[Congressional Record (Bound Edition), Volume 159 (2013), Part 11]
[House]
[Pages 16276-16282]
[From the U.S. Government Publishing Office, www.gpo.gov]




                       CONGRESSIONAL BLACK CAUCUS

  The SPEAKER pro tempore. Under the Speaker's announced policy of 
January 3, 2013, the gentleman from New York (Mr. Jeffries) is 
recognized for 60 minutes as the designee of the minority leader.


                             General Leave

  Mr. JEFFRIES. Madam Speaker, I ask unanimous consent that all Members 
may have 5 days to revise and extend their remarks.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from New York?
  There was no objection.

                              {time}  2030

  Mr. JEFFRIES. Madam Speaker, it is an honor and a privilege to rise 
this evening and once again stand as an anchor for the Congressional 
Black Caucus Special Order, this hour of power,

[[Page 16277]]

where, for the next 60 minutes, members of the Congressional Black 
Caucus will have an opportunity to speak to the American people about 
building a budget to create progress and prosperity for all Americans 
in this great country of ours.
  Now, earlier today, myself and several other Members of Congress, 
including the distinguished Representative from the Ninth Congressional 
District of New York, Yvette Clarke, and the legendary Congressman John 
Lewis, had an opportunity to attend the homegoing service of 
Congressman Major Owens, who so proudly served in this institution for 
24 years, first elected in 1982, having retired in 2006.
  As I listened to speaker after speaker reflect on Congressman Owens' 
time in this great institution, it seemed to me that one of the things 
that became increasingly clear was his steadfast commitment to making 
sure that the funding priorities that emanated from this Congress were 
decent, were humane, were humanitarian, and were designed to stand up 
for and protect the least of those in American society.
  Congressman Owens, during his 24 years in this Congress, consistently 
stood up for funding as it relates to early childhood education. He 
consistently stood up for funding for Historically Black Colleges and 
Universities. He consistently stood up for social safety net programs. 
He consistently stood up to open up the doors of the American Dream for 
the greatest number of people possible.
  And so, in that regard, on the day of his homegoing service, I think 
it appropriate that we just dedicate the pathway toward prosperity that 
we are endeavoring to put forth today in the great spirit of 
Congressman Major Owens, who, for more than two decades labored in the 
vineyards of this Congress, fighting for budgets that stood up for the 
least of those amongst us.
  I want to yield first to the distinguished chairperson of the 
Congressional Black Caucus, who so ably and passionately and 
intelligently led the CBC forward in this 113th Congress. Let me now 
yield to the distinguished gentlewoman from Ohio, Chairwoman Marcia 
Fudge.
  Ms. FUDGE. I thank my friend for yielding, and I would like to thank 
my colleagues, Congressmen Jeffries and Horsford, for once again 
leading the Congressional Black Caucus Special Order Hour.
  Mr. Speaker, this week, the House and Senate conferees will begin 
deliberations to produce a budget for the first time in 4 years. Mr. 
Speaker, these deliberations, which are long overdue, are critical 
because they may provide a long-term plan that will continue to move 
our country forward out of our economic recession and towards a 
stronger America. There is a long overdue discussion needed.
  For so many around this country, the barriers to economic opportunity 
and mobility have become insurmountable. The American people are 
looking to Congress to provide leadership and to turn our economy 
around. Unfortunately, some in Congress have put austerity before 
economic recovery, draining resources that might otherwise have 
improved our economic outlook.
  While many of my colleagues on the other side of the aisle are 
focused on shrinking the government at any cost, the CBC is focused on 
making our government smarter and its programs more efficient. It is 
time to prioritize projects that will not only turn our country's 
economy around, but that will also open the doors of opportunity for 
future generations.
  No longer can we ignore high levels of unemployment among those 
living in poverty and the disproportionately high unemployment rates 
