[Congressional Record (Bound Edition), Volume 156 (2010), Part 2]
[House]
[Page 1597]
[From the U.S. Government Publishing Office, www.gpo.gov]




                      TOO MUCH GOVERNMENT SPENDING

  (Mr. GARRETT of New Jersey asked and was given permission to address 
the House for 1 minute.)
  Mr. GARRETT of New Jersey. Mr. Speaker, the other side of the aisle 
has been calling for even more misguided government spending despite 
the fact that they have controlled this House for the last 3 years, 
with massive spending in the past. Hasn't the American public spoken 
loud and clear that the Federal Government is just spending too much 
and trying to do too much, and that they want us to start cutting 
spending here?
  You know, the consequences of governments spending too much money are 
apparent around the world. Over in Greece, with potential default, they 
are only the tip of the iceberg. You have Italy and Spain also showing 
serious concerns as well. But here at home over the last 3 years we now 
see, because of the Democrat leadership of the House, $1.6 trillion 
deficits without any serious commitment whatsoever about trying to cut 
spending.
  And what is the result of that? Well, Moody's is now saying that 
there is a real possibility that the U.S. may lose its AAA rating. 
Think about that for a moment. Serious people are beginning to whisper 
that if things don't change here, the U.S. may actually default on its 
debts in the coming years and do serious damage to our economy and 
weaken it and cause higher interest rates.
  You know, throughout the last year we have talked a lot about 
spotting systemic risk in our economy. Well, there is one major risk in 
it right now, our mammoth Federal deficit and ever-increasing debt. 
Washington and the Democrat majority leadership must get serious about 
addressing this fast.

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