[Congressional Record (Bound Edition), Volume 162 (2016), Part 9]
[House]
[Pages 12500-12501]
[From the U.S. Government Publishing Office, www.gpo.gov]




          AMERICA'S FINANCIAL OUTLOOK WORSENS WITH FY 2017 CR

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Alabama (Mr. Brooks) for 5 minutes.
  Mr. BROOKS of Alabama. Mr. Speaker, I have given numerous House floor 
speeches warning of a looming and debilitating American insolvency and 
bankruptcy.
  In order to drive home the dangers, I have cited Greece, where young 
adult unemployment nears 50 percent, overall unemployment approximates 
the worst America suffered during the Great Depression, and public 
pensions have been slashed by almost 50 percent.
  I have cited Venezuela, where inflation last year was 275 percent, is 
estimated at 720 percent this year, and deadly street and food riots 
are common.
  I have cited Puerto Rico's default on $70 billion in debt, credit 
rating cut to ``junk bond status,'' abysmal labor participation rate of 
less than 40 percent, and closure of over 100 schools.
  While House Republicans can boast that they helped cut the $1.3 
trillion deficit that we inherited in 2011 to $439 billion in 2015, 
that boast now rings hollow. According to the nonpartisan Congressional 
Budget Office, the fiscal year 2016 deficit is ballooning by $151 
billion, to $590 billion.
  Absent correction, the CBO warns that in 2024, America will embark on 
an unending string of trillion-dollar-a-year deficits. Absent 
correction, the CBO warns that America's debt service cost will 
increase within a decade by $464 billion per year, to roughly $712 
billion per year--more than what America spends on national defense. 
Which begs the question: Where will the money for a $720 billion a year 
annual debt service payment come from?
  Mr. Speaker, America's financially irresponsible conduct has caused 
both America's Comptroller General and the Congressional Budget Office 
to repeatedly warn in writing that America's financial path is 
``unsustainable.'' I

[[Page 12501]]

agree with the Comptroller General and CBO warnings and I am convinced 
that, absent major changes in the economic understanding and backbone 
of Washington's elected officials, a debilitating American insolvency 
and bankruptcy is a certainty within three decades, a probability 
within two decades, and a dangerous risk over the next 10 years.
  All of this brings us to the continuing resolution spending bill that 
Congress will soon vote on. According to the CBO, this continuing 
resolution spending bill, plus so-called mandatory spending, increased 
Federal Government spending by $150 billion and blows fiscal year 2017 
Federal Government spending through the $4 trillion mark--a new record 
high amount of spending.
  This CR spending bill ignores economic reality and fails to prudently 
restrain Federal Government spending to reflect America's tax revenue. 
This CR spending bill reflects Washington and special interest group 
greed and shortsightedness and continues the worst generational theft 
in American history by again breaking into our kids' piggy banks and 
stealing money we don't have and will never pay back, callously letting 
our children suffer the consequences.

                              {time}  1030

  Mr. Speaker, 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. Americans are rightfully angry at Washington elected 
officials who are all too willing to sacrifice America's future for 
today's special interest campaign contributions.
  Mr. Speaker, I can't speak for anyone else, but as for me, Mo Brooks, 
from Alabama's Fifth Congressional District, I vote for financial 
responsibility and prosperity and against a debilitating American 
bankruptcy, insolvency, and resulting economic depression.
  As such, and although this continuing resolution admittedly spends 
money on lots of good things, I will vote against it because it is 
financially irresponsible. I will not vote for a debilitating 
insolvency and bankruptcy of America that will damage so many Americans 
for so many years to come.

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