among people of color.
  We cannot pretend that our current investments in education are 
sufficient, while report after report details our country's academic 
shortcomings and our declining international standing.
  We must acknowledge the fact that one in five children are hungry, 
and nearly 50 million Americans live in households suffering from food 
insecurity.
  We must face the reality of a crumbling transportation infrastructure 
and the fact that improvement costs rise every year we delay 
investments.
  Congress can spend the next month-and-a-half hiding from these truths 
and hoping for an improved economy that will magically fix these 
problems, or we can directly address our issues through bipartisan 
cooperation and with a common goal to make our country better.
  Congress can place a renewed focus on investing in the American 
people through quality programs that promote access, equality, and 
accountability. All this can be done while we cut wasteful spending, 
preserve the Affordable Care Act, and set the stage for meaningful tax 
reform.
  Admittedly, that may seem like a lot of priorities to tackle for one 
Congress, much less this one, but we can. We can do this if we move 
past the usual partisan bickering and do what is most important for the 
Nation.
  Of course, as they say, the devil is in the details. A very smart, 
ambitious, and detailed plan is necessary to make it work. Luckily, the 
Congressional Black Caucus has just the plan to make this work: the CBC 
budget.
  The CBC budget cuts wasteful spending, invests in education, 
preserves the ACA, provides the resources to rebuild our transportation 
infrastructure, addresses crippling poverty, creates jobs now, and 
ensures America is a leader in the high-growth industries of the 
future.
  I want to thank Congressman Bobby Scott for all of his work on the 
CBC budget.
  By considering ideas and proposals from the CBC budget, Congress can 
stimulate the economy while expanding the middle class. From the dark 
days of the government shutdown, this opportunity is now a bright spot 
for Congress and this country. We can rebuild America using the 
principles on which our Nation was founded: that everyone, no matter 
their background, should have the opportunity to achieve their dreams.
  To my colleagues in the House and Senate, we have the opportunity and 
a blueprint. Let's build a better America together.
  Mr. JEFFRIES. I thank the distinguished chair of the Congressional 
Black Caucus for her always thoughtful and eloquent remarks.
  I now want to yield some time to the architect of the CBC budget, the 
distinguished gentleman from Virginia, Representative Bobby Scott.
  Mr. SCOTT of Virginia. I thank the gentleman from New York for 
yielding, and I join in your remarks for praising Congressman Major 
Owens, because he, as you pointed out, led the Congressional Black 
Caucus budget for many years. He showed how you can be fiscally 
responsible and still address the critical needs of our Nation with a 
particular emphasis on the least of these and the need to invest in 
education. So I appreciate your comments.
  Mr. Speaker, as the conferees begin to negotiate a budget agreement 
to fund the Federal Government for the remainder of fiscal year 2014, 
they should look at the Congressional Black Caucus budget. The CBC 
budget makes tough choices, but not at the expense of our most 
vulnerable communities.
  The CBC budget cancels the economically disastrous sequester. It 
protects and enhances Social Security, Medicare, Medicaid, SNAP, TANF, 
and other vital safety net programs that protect millions of families 
from poverty. It also reduces our Nation's budget deficit by 
approximately $2.8 trillion over the next decade.
  Mr. Speaker, most of the ideas that have been presented over the past 
to either cancel the sequester or reduce the deficit almost always 
involve proposals that cut Social Security and Medicare. These ideas 
have included changing the way the Social Security benefits are 
calculated, the so-called chained CPI that cuts the cost of living 
increases or raises the age of eligibility for Medicare from 65 to 67. 
These are cuts in those programs.
  The CBC budget shows how you can be fiscally responsible without 
attacking those critical programs that people have paid for during 
their working years. The CBC budget is able to pay for the cancellation 
of the sequester and reduce the budget deficit without

