tv U.S. House of Representatives Legislative Business CSPAN February 11, 2016 2:00pm-4:01pm EST
committee all morning. our chairman, our republican chairman, was candid, he was cordial, but he was candid in saying that everything that the treasury secretary was offering was dead on arrival. would never see the light of day. this is a wasted endeavor. it ought to be rejected. i yield back. the chair: the chair recognizes the gentleman from the chair: the chair recognizes the gentleman from texas. mr. marchant: i yield three minutes to mr. roskam from illinois. the chair: the gentleman from illinois is recognized. mr. roskam: thank you, mr. speaker. thank you, mr. marchant. mr. speaker, mr. marchant has gotten people's attention this afternoon. i'm really surprised at how lively and engaged our friends ron the other side of the aisle and so it begs the question -- -- is so provock provocative about this bill?
the administration to have a plan about the debt is provocation. i don't think the colleagues on the other side of the aisle have to take the bait. the ranking member said it came out with only republican votes. if i was a democrat i wouldn't say it. i would be trying to claim credit for this. why? because i come from the state of illinois and, mr. speaker, let me tell you what happens when you avoid problems. the state of illinois has avoided problems. year after year after year and now my home state has a $100 billion unfunded pension liability. that's a fact. illinois is a crisis. now, what mr. marchant is proposing is very simple and very clear and if this is provocative, i don't know how to deal with this. it requires the administration to lay out a proposal to reduce the debt in the short term, one to two years.
the criticism of the administration's current budget is that it never balances, ever. think about that. hello, hello, hello, hello. never. there's never a balance. and so what he's saying is, they got to come in and they got to show how they're going to deal with this short term, medium term, understanding its relationship debt to g.d.p., all of these things are so important. we're told, hey, go to the internet. that's where your information is. no. what we need is for the administration to understand the information on the internet, if that's where it is, and come in and present it in a clear way. yes, congress has the primary responsibility. yes, the house republicans have articulated a view that says we can balance this, we can deal with these programs and we can deal with these cost drivers and we met time again by a stiff arm by the president of the united states who has now redefined the concept of
balance. balance used to mean one plus one equals two. now the administration says, well, balance is what was their latest vernacular, long-term fiscal sustainability. that's ridiculous. so representative marchant is to be congratulated. this is a great idea. we ought to be celebrating this. if i were a democrat i wouldn't admit to voting against it, and i urge its passage. i yield back. the chair: the gentleman from illinois yields back. the gentleman from texas reserves. the chair recognizes the gentleman from new jersey. pacific pacific before i reserve -- mr. pascrell: before i reserve, mr. speaker, i just heard something from my good friend from illinois that bears repeating. that is, have the administration come testify on the deficit plan. yo, the president's budget includes $2.9 trillion in deficit reduction. you've refused to visit with the administration to discuss it. how's that for provocation?
i reserve. the chair: the gentleman from new jersey reserves. the chair recognizes the gentleman from texas. mr. marchant: at this time, mr. chairman, it is my privilege to introduce my friend, the chairman of the budget committee from georgia, mr. price for three minutes. the chair: the gentleman from georgia is recognized for three minutes. mr. price: thank you, mr. chairman. and thank you to mr. marchant, my good friend, for introducing this legislation. before i address the legislation, i want to talk very briefly about the president's budget. the president has indeed introduced a budget. it raises over $3 trillion over 10 years period of time. it increases spending. it increases the interest payments on the debt so they approach $1 trillion at the end of 10 years, and we thought it was appropriate to save the president the embarrassment of bringing him before our committee because when you put that budget on the floor, which we've done in the past, the president gets two votes from his own party.
just two. so we thought it was appropriate to save the president that embarrassment. but i want to commend my friend, mr. marchant from texas, for introducing this legislation today, h.r. 3442. this really is a simple and straightforward piece of legislation. the bill enhances accountability. it reduces potentially disruptive risks to our economy, and it would help congress reach real debt reduction solutions that the american people so clearly desire and deserve. under this act, as we approach any debt limit, the administration would have to appear before congress and provide testimony on what's driving that national debt so that we know they actually appreciate the drivers of that debt, relate a clear unambiguous series of proposals on deficit and debt reduction which they don't do, by the way. the president's budget never balances. and update congress on progress being made towards debt reduction, a principle we believe and the american people believe is important but apparently this administration does not. now, as budget chairman, i can tell you there's nothing more
troubling than the ever-increasing spending that happens around here, especially in the automatic programs. that's why i'm heartened this bill would require the administration to project the fiscal health and the long-term sustainability of major programs like medicare and social security, which by the way, are going broke unless something is done. this bill will help further educate the american people on the dire need to save and strengthen and secure these programs. our budget, the proposal that we put forward, has proposed positive solutions and we need the administration to be a cooperative partner in getting solutions enacted. forcing them to confront these challenges will be helpful and this bill will do that. it's pretty simple, mr. chairman. house republicans have been proposing action our nation needs to take in order to get spending under control and to reduce our debt. it seems only fitting and proper that the administration should have to do the same. that's why i'm urging a yes vote on this bill and thanking mr. marchant for introducing the legislation, and i yield back.
