Jeb Hensarling: “I certainly thank the gentlelady for yielding, and I especially thank her for her leadership. She was one of the prime…”

“I certainly thank the gentlelady for yielding, and I especially thank her for her leadership. She was one of the prime architects of the Taxpayer Bill of Rights that was unveiled today in the United States Capitol. It is a very bold concept that we have, and that is that taxpayers, taxpayers ought to have rights that will be as respected and as revered as those that are enshrined in our United States Constitution. Now, why is this so important? Just within the last 2 to 3 weeks, we have heard reports now from the Congressional Budget Office, the Office of Management and Budget, the Government Accountability Office, the Chairman of the Federal Reserve, the Secretary of the Treasury, every single person, or every single department that is in charge of either the monetary or fiscal policy of our government have all come to the same conclusion; and that is the number one challenge that we face, the number one fiscal challenge that we face in America is the out-of-control spending represented by what we call entitlement spending. Now, our friends on the other side of the aisle, they don't want to do anything to help reform entitlement spending. They don't seem to want to work with us to find better, smarter, more accountable ways to deliver health care and to deliver retirement security at a more reasonable and affordable cost. So what that means is, there will be a tax increase, yet another tax increase on the American people.”