Gene Taylor: “not that long ago, my colleague came to the House floor wearing a paper bag on his head because he was ashamed that…”

“not that long ago, my colleague came to the House floor wearing a paper bag on his head because he was ashamed that House Members were spending more money than they had in their accounts down here in the House bank. I would remind my colleague that since the President's budget of May 9, 2001, our Nation has spent $2.135 trillion that we do not have. I would also remind my colleagues that buried in this bill, on the very last page of the bill, the second to last paragraph reads: ``If the joint resolution is enacted to raise the debt limit to the level contemplated by this conference agreement, the limit will be increased from $8 trillion 184 billion to $8 trillion 965 billion.'' An increase of $781 billion of new debt. Now, you have heard a lot of talk about cutting the budget. If we are cutting the budget and cutting the deficit, why does the chairman seek an increase in the debt limit? I would welcome the chairman to respond to my question because I think it is something that is in the bill and it deserves answering.”