Hoyer Gives Debt Limit Statement on House Floor

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... the brakes on all of it. let's get really serious about cutting spending, and the way we start is by saying no to increasing the debt limit. the speaker pro tempore: the gentleman from nevada reserves. the gentleman from massachusetts is recognized. mr. neal: thank you, madam speaker. let me recognize one minute the majority leader, the gentleman from maryland, mr. hoyer, a leader in fiscal responsibility in this institution. the speaker pro tempore: the gentleman is recognized. mr. hoyer: i thank the gentleman for yielding. a little over a year ago, mr. boehner and i spoke on a bill that i said would be noted as a day of consequence in the house of representatives. that bill was to at the request of president bush and secretary paulsen and ben bernanke give some $700 billion to the treasury to try to stabilize the financial sector of our economy. mr. boehner voted for that. my friend, mr. blunt, voted for that. i believe mr. cantor voted for that. others of you voted for that, and many on our side voted for that bill. it failed. and we came back here a few days later on friday, and that bill was called up again. it was called up again because we knew that there really wasn't an option. mr. bernanke, president bush's appointee as chairman of the federal reserve, said that we were at risk of going into a depression if we did not vote for that bill. nobody wanted to vote for that bill on either side of the aisle. but it was a bill that we openly concluded on that friday, approximately half of the republican side of the aisle, a little more than half on our side of the aisle was a bill we needed to pass to avoid the risk of depression. since that time over the last four months we saw an erosion in the economy, not a depression, but the worst recession we have seen in eight years. now, i have a speech here that we prepared. i'm not going to give it because it to some degree points the finger at one another. and i agree with mr. boehner. there's blame to go around. we have been concerned about cutting revenues and increasing spending during the first part of this decade. you have been concerned about the spending that we believed was necessary to make to try to create jobs and bring our economy back. now, mr. boehner and i disagree on the impact of the recovery and reinvestment act. since its passage, the stock market has gone from 6500 to 10,500. anybody who opens up their 401-k or thrift savings plan believes that we made progress on that because their value has gone up about 60%. that's progress but not success. we want to get back to where it was in terms of the value of those plans. in addition, in the last month of the bush administration, we lost 741,000 jobs. after adopting a policy that many believed on your side of the aisle would lift our economy. and in fact, it did for a while, but it did not create the kind of jobs you wanted. in fact, on average over the last eight years of the bush administration, it produced approximately 4,200 jobs per month on average. in comparison with the 216,000 on average per month that the clinton administration saw during its term. but we could point fingers, but that would not be particularly useful. i have listened to this debate, and i am chagrined, and i want to claim -- i want to plead guilty because i've demagogued this issue as well. we had a quote presented about the morality of incurring debt. that was taken out of context but we all say things that we look back on, and i voted against increasing the debt. it was a demagoguey vote. i voted four times against raising the debt. i want to admit that and tell people. why? because i don't believe then nor do i believe now that not paying america's bill is an ...