House Proceeding 03-06-09 on Mar 6th, 2009 :: 1:08:40 to 1:11:45
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1:08:36 to 1:08:57( Edit History Discussion )

Michael M. Honda: playing fair aren't punished. we're punishing the wrong guys. i'd like to yield to my friend, mr. conaway. mr. conaway: the president's numbers -- budgets come over from the white house in 10-year

1:08:40 to 1:11:45( Edit History Discussion )
Speech By: Michael M. Honda

1:08:58 to 1:09:20( Edit History Discussion )

Michael M. Honda: increments, five years, five years, a total of 10, and we have some rules that require us to do that. anybody that's ever done a projection knows that you can project today pretty well. you can project tomorrow. but day you go further out from where you are right now those projections become less and less reliable.

1:09:21 to 1:09:42( Edit History Discussion )

Michael M. Honda: and certainly at the 10-year it's a mechanical mathematical equation. the president's first five years spends us into a $3.8 trillion deficit. that's with a t. $3.8 trillion in deficits, cumulative for the first five years. the second five years, you'd

1:09:43 to 1:10:04( Edit History Discussion )

Michael M. Honda: like to be able to brag on it except that it's less. it's only $3.2 trillion additional borrowed from the chinese, from the japanese, whoever at that point in time will still lend to us. wand worry who we pouro money from but i'm worried more about the total amount borrowed.

1:10:05 to 1:10:26( Edit History Discussion )

Michael M. Honda: over a 10-yeaperiod we're going to borrow $7 trillion from anyone who will continue to loan us money. the second five years is not quite as bad as the first five years except the year 10 projection shows a higher deficit than year nine and year nine is higher. so the trend in the last five years of the budget is

1:10:27 to 1:10:47( Edit History Discussion )

Michael M. Honda: increasing deficits well beyond what we've ever seen on a single year basis in this country. to make americans worse, the budget projections are based, in my view, on flawed estimates, estimates how good the economy is going to be, tax s, etc. it includes a tax on every single person.

1:10:48 to 1:11:08( Edit History Discussion )

Michael M. Honda: if you cap and tax that the president called for in his speech last year, is beginning to tout, that tax, that cap and tax system taxes anyone who pays for electrity, anyone who buys gasoline, anybody who pays for energy, those energy costs are going to go up

1:11:09 to 1:11:29( Edit History Discussion )

Michael M. Honda: unnecessarily under that cap and tax system. it's going to tax everyone. and the spending savings that they brag about is base again, a very -- kind of a sleight of hand technique and they say the baseline of the budget is going to include surge level spending for the next 10 years. well, we've already unwound

1:11:30 to 1:11:48( Edit History Discussion )

Michael M. Honda: much of the surge. to say we're going to spend at the same levels in iraq on the surge in the next 10 years is a bit disien with us on its face and then to claim the spending savings from actually reducing that to a more normal number and then brag about that