On the recordOctober 8, 2013
I have listened very carefully to the two previous speakers on the floor, and I understand a lot of their frustration. We are where we are. I think we have two big problems. Actually, we have two major problems. One is our country is bankrupt. People don't like to hear that, but let me give the facts. The total unfunded liability of the United States of America is $126 trillion. If we add all the net worth of everybody in the country and all the assets of the Federal Government and all the assets of the States and combine them, we have $94 trillion worth of assets. We are already in the hole $30 trillion. That doesn't include the $17 trillion in debt we have. So I would like to correct a couple of things. One, the Senator from Michigan mentioned that we were downgraded because of the impasse in Congress. No, we were downgraded because Congress has failed to address the real problems of our debt and deficits. Go read their statements. It had nothing to do with action here. It had to do with the fact that we will not address the biggest problems in front of us. I ask unanimous consent to have some scissors on the floor because I wish to make a point in a minute. The PRESIDING OFFICER. Is there objection? Without objection, it is so ordered.
