[Congressional Record (Bound Edition), Volume 152 (2006), Part 1]
[House]
[Page 1049]
[From the U.S. Government Publishing Office, www.gpo.gov]




                               THE BUDGET

  (Ms. KAPTUR asked and was given permission to address the House for 1 
minute and to revise and extend her remarks.)
  Ms. KAPTUR. Mr. Speaker, red ink, record budget deficits mount every 
year. On top of it, America has also been racking up record trade 
deficits this year, more imports than exports every single day. These 
twin deficits are stifling real economic growth for our country as we 
sink deeper and deeper into debt.
  Every year, with all the unfair trade agreements that have been 
signed, the red ink just keeps getting deeper. We are hemorrhaging 
America's good jobs, with fewer people working at good jobs to create 
real wealth. It is no surprise we have fewer resources to pay off our 
debts.
  At the same time, the United States becomes more and more beholding 
to foreign interests that are financing these deficits. We are not only 
giving them our money, we are giving them our future and paying them 
hundreds of billions a year in interest. Is it any surprise that 
retailing of foreign goods is now America's biggest business?
  Federal Reserve's former chairman Alan Greenspan warned that this 
relentless deficit growth cannot persist. How long will it be before we 
put a foreclosure sign on our U.S. Department of the Treasury? What an 
embarrassment for a Nation founded in independence.

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