the chair: the gentleman from georgia yields. the gentleman from texas reserves. the chair recognizes the gentleman from new jersey. mr. pascrell: thank you, mr. speaker. mr. speaker, i just heard something very interesting. when i hear things interesting, i like to repeat them. so we're going to save the .resident the embarrassment he said today, that is less than a lame excuse, said the ranking member, save the president the embarrassment. you should be embarrassed. balancing the budget on the money from the affordable care act, which you recommended we destroy. how's that for embarrassment? i'd like to give four minutes to the gentleman from new york, a distinguished member of the ways and means committee, mr. crowley from the queens. the chair: the chair recognizes the gentleman from new york for four minutes. mr. crowley: i appreciate the gentleman who was educated in
the bronx. we're referred to queens, not the queens. the issue of the country's deficits are of greater concern to our constituents at home than they appear to be to many people in this chamber. our constituents understand and support some government spending is necessary to keep our country going strong, and our constituents understand that some debt is needed. like government, they incur debt too. a mortgage, a car loan, a student a lot, credit card debt, a small business loan. but they also get alarmed when they see deficits that are too high. so that's why it's the job of congress and the president to develop a budget and raise and spend the necessary revenue to operate the government while also meeting the demands of our constituents. this week president obama submitted his budget plan to the congress for review.
within that budget is a plan to senseably cut the nation's deficit -- sinciblely cut the nation's deficit by $2.9 trillion. now, i think there are some good ideas in the budget. maybe others will disagree. but congress should at least discuss it. earlier this week, they refused to allow the white house to come to congress and discuss the budget and the deficit. we're spending time and taxpayer money to debate a bill to mandate the white house come to congress and discuss the budget and the deficit when earlier this same weeks the same folks refused to allow the white house to come to the congress and discuss the budget and the deficit. it's a telling action by my republican colleagues as they want to look like defenders of the taxpayers' money by demanding answers on how to reduce the deficit, which is a good thing, while blocking the ability for us to actually get any answers on how to reduce
the deficit. so because they refuse to invite the white house budget director to discuss the budget, let me share with you a few things the white house officials would have said if they were invited to speak before the congress on the budget and the deficit. remember the $800 billion in tarp funds paid to the nation's largest banks for the bush administration? the banks have repaid the money with interest under president obama. those trillion-dollar annual deficits that started under brush's administration in part due to the republican is he session of 2007 to 009? well, those trillion-dollar deficits are gone. more americans are working now more than ever in the history of the united states with private businesses adding over 14 million jobs under the policies of democrats. one of those policies was supporting the u.s. auto industry. when my republican friends wanted to destroy and bankrupt
detroit, democrats fought to save the u.s. auto industry and today the american car industry is on fire and has added over 645,000 american jobs since the year 2009. now, republicans will argue -- are pushing forward to eliminate the annual deficit and will not increase the debt, but that simply is not true. the republican budget, while theoretically balancing in 10 year increases the national debt by $3 trillion in that time period, which has an increase in the debt ceiling. therefore, republicans, despite their claims and their rhetoric, have to increase the debt ceiling or else the u.s. defaults. so republicans claim they won't raise the debt ceiling are either not being honest about raising the debt ceiling or not being honest about their budget or they want the u.s. to not pay its bills and default. which is it? additionally, the republican
budget estimates $5.5 trillion in spending on programs like student loans, unemployment insurance, child support programs as well as medicare and medicaid and social security that they be cut. mr. pascrell: mr. speaker, one more minute to the gentleman, please. the chair: the gentleman is recognized for one minute. mr. crowley: but at least they detail these cuts, such as ending medicare as you know it. even more sinister, their budget, that every one of them brags about supporting, includes a $1.1 trillion spending cut that are not even detailed except to say they will go after retirement programs for federal employees, military personnel and veterans but they very cleverly hid those cuts in a footnote in their budget. i'm wondering on what page their phony budget, where they create unicorns, but everything else in their so-called budget is one big giant fairytale.
