[Congressional Record (Bound Edition), Volume 155 (2009), Part 24]
[House]
[Page 32029]
[From the U.S. Government Publishing Office, www.gpo.gov]




                 TIME TO STOP DIGGING THE DEFICIT HOLE

  (Mrs. SCHMIDT asked and was given permission to address the House for 
1 minute and to revise and extend her remarks.)
  Mrs. SCHMIDT. A few weeks ago, Moody's Investor Services told us that 
our country's AAA bond rating will be downgraded if we do not get the 
budget deficit under control. This is because the President and this 
Congress ran up a record-breaking deficit last year to the tune of $1.4 
trillion, tripling our prior record.
  The response from the President and the majority is more spending and 
absolutely no commitment to do anything to reduce the deficit. In fact, 
today we're going to be asked to raise our debt ceiling so we can 
borrow more.
  An article in Barron's financial magazine on Monday said this: 
``Moody's expressed optimism that the U.S. budget deficit would be 
reined in, helped by quicker-than-expected repayment of funds under the 
TARP program. But the ink was hardly dry on its report when President 
Obama, Tuesday, announced a new `jobs' program, funded in part by the 
greater-than-anticipated return of TARP funds.''
  Repaid TARP funds are supposed to be used for deficit reduction. 
Besides this, I thought the trillion dollar stimulus bill was supposed 
to create jobs.
  You know, when you get yourself into a hole, you have to stop 
digging.
  It's time to stop digging.

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