Charles Wilson: “a new report from the Budget and Appropriations Committee says that the new Congress faces a fiscal challenge of…”

“a new report from the Budget and Appropriations Committee says that the new Congress faces a fiscal challenge of historic proportions. The cost of the war in Iraq, coupled with the growing price tag of tax cuts passed over the previous 6 years, have left the Nation deeper in debt than ever before and with one of the largest benefit deficits in the Nation's history. Last year, Democrats committed to begin the process of restoring fiscal sanity by reinstituting a budget rule that helped Congress create a surplus in the 1990s. It is this fiscal discipline that is so important to House Democrats that we restored a pay-as-you-go budget rule on the second day of this new Congress. Madam Speaker, historic debts are not good for any of us. They lead to rising interest rates, which cost middle-class families as much as $1,700 a year on credit card and mortgage payments. It also simply is irresponsible of us to continue to pass this debt on to future generations. Madam Speaker, this week we will pass a final budget for the 2007 fiscal year after Republicans refused to pass these must-pass appropriations bills last year. It's time we get our fiscal house in order.”