[Congressional Record (Bound Edition), Volume 155 (2009), Part 6]
[House]
[Page 7595]
[From the U.S. Government Publishing Office, www.gpo.gov]




            PRESIDENT'S BUDGET IS RECIPE FOR HIGH INFLATION

  (Mr. COFFMAN asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. COFFMAN. Mr. Speaker, the President's budget is a recipe for high 
inflation, higher interest rates and a permanent downsizing of the U.S. 
economy.
  For the President to say that this budget has fiscal year discipline 
defies all common sense. The President says he will cut the deficit in 
half over the next 5 years. However, that is only after he hikes it to 
over $1 trillion in the first year. His promise of never having a 
balanced budget has even caused our largest public debt holder, the 
People's Republic of China, to take notice and express concern over the 
lack of fiscal responsibilities in this budget.
  When the economy begins to recover, public borrowing under the 
President's budget will compete with the demand for private borrowing, 
leading to a dramatic rise in interest rates and inflation, weakening 
the value of the dollar and lessening the value of U.S. Treasury notes.
  Mr. Speaker, this budget taxes too much, spends too much and borrows 
too much and must be defeated.

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