Jim Sensenbrenner: “I rise today in opposition to H.R. 5116, the America COMPETES Reauthorization Act. I support efforts to invest in…”

“I rise today in opposition to H.R. 5116, the America COMPETES Reauthorization Act. I support efforts to invest in science and technology. In these tough economic times, we must look ahead and recognize the necessity of research and experimentation in developing new products and improving existing ones. If the U.S. wants to remain the leader in technological innovation, it is imperative that we invigorate investment in private sector innovation so that we can expand our global leadership in high technology and spur greater economic growth domestically. However, once again, we are seeing the majority ignore rising deficits and continue on the path of reckless spending. This legislation includes $22 billion in new funding over this year's base. Our national debt stands at $13 trillion, and our deficits are up 50 percent over the past 3 years. The majority cannot continue to pile the debt upon our children and grandchildren. It strikes me as odd that we are ramping up funding for this act when the programs that it funds are only starting to be implemented.”