Robert Smith: “I want to again extend my hand in gratitude to the gentleman from Texas and all of those chief sponsors, Democrats and…”

“I want to again extend my hand in gratitude to the gentleman from Texas and all of those chief sponsors, Democrats and Republicans, who have fought very hard to bring this to fruition. And today we will make that final decision. I could not help but note, after listening to the esteemed majority leader talk about the progress we have made in reducing the deficit and balancing the budget, because I think that this chart, for instance, indicates the fallacy of that except on a very temporary basis. We cannot use the excuse that last year the debt did go down, interest rates are down, and there is discussion about whether that is in the policy of economics or whether there was some action taken to induce a reduced deficit. However, the point still remains, and this chart shows it so well, that yes, while there was a small respite here in the middle, the proposed deficits are going to go, again, off the edge of the cliff. Let us not rest on our laurels, on the fact that something happened last year that was a glitch in the growing debt of this country, because this is what is going to happen, no question about it. I think the time has come for us to make a momentous decision, a decision that will surely affect our children and our grandchildren.”