On the recordJuly 20, 2011
Thank you, Mr. Speaker. I am going to be joined by my colleagues today, and we are going to talk about the financial situation here in the United States and about the meaning of the various ideas and proposals that have been put forward. I want to compliment my colleagues on the Republican side for their tenacity in putting out their sound bites, but I think it's very, very important for the American people to understand in detail exactly what is being proposed here. Yesterday, we did have what was called the Cut, Cap, and Balance proposal. You might also call it the ``Cut, Slash, and Burn'' proposal because, once you get past the sound bites and get into the details of what has actually been proposed, you've got to stand back and go, Whoa. Wait a minute. Is that really what a balanced budget amendment is all about? We're going to go into that in a few moments to really understand exactly what this balanced budget amendment is and the effect that it will have on Americans, particularly on women in America; but before we go there, we need to step back a bit and understand how it is that we got into this situation with this deficit of $14 trillion. How did we get here? It's really important to understand that. Before you go off and try to solve the problem, you need to know what is the situation, what is the circumstance. This little chart here lays out where the deficit came from.…
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