[[Page 16278]]

harmful cuts to Social Security and Medicare. It calls for revenue 
enhancements totaling $2.7 trillion over the next decade.
  Our budget outlines how the House Ways and Means Committee and the 
Senate Finance Committee can reach this number by highlighting several 
options that total $4.2 trillion that could be used to reach the $2.7 
trillion revenue target. Some of these options include $1.1 trillion by 
limiting the deductibility of corporate interest payments.
  Now, when corporations want to raise money, they can sell stocks or 
they can sell bonds. If they sell stocks, they make a profit and pay 
dividends to their stockholders, but they pay tax on the income before 
they pay the dividends. With corporate debt financing, with bonds, when 
you pay the interest on the bonds, that is tax deductible.
  Why should there be a tax preference for debt financing instead of 
equity financing? If it was the same and you deny the deductibility of 
corporate debt interest payments, you could raise $1.2 trillion over 10 
years.
  You could close special tax breaks and corporate loopholes by 
limiting deductions for upper-income individuals, closing some of the 
corporate loopholes, like the gas and oil advantages that they enjoy.
  You can raise almost $1 trillion, over $800 billion, by taxing 
capital gains and dividends as ordinary income. Traditionally, 30, 40, 
50 years ago, they were taxed at, actually, above ordinary income for 
dividends. If you tax them just the same, $880 billion could be 
achieved.
  A surcharge, 5.4 percent surcharge on income over $1 million gets you 
almost a half a trillion dollars.
  A trading speculation tax.
  You could also limit the Bush-era tax cuts to that portion of your 
income, cancel those tax cuts on that portion of your income over 
$250,000. Only a privileged few make more than $250,000, so that $200 
billion could be achieved without being disadvantageous to very many 
individuals.
  Almost another $135 billion can be raised by returning the estate tax 
exemption to what it was in 2009. You could raise over $300 billion if 
you reduce it to what the rate was when President Clinton left office.
  These are just some of the ideas, and we have listed them 
specifically, showing over $4 trillion of possibilities for only $2.7 
trillion to make our budget add up.
  Now, that is a lot of money, but it is in stark contrast to the 
budget that we actually passed in this House, because that budget calls 
for closing a gap of $4 trillion. Unspecified, I don't know how in the 
world they are going to close a $4 trillion deficit because they would 
have to raise $4 trillion in taxes, or if they are not raising any 
taxes, spending cuts in the area, in discretionary spending in the area 
of one-third across the board. Now, we are having trouble dealing with 
a sequester of about a 10 percent cut across the board. You can imagine 
how unlikely it would be to achieve one-third across-the-board cuts.
  So this budget is real. They are real numbers. The revenue 
enhancements provided in the CBC budget would allow Congress to totally 
cancel the sequester, actually pass a jobs bill totaling about half a 
trillion dollars, which would end the recession by putting millions of 
Americans back to work, and provide billions more for long-term 
investments in our economy through education, job training, health 
care, and advanced science and research.
  As I said earlier, these reforms contained in the CBC budget would 
reduce the deficit by about approximately $2.8 trillion over the next 
decade when compared to the CBO's baseline. This would put our Nation 
on a strong and sustainable fiscal path, all without jeopardizing 
programs that support our seniors and programs that educate our next 
generation of leaders in business, science, and technology.
  The CBC budget would be a wise starting point for the House and 
Senate conferees, much better than the budget that we passed, because 
there is that $4 trillion gap that is unexplained. These numbers add 
up.
  It is an imperative that the Congress pass a budget that expands 
economic opportunity, invests in the American people, and reduces the 
deficit. The CBC budget presents a concrete plan, in stark contrast to 
the budget that we passed in the House, because it is backed up by 
actual numbers; and it adds up, and it shows how we can reduce the 
deficit while not being forced to make further cuts to vital programs 
that support our Nation's safety net.
  Most importantly, the CBC budget presents a clear path both to 
economic and fiscal prosperity for our Nation.
  I thank the gentleman for yielding.

                              {time}  2045

  Mr. JEFFRIES. I thank the distinguished gentleman from Virginia for 
his very thoughtful and comprehensive remarks.
  It is now my privilege to yield the floor to the distinguished 
gentlelady from California, Representative Barbara Lee, a very 
distinguished member of the House Budget Committee, someone who has 
consistently been a voice for the voiceless and an advocate for the 
poor, for the disenfranchised, for all those that are aspiring to the 
American Dream.
  Ms. LEE of California. First of all, let me thank you, Congressman 
Jeffries, for your tremendous leadership, for your vigilance, and for 
your dedication. Every week, you have brought forth these discussions 
to really inform and educate the public about the very important work 
of the Congressional Black Caucus, which, of course, is part of our 
work to strengthen our Nation with policies and a budget that will 
reignite the American Dream for all. So I just have to thank you for 
the time that you have put into this because this is so important, and 
your voice and leadership is tremendously needed at this moment in our 
history.
  Also, I just have to salute our phenomenal chair of the Congressional 
Black Caucus, the gentlewoman from Ohio, Congresswoman Marcia Fudge, 
for her very bold and her brilliant leadership, ensuring that the 
entire Congressional Black Caucus continues to be the conscience of the 
Congress.
  As a member of both the Appropriations Committee and the Budget 
Committee, I have seen firsthand the Tea Party Republican vision for 
our country's future, and believe you me, it is not a vision of shared 
prosperity or economic growth. This was reaffirmed earlier this month 
when the Tea Party Republicans held the government hostage in a failed 
attempt to take away health care from millions of Americans across the 
country.
  This week, as House and Senate conferees meet to develop a broader 
budget plan, I am pleased to join my CBC colleagues calling on Congress 
to adopt a fair and equitable budget, such as the budget the 
Congressional Black Caucus proposed earlier this year.
  And I, too, must thank the gentleman from Virginia, Congressman Bobby 
Scott, for his stellar and dedicated leadership in leading the 
Congressional Black Caucus' task force in the development of this. It 
is a pro-growth, pro-people, and pro-American budget.
  Now we have already seen through the Republican Ryan budget, which 
was released earlier this year, what the Tea Party's priorities are. 
Their budget would shortchange 99 percent of the American people in 
order to give even more tax breaks to millionaires and to billionaires. 
It protects tax loopholes for special interests and Big Oil, and at a 
time when we need job creation the most, the Tea Party Republican 
budget would kill more than 2 million American jobs in 2014 alone.
  The Republican budget would take away food from hungry children and 
families, take thousands of children off of Head Start, and close the 
door to college for thousands of students next year. In fact, Mr. 
Speaker, two-thirds of all of the Tea Party Republican budget cuts 
target programs for people who are poor or low income. Communities of 
color, once again, would be hardest hit, communities that have already 
borne the brunt of the last economic recession. And all this is taking 
place as income inequality only continues to grow.

