Adam Schiff: “the poet Longfellow once wrote: ``Thy fate is the common fate of all; into each life some rain must fall.'' How true…”

“the poet Longfellow once wrote: ``Thy fate is the common fate of all; into each life some rain must fall.'' How true this is. We know that calamities will come to our Nation. We know that terrorists are trying to attack us again and that Osama bin Laden wants to strike us with weapons of mass destruction. We know that in years to come hurricanes, earthquakes, tornadoes, and other natural disasters will devastate our shores, our towns, our homes, and most terrible, our very lives. We must prepare, not only with a strong military and good infrastructure but also with a reserve of funds to cushion the impact to our economy and to meet the needs of the victims. Part of being prepared is doing what many families know as saving for a rainy day. America has seen both prosperity and depressions, periods of unbridled growth and periods of stubborn stagnation. We have seen strong budget surpluses and huge budget deficits. While any economy has periodic cycles of expansion and contraction, we know that fiscally irresponsible policies of an administration or a Congress can abbreviate an upturn or prolong a downturn. Today, a lack of revenue, uncontrolled spending and faulty planning have put our national debt so high that putting our fiscal house in order seems out of reach. I am here to tell you that it is not out of reach. It will take time, but it is possible and it must be done.…”