conversation about both 
revenue and spending has been notably absent from our recent debates.
  Congress has all of the legislative tools it needs to fix the 
deficit, it just requires making the tough choices to create real 
solutions. As we saw during the Clinton years, we have the potential to 
balance the federal budget, and even run surpluses. We simply need to 
join together in a bipartisan effort and muster the will to enact 
responsible fiscal policies that address both revenue and spending.
  If we see fiscal responsibility as consisting of only spending cuts, 
or only revenue adjustments, then we are doing a disservice to the 
nation, and we are not living in the real world. Our looming debt is a 
serious issue, and it needs to be discussed seriously.
  I ask my colleagues to oppose this Balanced Budget Amendment, and I 
implore my colleagues to join me at the table for a responsible 
discussion on deficits, revenue, and spending. We need to have broad-
based, if difficult, conversations about our budget process. Only then 
will we come up with budget compromises that work for all Americans.

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