[[Page 16279]]

  The Tea Party's vision of America is very clear. Their budget would 
shred the safety net, shatter our economic recovery, and push millions 
of struggling families over the edge.
  Now, in stark contrast, the Congressional Black Caucus budget is a 
different way forward. This is a document that shows our Nation's 
priorities and values.
  A budget is a moral document. How we spend our money reflects our 
values, and the CBC budget spends money where we value it the most. It 
protects and enhances Social Security, Medicare, Medicaid, and 
Temporary Assistance for Needy Families, better known as TANF, and all 
of our vital safety net programs that keep millions out of poverty. The 
CBC budget also protects all of our safety net programs, including 
SNAP.
  While protecting these and other important antipoverty programs, the 
CBC budget also makes sound investments in critical areas like 
infrastructure, education, innovation, and poverty reduction in order 
to create ladders of opportunity for all.
  Finally, we must ensure that the Pentagon will not be exempt from any 
budget deals. The Pentagon should be audited and their bloated spending 
kept in check. Billions and billions are spent and wasted every year, 
and the American people deserve to know where their taxpayer dollars 
are going. Not only will it bring accountability to the Defense 
Department, but those wasted funds could be used for programs like Head 
Start or Meals on Wheels.
  So, in closing, Mr. Speaker, let me remind all of my colleagues that 
a budget, once again, as I said earlier, is a moral document. How we 
spend our money reflects who we are as a Nation. We must recognize that 
the choices we make impact real people and especially the most 
vulnerable: people of color, women, and children.
  I hope that tonight in honor and in memory of our beloved, the late 
Congressman Major Owens, who worked so hard--and I had the privilege 
and honor to work with him and Congressman Scott each and every year 
for a fair and balanced budget. I hope that we will remember his legacy 
by recommitting ourselves to his values and his ideals by putting 
people first in every budget that we put forward.
  Mr. JEFFRIES. I thank the distinguished gentlelady from California 
for her very eloquent and thoughtful comprehensive remarks, as well as 
the remarks of Representative Bobby Scott as well, and noting, of 
course, the role that the late Congressman Major Owens played in the 
context of the CBC budget during the years that he served in this 
Congress with such distinction.
  I want to now yield the floor to the distinguished gentlelady from 
Texas, Congresswoman Sheila Jackson Lee, whom I have the honor and the 
privilege of serving with on the House Judiciary Committee, who 
represents her district in Houston so ably, but of equal significance 
has stood on the floor of the House of Representatives as a Member of 
Congress standing up for those who might not otherwise be able to stand 
up for themselves in the context of making sure they get a fair shake 
in their pursuit of the American Dream.
  Ms. JACKSON LEE. I thank the gentleman from New York. It is a 
pleasure to be able to join you and my colleagues today, and I thank 
you for beginning your remarks today, continuing the tribute that we 
have given to Congressman Major Owens. He would be proud that we were 
here tonight speaking for the voiceless, speaking for the poor, 
speaking for those who need educational dollars, speaking for those 
who, with a little investment, would, again, be able to reach for and 
grab the American Dream.
  I want to thank the gentleman from New York (Mr. Jeffries) for again 
bringing us together. We all have different responsibilities, 
Judiciary, Homeland Security. We are all concerned about comprehensive 
immigration reform, border security. It is important, however, that we 
give a challenge and a charge to those individuals who will be 
gathering to reform the budget, and I cannot thank you enough for your 
timeliness and your leadership on these issues.
  So I rise today, joining my colleagues, and adding, again, my 
appreciation to the chairwoman of the Congressional Black Caucus, 
Congresswoman Fudge, who, in a day or two, will be joining the Ag 
conference and will be raising her voice for individuals who simply 
want a good and decent meal. I want to thank her for her leadership of 
the Congressional Black Caucus.
  I will repeat the words of my colleagues, and those words are that we 
remain, I believe, the heart and conscience for the American people 
whose voices, again, and whose issues may be lost in the conflicts of 
partisanship. The Congressional Black Caucus speaks clearly and loudly 
to the issue of pain suffered by so many that are poor in this country.
  So tonight I want to give a sense of urgency, and I want to raise the 
siren. I want to have a clanging bell, a loud noise, a banging of the 
drums, a call to the town by the town crier that we just can't live, we 
cannot suffer anymore in budgetless, fundingless government that we are 
now in.
  The President of the United States has called on Congress to do its 
job. The President provided great wisdom and leadership in the first 
beginning stages of his administration in 2009 when he wisely, through 
great sacrifice and criticism, presented the stimulus package to the 
Congress and infused needed and important dollars to create growth and 
jobs, some 3 million-plus jobs, closing the gap on some of the bleeding 
that was going on. Having built on the restoration of the auto 
industry, President Obama continued to build on the restoration of Wall 
Street. All of the prime industries that were crying out to this 
Nation, our President, along with the Democrats, sacrificed to do what 
is right for this Nation.
  And, of course, as many know, it was a sacrifice for the 
Congressional Black Caucus, because at the same time, we knew that 
there were people who were suffering, but we looked to the greater 
good. And now we have come to ask, Is there anyone listening to the 
greater good?
  We don't have to go very far to look and see that the size of the 
middle class that my friends on the other side of the aisle--
Republicans--keep talking that they are for the middle class, and all 
we need do is to look and to be able to see its decline. The percent of 
households with an annual income within 50 percent of the median, they 
don't need any more cuts. They need dollars into education. They need 
dollars into R and D, research and development. They need to be able to 
ensure that the transportation and infrastructure of America is funded. 
That creates jobs. They don't need any more sequesters.
  So the budget that we are about to engage in, the conference, should 
be a serious conference about ensuring that there is investment, 
because what we are suffering in the backdrop of mindless sequester 
continues on and on because we cannot get our friends to come to the 
table.
  The Nation has been operating on a shrunken budget, slashed $80 
billion in forced spending cuts since March 1. And in the course of 
that, and while the middle class is gone, 57,000 children have been 
taken off the rolls of Head Start, and the numbers are growing. Poor 
families and working families that fall into the middle class are 
trying strive to the middle class.
  The cuts have also cut into public defenders and have cut into the 
justice system. The cuts have caused layoffs of lawyers. It has caused, 
in essence, an overturning of liberty justice.
  And so in those ways, we can see pointedly the loss of the growth of 
the middle class.
  Sequester is an across-the-board cut that does not allow the dream of 
Major Owens and the Congressional Black Caucus, the infusion of dollars 
into higher education, Head Start, pre-K, primary, and secondary, title 
I funding. All of these fundings that are considered discretionary are 
slashed and burned. I want to see the growth of the American public--
training for nurses,

