[Congressional Record (Bound Edition), Volume 159 (2013), Part 11]
[House]
[Page 16094]
[From the U.S. Government Publishing Office, www.gpo.gov]




          FINANCIAL RESPONSIBILITY: THE BATTLE RESUMES IN 2014

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Alabama (Mr. Brooks) for 5 minutes.
  Mr. BROOKS of Alabama. Mr. Speaker, Benjamin Franklin once advised:

       When you run in debt, you give to another power over your 
     liberty.

  Washington is in an epic political battle that controls America's 
destiny for decades to come. The fight is between those who are 
financially responsible and have the understanding and backbone needed 
to prevent an American bankruptcy, and those who do not.
  Last week, mainstream news media pundits declared a great win for 
Democrats and President Obama when the Federal Government reopened and 
the debt ceiling was raised. To the contrary, and for reasons I will 
explain, last week was a major loss for the American people.
  America's economy suffers from a $17 trillion debt--the worse in 
history--and 5 years of deficits averaging more than a trillion dollars 
per year. Again, the worst in history.
  During the past 5 years, the Federal Government borrowed 30 percent 
of its spending. How many families and businesses can avoid bankruptcy 
if, year after year, 30 percent of their spending is borrowed money? 
Not many, and not for long. Yet that is exactly what our country, 
America, is doing.
  Economic principles don't care if you are a family, a business, or a 
country. If you borrow more money than you can pay back, you go 
bankrupt.
  Mr. Speaker, America has been warned.
  President Obama's Comptroller General Dodaro warns America's finances 
are on an ``unsustainable path.'' Former Chairman of the Joint Chiefs 
of Staff Admiral Mike Mullen warns that our greatest national security 
threat is not Iran, al Qaeda, China, or Russia; it is our debt burden 
that undermines our ability to pay for America's national defense and 
thus risks our national security.
  Detroit and Stockton bankruptcies mean retirees may lose their 
pensions. Greece, another debtor nation, has a 27 percent unemployment 
rate--worse than any year in America's Great Depression.
  There are good and bad ways to fund the Federal Government and raise 
the debt ceiling. Last week, Washington chose the worst way by not 
fixing the underlying problems: deficits and debt. Instead, Washington 
again kicked the can down the road, forcing America to revisit 
government funding issues in January and the debt ceiling issues in 
February, with one major difference: America will be financially weaker 
and less able to face the problem because we will be burdened by 
another half-trillion dollars in debt.
  Mr. Speaker, another half-trillion dollars in debt. I wonder why you 
didn't hear that from the media pundits.
  What did America get for another half-trillion dollars in debt? Not 
one penny in spending cuts, not a single economic policy that creates 
jobs and grows our economy, and nothing that fixes our deficit and debt 
problem.

                              {time}  1045

  What Washington did last week is akin to a sick patient going to the 
emergency room and getting pain-killing drugs that help the patient 
feel good, yet do nothing to cure the disease that ultimately kills the 
patient. In the real world, that is medical malpractice. Similarly, 
Washington's refusal last week to cure our deficit and debt disease was 
governing malpractice.
  Mr. Speaker, America enjoys prosperity today because past generations 
sacrificed to make us who we are. We have the same obligation to our 
descendents.
  President George Washington once advised Congress:

       No pecuniary consideration is more urgent than the regular 
     redemption and discharge of the public debt. On none can 
     delay be more injurious.

  George Washington gave prudent advice in 1793. It is prudent advice 
now. Washington must cut out-of-control spending and balance the budget 
before America's debt burden spirals out of control and is so great 
that we cannot recover. Failure risks a bankruptcy that will destroy 
the America it took our ancestors generations--centuries--to build.
  Mr. Speaker, the fight for America resumes in January on properly 
funding the government and in February on properly raising the debt 
ceiling. Ours is a fight America must win. Congress and the White House 
must rise to the challenge and be financially responsible when funding 
the government and raising the debt ceiling. America's future as a 
great Nation and a world power depends on it.

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