House Proceeding 04-01-09 on Apr 1st, 2009 :: 4:37:25 to 4:39:30
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4:37:10 to 4:37:32( Edit History Discussion )

Michael M. Honda: i beg you, do not let those same policies rue -- ruin our country. . the chair: the gentleman from texas is recognized for two minutes. >> the democratic budget that we're considering today for fiscal 2010 proposes to spend

4:37:25 to 4:39:30( Edit History Discussion )
Speech By: Michael M. Honda

4:37:33 to 4:37:55( Edit History Discussion )

Michael M. Honda: $3.55 trillion, collect $2.16 interesting in tax revenue, thereby creating a deficit of $1.222 trillion. that would be a record deficit except for the record fiscal 2009 deficit. in fact, the five-year budget window shows deficits in each year that are larger than any deficit e the democratic budget's best

4:37:56 to 4:38:16( Edit History Discussion )

Michael M. Honda: year is fiscal year 2013 which shows a deficit of $556 billion which is $127 billion larger than the current record holder of $559 billion for fiscal 2008 which was also on the democrat's watch. these estimates are as large as they are, may in fact be understated if the c.b.o.'s

4:38:17 to 4:38:37( Edit History Discussion )

Michael M. Honda: assumptions on how fast the economy recovers prove to be optimistic. we think expanding economies will last forever but they don't. today we believe that this recession will last forever, but it won't. it is temporary. the debt that will be used to finance these record deficits is permanent debt. it will ver be paid back.

4:38:38 to 4:38:58( Edit History Discussion )

Michael M. Honda: i recently had a fifth grader at a town hall meeting ask me, what is our plan to pay off the national debt? i had to tell the young man the ugly truth is there's no plan to pay off the national debt to. pay off debt we'd have to run a surplus which is something this budget does not remotely contemplate. the interest carry on this permanent debt represents a

4:38:59 to 4:39:19( Edit History Discussion )

Michael M. Honda: forever claim on the earnings of all future generations. in other words, those generations will have to tax themselves to pay for the interest on this debt. i urge -- mr. ryan: i yield the gentleman an additional minute. the chair: the gentleman is recognized for another minute. mr. conaway: those their tax revenues.

4:39:20 to 4:39:30( Edit History Discussion )

Michael M. Honda: this begs the question of why should we use permanent debt to address temporary problems. we should not. we have used this technique for far too long and this budget continues its use of future