On the recordJuly 28, 2011
I yield myself 45 seconds just to say that we, as a body, need to do two things: Number one, we need to make sure the United States pays its bills. We need to make sure it pays its bills, and we shouldn't do it in a way that puts the American economy in jeopardy every 5 months. Just listen to the folks, the experts who have been monitoring this. They have said that if you do this on a 5-month period, you will risk interest rates going up. Second, we need to reduce the deficit. Of course we do. Let's do it in a balanced way. The President has proposed $3 in spending cuts to $1 in revenue, but we can't get our colleagues on the Republican side to get one penny--not one penny--of revenue from closing a corporate tax loophole if the purpose is deficit reduction. And there is the rub. So let's reject this wrong approach. Senator Reid has a proposal on the table. It cuts more than the one that the Republicans have, but it doesn't put the economy in jeopardy every 5 months. Mr. Speaker, I yield the last minute to the gentlelady from California (Ms. Pelosi), the terrific Democratic leader in the House.
