Who would have thought we would have witnessed the things we have witnessed in this country over the last 2 years? Who would have ever thought the President of the United States would fire the CEO of General Motors? Who would have ever thought in this great country we would see the taxpayers bail out the financial industry and bail out the auto industry? Who would have ever thought in this country we would have a pay czar--a pay czar--telling private American citizens how much money they can make? Who would have ever thought in this country we would have a major policy change, done in a completely partisan fashion, when the health care bill passed and when the majority of Americans opposed it? Who would have ever thought, as OMB pointed out this past week, that we would have a $1.4 trillion deficit--the largest deficit in American history--and a $13 trillion national debt? On the path we are on currently, by 2020, we will have a $26 trillion deficit. Who would have thought those things would take place? I would argue, although the other side is going to say, 'Oh, this is terrible. We can't reduce the spending level in this bill to the amount that the gentleman wants,' this is a modest first step. This is a modest initial step towards providing some fiscal sanity to this town and to this Congress. My amendment is real simple. It says this bill should go back and we should spend it at 2008 baseline levels.
On the recordJuly 29, 2010
Editor's note · Context
The speaker addresses fiscal policy and government spending in the context of recent economic events.
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