[Congressional Record (Bound Edition), Volume 154 (2008), Part 18]
[Extensions of Remarks]
[Page 24693]
[From the U.S. Government Publishing Office, www.gpo.gov]




 A WINDOW OF OPPORTUNITY: BIPARTISAN SOLUTIONS TO ENTITLEMENT SPENDING

                                 ______
                                 

                           HON. FRANK R. WOLF

                              of virginia

                    in the house of representatives

                      Wednesday, December 10, 2008

  Mr. WOLF. Madam Speaker, I have been concerned about the financial 
future of our country for some time and in 2006 introduced legislation 
to set up a national commission to review our nation's long-term 
economy, including mandatory entitlement spending, discretionary 
spending and tax policy, and recommend a plan to Congress to get 
America on a sustainable financial path.
  During the 110th Congress this bipartisan legislation--the SAFE 
Commission Act--was reintroduced with Representative Jim Cooper of 
Tennessee. The bill has over 110 bipartisan cosponsors in the House, 
and similar legislation was introduced in the Senate by Budget Chairman 
Kent Conrad and ranking member Judd Gregg.
  In November I wrote to President-elect Obama asking that he consider 
the SAFE Commission as a bipartisan way to mandate action on this 
critical issue. Mr. Obama has indicated his willingness to reach across 
the aisle to find bipartisan solutions. I have always believed that 
working together in a bipartisan manner is what the American people 
expect of their elected leaders. That's why I have asked the president-
elect to join the effort Congressman Cooper and I have been pushing. I 
submit a copy of this letter for the Record.
  The American people are experiencing a crisis of confidence. The SAFE 
concept has active support from many who have a deep understanding of 
economic issues, and could help restore America's confidence and get us 
on the right track.
  Doing nothing is not an option.
  The window of opportunity is now. With the mounting short-term 
federal deficit from the additional spending needed to get our banking 
system on sound footing, and the growing long-term debt from mandatory 
spending programs, we have an historic opportunity to address the 
nation's financial future in a truly bipartisan manner. I am committed 
to bringing attention to this issue and getting something done.
  Not only are we facing a projected $1 trillion in deficit spending 
for this fiscal year, there is now $53 trillion in unfunded mandates 
through Social Security, Medicare and Medicaid, which will only 
continue to grow until we reverse course. As if that amount were not 
difficult enough to comprehend. it is expected that when the new total 
is released later this month, it is likely to be over $56 trillion.
  Over and over again there are warning signs that something is 
terribly wrong in our economy. You may have read recently that China 
now tops Japan in U.S. debt holdings, amounting to about 1 out of every 
10 American dollars. In my opinion there is no greater wake up call 
than China--a government who persecutes its own people because of their 
faith--slowly becoming our banker.
  This is an economic, moral, and generational issue. I think about 
sitting on my front porch someday and telling my grandchildren about my 
days serving in Congress. It isn't right for us to look the other way 
while out-of-control entitlement spending threatens the way future 
generations will live.
  George Washington said that, ``Worry is the interest paid by those 
who borrow trouble.''
  I worry that Congress isn't up to its job, and we will allow our 
children and grandchildren to languish in a political divide. The SAFE 
Commission process gives us the necessary push to get the job done.
  We are at the point of no return in our nation's history. We have 
hard questions to answer. Are we willing to make the sacrifices 
necessary so that future generations will have even greater 
opportunities than today?
  National syndicated columnist Robert Samuelson recently wrote, ``The 
great project of the next president is to improve the economy's 
stability without subverting its vitality.'' Make no mistake, autopilot 
entitlement spending is slowly undermining America as we know it.
  Isabel Sawhill, senior fellow at The Brookings Institution, has 
likened this situation to ``termites in the woodwork, slowly eroding 
our strength as a nation.''
  Congress must do the right thing for the American people. Support the 
SAFE effort, and if there are other bipartisan proposals that could 
pass Congress, let's look at those, too.
  But we just can't continue the current course.

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