00:00Mr. Speaker, we're not rearranging deck chairs on the Titanic tonight.
00:05We're putting coal in the boiler and setting a course for the iceberg.
00:10If something is beautiful, you don't do it after midnight.
00:19I oppose this bill.
00:21The gentleman from Kentucky is recognized for 90 seconds.
00:26I'd love to stand here and tell the American people,
00:29we can cut your taxes, and we can increase spending,
00:32and everything's going to be just fine.
00:34But I can't do that because I'm here to deliver a dose of reality.
00:38This bill dramatically increases deficits in the near term
00:42but promises our government will be fiscally responsible five years from now.
00:46Where have we heard that before?
00:48How do you bind a future Congress to these promises?
00:51This bill is a debt bomb ticking.
00:53Congress can do funny math, fantasy math, if it wants, but bond investors don't.
01:00And this week, they sent us a message.
01:03Moody's downgraded our credit rating, and the bond investors who buy our debt
01:07and finance our debt demanded higher interest rates on the 10-year note,
01:12the 20-year note, and the 30-year note.
01:14What does this mean?
01:16Very soon, the government will be paying $16,000 of interest, interest alone per U.S. family.
01:23And what are we telling them?
01:25Instead of taking care of that problem, we're going to give you a $1,600 tax break.
01:31Under the taxing and spending levels in this bill, we're going to rack up,
01:36the authors say, $20 trillion of new debt over the next 10 years.
01:40I'm telling you, it's closer to $30 trillion of new debt in the next 10 years.
01:45Mr. Speaker, we're not rearranging deck chairs on the Titanic tonight.
01:50We're putting coal in the boiler and setting a course for the iceberg.
01:55If something is beautiful, you don't do it after midnight.
02:04I oppose this bill.
02:05I yield back.
02:05The gentleman's time has expired.
02:07The gentleman from Kentucky is recognized for 90 seconds.
02:11Well, I'd love to stand here and tell the American people,
02:14we can cut your taxes and we can increase spending and everything's going to be just fine.
02:19But I can't do that because I'm here to deliver a dose of reality.
02:23This bill dramatically increases deficits in the near term,
02:27but promises our government will be fiscally responsible five years from now.
02:32Where have we heard that before?
02:33How do you bind a future Congress to these promises?
02:36This bill is a debt bomb ticking.
02:39Congress can do funny math, fantasy math if it wants, but bond investors don't.
02:46And this week they sent us a message.
02:48Moody's downgraded our credit rating and the bond investors who buy our debt and finance our debt
02:54demanded higher interest rates on the 10-year note, the 20-year note, and the 30-year note.
03:00What does this mean?
03:01Very soon the government will be paying $16,000 of interest, interest alone per U.S. family.
03:08And what are we telling them?
03:10Instead of taking care of that problem, we're going to give you a $1,600 tax break.
03:17Under the taxing and spending levels in this bill, we're going to rack up, the authors say,
03:22$20 trillion of new debt over the next 10 years.
03:26I'm telling you it's closer to $30 trillion of new debt in the next 10 years.
03:30Mr. Speaker, we're not rearranging deck chairs on the Titanic tonight.
03:35We're putting coal in the boiler and setting a course for the iceberg.
03:40If something is, if something is beautiful, if something is beautiful, you don't do it after midnight.
03:49I oppose this bill and I yield back.
03:50The government's time has expired.
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