[Congressional Record (Bound Edition), Volume 157 (2011), Part 2]
[House]
[Page 1474]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              {time}  1210
  FEDERAL RESERVE CHAIR BERNANKE: BIG DEFICITS COULD HURT THE ECONOMY

  (Mr. WILSON of South Carolina asked and was given permission to 
address the House for 1 minute and to revise and extend his remarks.)
  Mr. WILSON of South Carolina. Mr. Speaker, Federal Reserve Chairman 
Ben Bernanke of Dillon, South Carolina, is the latest leading economist 
to admit that out-of-control deficits could hurt our national economy. 
Last week, Mr. Bernanke warned, ``Sustained high rates of government 
borrowing would both drain funds away from private investment and 
increase our debt to foreigners.'' This borrowing would lead to higher 
lending costs for small businesses and consumers. This threatens small 
businesses across America trying to create jobs.
  At the same time, House Republicans are proposing billions in 
spending cuts. House Budget Chairman Paul Ryan called this is a ``down-
payment'' in attacking Washington's spending spree. This is just the 
beginning. As Speaker John Boehner has stated, ``There's no limit to 
the amount of spending we're willing to cut.'' Republicans made a 
pledge to America, and we're now making good on it.
  In conclusion, God bless our troops, and we will never forget 
September the 11th in the global war on terrorism.

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