[Congressional Record (Bound Edition), Volume 155 (2009), Part 19]
[House]
[Page 25615]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        UNCLE SAM IS GOING BROKE

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Virginia (Mr. Wolf) is recognized for 5 minutes.
  Mr. WOLF. Mr. Speaker, this is a poster of Uncle Sam going broke. 
America is going broke, and we are taking away the future economic 
security of our children, grandchildren and of everyone listening.
  The national debt is racing toward $12 trillion, and it is growing at 
rates that haven't been matched since World War II. It will double over 
the next 10 years.
  Maya MacGuineas, president of the Committee for a Responsible Federal 
Budget, hit the nail on the head in this week's National Journal when 
she said, ``It's like fiscal jenga, where people are piling on more and 
more debt, and finally, something's going to be the cause of it 
collapsing, but no one believes their thing is going to be the tipping 
point.''
  Why is this Congress, Mr. Speaker, willing to keep piling on the 
debt? Why are we turning a blind eye toward our children and 
grandchildren?
  The FY 2009 fiscal year ending September 30 registered a $1.4 
trillion deficit, leaving red ink as far as the eye can see, and 
leaving trillion dollar deficits as far as the eye can see. Medicare 
and Social Security add up to a massive $57 trillion in promises Uncle 
Sam has made but can't keep.
  Make no mistake. Unsustainable spending has far-reaching implications 
for the United States. It touches every sector from health care to job 
creation, and it gives the foreign investors who hold America's debt 
more control.
  What is this administration doing? Is Congress prepared to let 
America sink? How can this Congress stand by record joblessness that is 
almost reaching 10 percent? Does Congress care?
  Our manufacturing base is crumbling. The state of the dollar is 
falling. Foreign lenders own nearly 40 percent of our domestic economy, 
and China and Saudi Arabia have now become our bankers. If lawmakers in 
this body were serious about the debt and about the deficit issues that 
Americans are increasingly worried about, Congress would have an honest 
conversation and would do something about it.
  In June of 2006, they stood in the same place, and spoke about the 
introduction of a bill called the SAFE Commission Act. They explained 
that the country is having trouble. It's a bipartisan commission, and 
it puts every spending program on. It comes back and requires--it 
requires, Mr. Speaker--that Congress vote up or down. In a bipartisan 
manner, Congressman Cooper and I have had this bill in now for 3 years.
  I have little faith that this Congress will act through regular order 
and will tackle this enormous, growing problem. It will take this 
approach: Instead of dealing with these issues, Congress will ignore 
them.
  In closing, it reminds me of the Simon and Garfunkel song, which they 
sang in Central Park, called ``The Boxer.'' It says: Man hears what he 
wants to hear, and disregards the rest. I would change the words to 
say: Congress hears only what it wants to hear, and disregards the 
rest.
  Therefore, this Congress is allowing Uncle Sam to go broke. It is 
time for us to deal with it in a bipartisan way for the good of our 
children, for the good of our grandchildren and for the good of 
everyone who lives in this country.

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