The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“STIMULATING THE NATIONAL DEBT” mentioning the U.S. Dept of Agriculture was published in the House of Representatives section on pages H878-H879 on Feb. 3, 2009.
The publication is reproduced in full below:
STIMULATING THE NATIONAL DEBT
The SPEAKER pro tempore. The Chair recognizes the gentlewoman from North Carolina (Ms. Foxx) for 5 minutes.
Ms. FOXX. Thank you, Madam Speaker.
I want to thank my colleagues for the great information that they have shared today and how they have laid out the issue that we're dealing with, but I want to add some more to that.
Yesterday, the Treasury Department announced that it will need to borrow $493 billion in the first 3 months of 2009, the highest amount ever borrowed in the first quarter. This is on top of the record debt racked up in the last quarter of 2008--$569 billion. It is important to emphasize here that the only money the Federal Government has is that which it takes from taxpaying citizens or borrows from foreign countries. We have never in the history of our Nation taken on this much debt this quickly. For those keeping track at home, that's $1.062 trillion in 6 months. Did I mention that this is more than $1 trillion in new debt in a mere 6 months does not include the so-called ``stimulus'' plan, which now costs $900 billion? Folks, the Federal Government is broke. Every single dollar of new spending is added to our national debt. And how do we pay back this debt? That's easy. New taxes. Higher taxes.
In the meantime, we keep hearing how this borrow-and-spend stimulus plan is going to quickly create jobs. How does upgrading the Department of Agriculture's computers create jobs quickly? Or $650 million for DTV coupons, or a billion for Census follow-up in 2010 or $7 billion for a GSA fund that is already running a surplus?
Well, this kind of spending doesn't create jobs. It creates debt. It has no business in legislation billed as ``job creating.'' Some of this spending may actually have merit, but it belongs in the budget process, not tacked onto a must-pass bill because it couldn't stand a chance in the actual budget.
This kind of back-room deal-making and wasteful spending is just the kind of Washington business-as-usual that Americans are tired of. If we are going to have an economic recovery package, let's do it right.
Despite our colleagues on the other side of the aisle saying we do not have a plan, Republicans have proposed a package of tax relief and unemployment assistance that will create twice the jobs at half the cost. Let me repeat that. The Republican proposal creates twice the jobs at half the cost. And the GOP plan addresses the underlying cause of our economic distress in the U.S. housing market.
I want to thank my colleague from Virginia, Eric Cantor, for helping to spearhead this plan and for setting up a helpful Web site that discusses the Republican economic recovery plan at republicanwhip.house.gov. This plan will help small businesses start hiring and will get the housing market moving again. And it acknowledges that every dollar the government borrows today must be paid back by our children, grandchildren and great-grandchildren tomorrow.
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