[[Page 16280]]

more training for medical professionals. All of that gets slashed in 
the sequester.
  So, Mr. Speaker, you would wonder, what has America become? And I 
want to thank Mr. Garamendi from California for sharing this poster. 
What has America become?
  Like the ``Tale Two of Cities,'' they have not listened to the 
thoughtfulness of the Congressional Black Caucus budget that actually 
focuses on getting rid of the sequester so that we can not have a tale 
of two Americas. It hurts my heart to know that there are people in 
this country that are not benefiting from the greatness of the Nation.
  Let me pause for a moment to make a simple statement: America is not 
broke. I am tired of people talking about how America is broke; a $4 
trillion economy, a larger economy than the European Union that 
includes many countries.
  The ability to service our debt, let me just say to you: I don't like 
debt. I don't like the deficit. But, in actuality, in a capitalistic 
system, part of what churns the economy is the servicing of the debt. 
How do you have the money to service the debt? You infuse more capital, 
more dollars into the economy. You begin to sensibly talk about tax 
reform. You raise the revenue. You pay your bills. You build new roads. 
You help higher education. You pay for the military. You create 
opportunities for people to invent and build businesses. You create 
access to credit. You build more homes. That is how you turn the 
economy.
  And so, tragically, from 2009 to 2012, the fraction of economic 
growth for the top 1 percent--not the 99ers, but the top 1 percent--
according to this resource from the University of California, 95 
percent went to the top 1 percent. They were growing beyond 
imagination.

