I think that may send a message that that is something you ought not do.

I thank my friend and colleague from Michigan for yielding. Mr. Chairman, I rise in strong support of this amendment to terminate the National Flood Insurance Program. The National Flood Insurance Program is, both in its design and…

Should revenues be part of the debt limit discussion, as we start to discuss how we move forward in dealing with our deficits and our national debt?

It is absolutely essential that the United States remain a beacon of safety and clarity to international investors.

I think you should focus on moving towards a value-added tax system.

We don't know what happens, but we don't want to find out.

We shouldn't do it. I hope we don't do it. It would be very bad for the economy.

Yes, that is kind of double taxation, isn't it?

Experience in Europe, including in the last days and weeks, tells you that countries that previously thought that they had an impeccable credit rating can come under market pressure much more quickly.

But if I could just add, the tax on excessive leverage is where European Union is heading, including the UK.

It makes no sense to have a tax code that encourages that leverage, at the same time as we try and pull it back rather ineffectively with regulation.

I think that bringing the corporate rate down would go a long ways towards eliminating the bias that currently exists.

I am proposing that you tax excessive leverage, because that is what generates the big negative.

As long as we are putting this in the context of medium-term fiscal consolidation--so, over a 5 to 10-year horizon, until the financial markets believe you have credible plans for bringing down the deficit, controlling the deficit, and…

Whether you like it or not, Senator, the Code impacts the leverage choice these firms make.

If you want a fair, simple, and pro-growth system, you should tax excessive leverage in the financial system and use the revenue that generates to reduce corporate taxation for the non-financial sector.

Excessive leverage in the financial sector. You could be steeply progressive on this.

In any situation where a fiscal adjustment is required, such as in the United States today, I would suggest that you look at both revenue and expenditures.