Barney Frank: “first, you don't get $500,000. There is a cap. Secondly, we do agree that people should reach to full actuarial amounts.…”

“first, you don't get $500,000. There is a cap. Secondly, we do agree that people should reach to full actuarial amounts. It depends on when. Third, I would say, every time something comes up, there are cost subsidies. People in my district don't grow much corn or much wheat, and we pay some subsidies. There are people who don't have any public transportation, and they do. This is one country. The government is not a supermarket where you go in and pay for only exactly what you buy off the shelf. There is some joint effort. But the other problem is the gentleman from New Mexico has not described his amendment completely. What about small business people, he says, second homes and other properties? You have that problem with people who have businesses. What do you do with smaller businesses, people who have brought businesses in these vacation areas who are trying to make a living and who made a calculation based on insurance? What about them? These are not necessarily fat guys. What do you do to them when you immediately and without any phase-in at all give them what could be a very significant increase in their insurance? So that is the problem that we have. That is where we have the difference with our friend from New Mexico, not simply with regard to the second home but to the businesses. Mr. Chairman, I would reserve the balance of my time.”