[Congressional Record (Bound Edition), Volume 156 (2010), Part 3]
[House]
[Page 3520]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           HEALTH CARE REFORM

  (Mrs. SCHMIDT asked and was given permission to address the House for 
1 minute and to revise and extend her remarks.)
  Mrs. SCHMIDT. Yesterday, Bloomberg reported what Moody's has been 
saying all year. Moody's once again reminded the United States that we 
are moving ``substantially'' closer to losing our AAA credit rating due 
to the rising cost of our debt service. The U.S. will spend 7 percent 
of our revenue this year just on servicing our debt. By 2013, Moody's 
estimates, we will spend 11 percent of our revenue just to pay the 
interest on our national debt. This would be a higher percentage than 
every other top-rated country.
  Fortunately, we can protect our credit rating by reining in runaway 
spending and reducing our debt. But what does this President and this 
Democrat-controlled Congress do? They want to ram down a new huge 
entitlement program called the health care bill, riddled with awful 
policy and budget gimmicks that mask its true impact, through the 
House, maybe even without an official vote. The truth is, this health 
care bill is going to choke our economy and saddle our children with 
$500 billion in new taxes and deficits far worse than they are now.

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