[Congressional Record (Bound Edition), Volume 155 (2009), Part 3]
[House]
[Page 3457]
[From the U.S. Government Publishing Office, www.gpo.gov]




           FINDING A CREDIBLE APPROACH TO THE ECONOMIC CRISIS

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Virginia (Mr. Wolf) for 1 minute.
  Mr. WOLF. Madam Speaker, this is an ad that appeared in newspapers 
around the country. It is an iceberg. We can see what is going to 
happen. It says:
  ``Today's economic crisis is just the tip of the iceberg.
  ``$56 trillion.
  ``We must focus on a much larger yet less visible threat: the $56 
trillion in liabilities and unfunded retirement and health care 
obligations (that's $483,000 per U.S. household), and the dangerous 
reliance on foreign lenders that threaten our ship of state.
  ``Fortunately, the Obama administration and a growing number of 
congressional leaders recognize the urgent need to address these 
challenges with entitlement, budget, spending, and tax reforms. We 
believe a capable and credible approach is necessary: an action-
oriented, bipartisan commission that will engage the American people, 
that will consider all options and that will make sensible 
recommendations that will be guaranteed to be put to a vote in 
Congress.
  ``Meeting today's challenges is very important, but addressing these 
structural challenges is crucial to navigating a better future for our 
children and grandchildren.''
  The question is, Madam Speaker, will this Congress deal with the 
greatest economic crisis that we have faced for the last 50 years?

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