                              {time}  2100

  Let me defend the top 1 percent to say that there are people in the 
top 1 percent that want to give back to the Nation. Warren Buffett 
wants to invest back into this country. Yet the economic structure of 
2009-2012, when my Republican friends were in charge, was 95 percent 
going to the top 1 percent.
  The preceding President, President Clinton, had an economy that 
included a sacrificial budget, that actually had a budget that did tax 
reform and revisions and had revenue. Thank goodness it was at least 
fair. The 1 percent were getting 45 percent and the bottom 99 percent 
were getting 55 percent.
  What is the configuration now? I might venture to say, Mr. Jeffries, 
that the 99 percent are getting zero and the top 1 percent may be right 
now at 100 percent.
  So I am asking for the conference to go and work for America, not 
this configuration; to grow the 99 percent investment in America to be 
able to take the CBC budget and look at some of the tax reforms that 
could be utilized, to look at our job creation, which would include the 
maintenance and repair of public transit, highways, airports, ports, 
railroads, and bridges.
  The Houston Metro would appreciate having the opportunity to expand 
and create jobs, from those who had worked on the rail lines to those 
who would build the railcars to those who would run it, and the 
opportunity for people going to work to ride on it.
  Workforce development programs such as the Workforce Investment Act, 
programs and legislation that I have introduced in times of high 
unemployment to actually give those unemployed a stipend while they 
retrain and retrofit themselves into new jobs; veterans programs, which 
provide for investment in our veterans. One of the greatest gifts we 
could have given to the second generation of veterans was a second GI 
Bill that Democrats passed for the returning Iraqi and Afghan veterans. 
They provided opportunity.
  So I simply come today with a number that, as I close, I wanted to 
leave. Maybe my friends in Texas will understand why this is so 
drastic. Because we are losing out of the gross domestic product in 
Texas some $15.2 billion. We are losing 153,541 jobs in the State of 
Texas alone, someplace where they are celebrating that they are 
creating jobs and the economy is growing, but the sequester is causing 
the loss of jobs across America.
  Tomorrow, we will be standing against the SNAP cuts that will be 
coming on November 1. Through Mr. Obama's and the Democratic Caucus' 
support, we passed stimulus that gave more food money to those who are 
in need. Why couldn't we simply keep that going? On November 1, because 
we have not acted, this Congress will shut down the food for those who 
have gotten just a little bit to feed their families.
  So I am hoping that when they go to conference, what will be on their 
minds as they are pledging allegiance to the flag of the United States 
of America is not the 1 percent, but the 99 percent, and that we will 
come back out of this economy and there will not be a tale of two 
Americas, but one America, where everyone has an opportunity, and that 
the model of America--united--is an investment into more than just a 
few people, but to a lot of people, giving them the opportunity to 
build this economy.
  I thank the gentleman for yielding, and I thank my constituents in 
Houston for understanding and recognizing that we must work together to 
build a better Houston, a better Texas, and a better America.
  Mr. JEFFRIES. I thank the distinguished gentlelady from Texas for her 
very powerful, strong, thoughtful, and comprehensive remarks.
  Hopefully, as we move forward in this Congress with the conference 
committee that Representative Lee just discussed, they will take heed 
to her plea that you keep in mind those in America and the middle class 
and working families, those who aspire to be part of the middle class, 
and be compassionate as we move forward to address the issues that 
confront this Nation.
  Earlier this month, as a result of the reckless behavior of some in 
this House of Representatives, we experienced 16 days of a government 
shutdown. It was a legislative joyride that was doomed to end in a 
crash-and-burn scenario, as it did. Unfortunately, as a result, the 
American people have been left with the damage of a $24 billion hit to 
the economy in terms of lost economic productivity.
  Thankfully, as a result of the agreement that reopened the 
government, both sides agreed to finally move forward with the 
appointment of negotiators to try and resolve differences in the House 
Republican budget and the Senate Democratic budget and move forward 
with a plan for America that both re-energizes our economy and deals 
with the long-term deficit problems that we will have to confront.
  We believe the CBC budget that has been discussed here on the floor 
of the House of Representatives provides insight into the type of 
things that should be considered by the negotiators in the House and 
the Senate as they move forward.
  I would note, parenthetically, that though the conference committee 
is just at the early stages of beginning, at this point in time, this 
process really should have occurred months and months ago. This House 
passed its budget in March. The Senate passed its budget shortly 
thereafter, and Democrats in the House and the Senate have been calling 
for the appointment of conferees since the early spring.
  For some reason, there was a refusal amongst our friends on the other 
side of the aisle to move forward, but we are thankful that at this 
point there is an agreement finally to sit down. The American people 
have demanded that we attempt to find common ground to resolve the 
issues of concern for this great Nation.
  Now there are two different approaches that have been put forth. Our 
approach is designed to deal with the deficit problems that we have in 
a balanced fashion. The other approach, I believe, is designed to 
balance the budget on the backs of the most vulnerable people in other 
society: children, working families, the poor, the disabled, middle 
class folks, senior citizens.
  Now some may say that is just hyperbole. Well, what does the budget 
on the other side of the aisle actually do? It cuts assistance pursuant 
to the Supplemental Nutrition Assistance Program,

