Douglas L. Peterson: “We have the highest tax rate in the world. And because we have highest tax rate in the world, companies are leaving…”

We do have some agreement here, bipartisan agreement, which is great, because if we can get this economy moving, it is going to be so much better for the people, those hard-working American families.

I am encouraged that we have begun this process and that we are having this hearing. And this is going to be hard. But because it is hard doesn't mean we shouldn't do it.

So we have to become more competitive. The way we become more competitive in a global economy is dropping our tax rates.

I think the bewitching hour has arrived. We have had numerous speeches on this floor over my tenure of 4 years of everyone saying, ``I'm for national defense, I'm for national defense, and I stand squarely behind the military of our…