[Congressional Record (Bound Edition), Volume 155 (2009), Part 10]
[House]
[Page 12744]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           CALIFORNIA BAILOUT

  (Mr. POE of Texas asked and was given permission to address the House 
for 1 minute.)
  Mr. POE of Texas. Mr. Speaker, the State of California boasts the 
highest tax rates, the highest number of unemployed residents, the 
lowest credit rating and largest deficit in the United States of 
America.
  Businesses are leaving the State in droves because the tax burden 
continues to hammer them. Spendacrats in California have been running 
their State for decades, just like the new left government in D.C. 
wants to run the entire country: tax and borrow and spend and spend.
  Some spendacrats in D.C. want the American taxpayer to bail out 
California by cosigning a guarantee for their municipal bonds, placing 
the full faith and credit of the United States taxpayer on the hook.
  Texas taxpayers and other States with responsible government 
shouldn't be forced to send their money to a State that mismanages its 
money, wastes its resources and spends money it doesn't have on 
programs that don't work. Why doesn't California cut its spending binge 
and addiction to government programs rather than expect the rest of us 
to bail them out?
  Next we'll hear that taxpayers will make money off the California 
bailout investment, just like we were promised would happen with all 
the money we gave Wall Street. Yeah, right.
  And that's just the way it is.

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