On the recordDecember 2, 2010
I wanted to take some time today to talk about some issues that have been around for a number of years and remain unresolved in a way that I believe is very detrimental to our country and our citizens. There is a lot of discussion these days about deficits and debt at the Federal level. We have a $13 trillion Federal debt and a $1.3 trillion deficit this year. We have a fiscal policy that is in great difficulty. The discussion these days is about extending tax cuts--by the way, none of which is anticipated in the budget numbers that are already unsustainable, showing large debts for the long term. Extending all of the tax cuts that were scheduled to expire this year will add $4 trillion to the $13 trillion debt that already exists. The reason I mention the fiscal policy issue is, when we talk about debt and deficits, most people talk about the need to cut spending. We also need some additional revenue from those who are not paying their share. But we do need to cut spending. I believe I have held 21 hearings as chairman of the Democratic Policy Committee over recent years--21 separate hearings on the subject of waste, fraud, and abuse in contracting in the wars in Iraq and Afghanistan.
