David Schweikert: “I thank Congressman Gohmert for yielding to me. For anyone who is not particularly familiar, we have sort of mechanisms.…”

“I thank Congressman Gohmert for yielding to me. For anyone who is not particularly familiar, we have sort of mechanisms. Last night, we were running late, and once we hit 10 o'clock, we were shut off. And trying to do 21 boards in 8 minutes, I apologize to those who have to try to take our words down. But I wanted to just touch on a couple of things. One really quickly, we were just blessed to have Secretary Yellen in front of Ways and Means. I have tremendous respect for and have built a relationship with her when she was Federal Reserve Chair. I want us all to pay attention to a promise that the Secretary and the President have made, and that is the new spending initiatives will be covered by the new taxes, the new revenues. I assume that is an honorable way to do it. We will fight over what the spending priorities are, and none of these games where we are going to do 15 years of tax hikes to cover 10 years of spending because, let's be honest, that is a complete fraud on the American people. But the best math that is coming out from a number of groups right now is the tax hikes that are being proposed, the revenues, are only going to cover maybe, if you are being optimistic, Mr. Speaker, on the receipts, 50 percent of the new spending. Yesterday, I think it is Penn Wharton that put out their model, I guess last week, that the capital gains tax itself loses $33 billion over the first 10 years. So, it is not scored to 15 years; it is 10. But, Mr.…”