Hoyer Delivers Explanation of Economic Recovery Debate on the House Floor

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... painful. we can do it so i want to thank mr. spratt for leading this special order. i yield back. mr. spratt: thank you, mr. boyd. i now recognize or yield to the gentleman from maryland, our distinguished majority leader, mr. hoyer. mr. hoyer: i thank the gentleman for yielding. much more than that i thank him for the work he does as our chairman of the budget committee. the work he's done over the years as ranking member, as the minority member of the budget committee. for being consistent and in my opinion accurate in his observations as to what we would reap from the fiscal policies we have sewed over the last eight years -- sowed over the past eight years. we are today in my opinion to be honest with the american people. they need to know that this economic crisis will not end overnight. i think the chairman's made that pretty clear. and they need to know the reasons why. the deep, deep, deep fiscal hole we have inherited after eight years of fiscal recklessness. in fact the projected deficit for fiscal year 2009 is $1.2 trillion. it's a figure difficult to comprehend. it's a figure particularly difficult to comprehend when president bush and his economic advisors opine that they were worried about paying off the debt too early under the clinton policies. $1.2 trillion of deficit. two factors have helped create that record shattering number. the consistent irresponsibility of the past administration, and our efforts to dig out of the economic mess he left us. it was not that long ago you could hear on this floor heated debates about how to spend a projected $5.6 trillion 10-year surplus created under the presidencyf bill clinton. who would have thought, who would have thought then that our surplus would be wiped out by one president's borrow and spend foolishness by five record-setting budget deficits in seven years? i would remind my colleagues who undoubtedly need no reminding that there has been a hegemony of power, a monopoly of power, a singular control of policy over the last eight years. now, i understand some of my republican friends would say, well, the democrats were installed because of the obvious need for change, recognized by the american voters in 2006. they put you in charge in 2006 and 2008. that is true. but as i also point out the president was not on the ballot and 2/3 of the united states senate was not on the ballot. and therefore it was impossible to make the change that america knew was needed. they have done that now. but they have done it after a very deep hole has been dug. while democratic budgets were on pace to eliminate all of our public debt, today we are more indebted than ever. the national debt is now over $10 trillion. from that projected $5.6 trillion of surplus. who projected that? not bill clinton. george bush. president bush's o.m.b. projected that. who told us that? president george bush in 2001 speaking in this chamber told us that's the surplus that we could expect. tragically that was dissipated. that $10 trillion of debt now has been replaced, or has replaced that $5.6 trillion of anticipated surplus. we will be paying hundreds of billions of dollars in interest on that debt that we have incurred. that's just one more way in which the bush legac means large structural deficits for years to come. so what does that mean for our economy and for american families? it's easy to see a budget as nothing more than numbers on a page. and it's just a short step from there with an agreement of vice president cheney's, deficits don't matter. he said ronald reagan taught us that. deficits didn't matter. unfortunately the federal government pursued that policy. unfortunately business pursued that policy. ...