Political Quotes

“Let's talk some more about the Fed and why we are in a world of hurt and why we have to start reducing spending and funding. We can't fund every project, everything around the world and even in our own country. We send hundreds of billions of dollars out of this country. Guess what, when the Fed bought $4.7 trillion in additional assets, $2.5 trillion of that was in mortgage-backed securities, and they invested in long-term loans. Then, as inflation pressures up, they kept increasing the prime rate. They are now expecting another increase in the interest rate within the next 2 months. We will have to pay that debt service. That will contribute to the inflationary pressure that we have. When you screw up your energy policy and you screw up your Federal funding policy, the American people suffer, and they suffer through higher costs due to inflation. That is a hidden tax. That is why I keep trying to find ways, line items where we can actually provide services but we can reduce the Federal spending to at least make some rational nod toward bringing us back to some sound funding policy, something we haven't seen here in ages. Mr. Chair, I yield back the balance of my time. The CHAIR. The question is on the amendment offered by the gentleman from Arizona (Mr. Biggs). The question was taken; and the Chair announced that the ayes appeared to have it.”