[[Page 16281]]

or SNAP, by $135 billion. That is not hyperbole. That is in the budget. 
In a country, at this moment, where 50 million people are hungry, 18 
million of them are children.
  The budget put forth by the other side of the aisle also cuts 
spending on higher education by $168 billion. That is not hyperbole. 
That is in the budget. It makes it more difficult for young people in 
this great country to access the American Dream--young people who are 
already in a debt crisis. Student loan debt in this country exceeds $1 
trillion. We should be doing more to help people get a higher 
education, not less, in this country.
  The document that was presented by the other side that will be 
subject to negotiation at the conference committee also cuts assistance 
and spending on Medicaid by the amount of $810 billion. That is not 
hyperbole. That is in the House Republican budget. That is 
notwithstanding the fact that the majority of people who benefit from 
Medicaid assistance in this country are actually children and the 
disabled and senior citizens.
  So we have got very different priorities, blueprints, road maps as it 
relates to dealing with the problems that we confront here in America.
  The balanced approach that we advocate for essentially has four 
different elements.
  First, we believe it is important to invest in the American economy. 
It is time to invest in America, invest in job training and education, 
transportation and infrastructure, research and development, and 
technology and innovation.
  Let's invest in America so we can create increased economic activity. 
We are in the midst of a very schizophrenic economic recovery. It is a 
recovery that has disproportionately benefited the wealthy in America.
  Let's just look at the facts that have been laid before us.
  We have got corporate profits that are way up. The stock market is 
way up. CEO compensation is way up. Productivity of the American worker 
is way up. Yet wages have remained stagnant, and unemployment is still 
stubbornly high.
  Working families and middle class folks have been left behind in the 
context of this recovery. That is why we believe the first element of 
any budget has to invest in America. Because if you invest in America, 
you increase economic activity. If you increase economic activity, you 
raise consumer demand. If you raise consumer demand, the economy grows. 
If the economy grows, by definition, the deficit will be reduced.
  Parenthetically, let me also note that despite all the rhetoric from 
some of my friends on the other side of the aisle, under this 
administration, Barack Obama, the deficit has actually been reduced by 
half during his 5 years in office. In fact, I think as a percentage of 
GDP, the deficit has been reduced to a degree that has not been seen 
since the drawdown in the aftermath of World War II. So we hear a lot 
about fiscal irresponsibility directed at the White House, 
notwithstanding the fact that this White House has presided over a near 
historic level of deficit reduction.
  Invest in the economy.
  The second thing that is important is that we should get rid of some 
wasteful corporate loopholes that have outlived their usefulness. We 
can just close or change or modify some of the benefits that oil and 
gas companies have received. They are making record profits. There is 
no reason for the loopholes and the benefits and the subsidies that 
exist right now. If we just were to address them, we could save the 
American people $25 billion over the next 10 years. If we were to 
change some of the loopholes that actually incentivize companies to 
move jobs overseas, we could save the American people $168 billion over 
the next 10 years.
  If there is such a moral imperative not to saddle our children with 
the debt burden that we have in America, if that is such a moral 
imperative, can't we not agree upon a single loophole that can be 
closed in the name of the children and the grandchildren of America? 
Not one?
  That is what we believe is the right thing to do here in the CBC.

                              {time}  2115

  The third thing that, I think, is part of a balanced approach to 
dealing with the budget and a reduction in the deficit has to do with 
making some spending cuts where appropriate, but we have got to do it 
in a manner that is sensitive to the fragile nature of the economy. I 
think all of us on this side of the aisle are willing to concede that 
there are probably some areas in which efficiencies can be found in the 
name of fiscal responsibility for the American people. Spending 
reduction sensitive to the fragile nature of our recovery should be 
part of any balanced approach in dealing with the problems that we face 
in America.
  Lastly, we in the CBC certainly believe that any budget agreement has 
to stand up for important social safety net programs in America, like 
Social Security and Medicare and Medicaid--programs that have been 
phenomenally successful, particularly in reducing poverty amongst older 
Americans. It is unfortunate because there are times when these 
programs--Social Security and Medicare--are unfairly demonized and are 
made part of deficit reduction talks even if the facts suggest they 
don't necessarily have a place in that regard. Social Security, for 
instance, remains a solvent program at this moment and into the 
foreseeable future. Social Security has nothing to do with the deficit. 
That, in fact, was a statement that Ronald Reagan made in 1984 in a 
debate with Walter Mondale. It was true then, and it is true almost 30 
years later.
  Now, when you think about the attack on our social safety net 
programs and on the obsessive desire to change--decimate--so-called 
entitlement programs, often this discussion is raised in the context of 
the enormous debt problem that we have in America--$16.7 trillion. 
Certainly it is a problem that we have got to confront in this country, 
but what also is often not clear is the fact that spending on so-called 
entitlement programs really does not account for the debt problem that 
we confront in America. This is what this poster board and the chart so 
clearly illustrate.
  In fact, much of the debt that we currently confront in this America 
can be tied directly to policies emanating from the 8 years that George 
W. Bush was at 1600 Pennsylvania Avenue. More than half of our debt can 
be traced to the failed war in Iraq--totally unjustified in search of 
weapons of mass destruction that still haven't been found and never 
will be found. The debt can be tied to the war in Afghanistan and to 
the fact that it was mis-prosecuted as a result of being distracted by 
the joyride that took place in Iraq, costing lives and American 
treasure. The debt problem can be traced to the Bush tax cuts passed in 
this Congress in 2001 and 2003 without being paid for.
  Then, of course, was the laissez-faire attitude toward Wall Street, 
resulting in reckless behavior by some that collapsed the economy, 
robbed millions and millions of Americans of the little wealth that 
they had tied into homeownership, and the resulting bailout that took 
place and the need for an economic stimulus package through the 
Recovery Act. All of that accounts for a significant amount of the debt 
that we now confront.
  So when both sides sit down at the negotiating table in the context 
of the Budget Committee, we should do so with the facts objectively 
established as opposed to putting a bull's-eye on the back of important 
social safety net programs like Social Security and Medicare just 
because some folks in this Capitol don't like those programs from their 
very inceptions.
  The last observation that I will make is that the budget that has 
been set forth by the CBC and by Democrats in the House and the Senate, 
as compared to the budget that has been put forth by the House GOP, is 
very different in the context of how we review and evaluate tax 
fairness in America.
  I think some would be surprised to know that, in the House GOP 
budget, it cuts taxes by lowering the top tax rate for high-income 
Americans from 39.6 percent to 25 percent. This is not the

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Reagan budget, supply-side economics. This is not George Herbert Walker 
Bush or George W. Bush in 2001 and 2003. This is the current budget on 
which we are going to have to negotiate and find common ground. It cuts 
the tax rate from 39.6 percent to 25 percent in order to slash all of 
the social safety net programs that we reviewed earlier.
  Why is that a wrong-headed policy?
  As I close, and as this chart illustrates, the top tax rate was at 
39.6 percent notwithstanding the fact that so many people on the other 
side of the aisle, in good faith, constantly say, that type of tax rate 
is the type of rate that hurts the economy. Under the 8 years of the 
Clinton administration, with a 39.6 percent top tax rate, 20-plus 
million jobs were created; 8 years later, when the top tax rate was cut 
by this Congress from 39.6 percent to 35 percent, we lost 580,000 jobs. 
That is an apples-to-apples comparison that discredits the notion that 
lowering the tax rate somehow stimulates growth in the economy when the 
8 years of the Clinton administration as compared to the 8 years of the 
Bush administration clearly discredit that theory in the manner that a 
former President referred to as voodoo economics.
  So I am just hopeful that, as we move forward with this conference 
committee--we have got big differences--we can sit down and endeavor to 
find common ground and do the business of the American people: keep 
government open, invest in our economy, protect our social safety net 
programs, and help create prosperity for the greatest number of 
Americans possible.
  Mr. Speaker, with that, I yield back the balance of my time.

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