so, mr. speaker, let's not fool the american people. they know exactly what's going on here. they want it both ways. call the white house and say they want to discuss the deficit yet at the same time this very week give the budget director the invitation to come before the congress and talk about the budget and the deficit. the american people are asking, what's going on? they know exactly what you're doing. once again, using rhetoric but not addressing the real problems of everyday americans. mr. speaker, we need to -- the chair: the gentleman's time has expired. mr. crowley: do the american people's business and get the answers they need that they demand. the chair: the gentleman's time has expired. the chair recognizes the gentleman from texas. mr. marchant: mr. speaker, just a moment i any a careful review of the bill will reflect that this bill's effective date will be 2017.
and i -- while i cannot say with any certainty who the president will be or which party it will be, i would remind the house that this bill puts responsibility on the administration regardless of which party holds the white house and it is an ongoing responsibility that will further the discussion and collaborative nature of our solutions to debt -- to this debt. at this time it's my privilege to recognize the gentleman from virginia for three minutes, mr. brat. the chair: the gentleman from virginia is recognized for three minutes. mr. brat: thank you, mr. chairman. the gentleman from texas, thank you very much. i had some prepared remarks, but the opposition just brought up rhetoric and unicorns in the same sentence and so i feel obliged to respond with a couple of preliminary remarks. i'll just make four. the rhetoric is easy to come by
in this city, but the facts are very clear. i have never seen a democrat budget that has been smaller than a republican budget. every year they turn in a budget that is significantly bigger than ours. that's just fact number one. fact number two, our budget balances in 10 years. i have never seen in my history here a democrat budget that balances in any time horizon, and we're talking about the debt. i never heard the current our unfunded on liability problem which is in the hundred trillion dollar range. serious number and economic challenge our country faces. i have never heard our president bring that up as a problem to solve. and finally, when it comes to
fiscal restraint on the other side, the winner of the new hampshire primary on the opposite -- opposition side is calling for faces. i have never heard our president bring that up as a problem to solve. and finally, when it comes to fiscal restraint on the other side, the winner of the new hampshire primary on the 90% tax rates and free everything. when it comes to rhetoric, those are just four civil facts i offer to the other side when it comes to fiscal responsibility. i want to move forward and commend representative marchant for putting this bill forward. this country desperately needs to have an honest conversation about our fiscal problems. the full range from the debt of 19 trillion to the unfunded liabilities at 100 trillion. total outstanding public debt exceeds 19 trillion, we just passed that this week or so. the unfunded liabilities are multiples of that. deficits are exploding in the 500 billion dollar range per year. deficits by 2026 will be about $1 trillion a year. that will bring the total debt to about $30 trillion in a decade. all of this is on the back of our children. if we continue on the path of the status quo, we end at a debt drycies as china is in now. that's why i support this bill because it advances the dialogue exactly when presidential
leadership is most needed, when the debt limit looms. having leadership from a responsible president could make a world of difference. of course, talking isn't the end goal. talk must spur action. these problems get harder to solve the longer we wait. according to c.b.o.'s 2015 long-term budget outlook, if we wait 10 years, the costs will be nearly 1/3 greater as a of g.d.p. and even larger in dollar terms. that's why it's so important we address this critical issue head-on now. it's also getting harder to address the drivers of debt. annual spending bills cover only 30% of federal spending. and it will be 22% in 10 years. the rest of federal spending is on auto pilot. pilot 1966, auto onsumed 34% of federal revenues. by 2026, auto pilot spending is on track to be 98.7% of revenue
in a vastly larger economy. the speaker pro tempore: the gentleman's time has expired. mr. marchant: yield the gentleman an additional one minute. the speaker pro tempore: the gentleman is recognized for an additional one minute. mr. brat: some say it's all demographics. as society changes our institution vs. to keep up. that's what we are trying to do n this bill. we do not continue to ignore the debt crisis. let's address it now while we still can make meaningful reforms. thank congressman marchant for proposing this bill. let's come together and pass this bill and continue with the reforms that will make the economic outlook for our children and future generations greater and brighter. our fellow citizens expect no less. thank you, i yield back. the speaker pro tempore: the gentleman from virginia yields back. the gentleman from texas reserves. the chair recognizes the gentleman from new jersey. mr. pascrell: mr. speaker, what balance we have in time?
the chair: the gentleman has six minutes remaining. texas has 10 minutes remaining. mr. pascrell: i call on with your permission, mr. speaker, the gentleman from illinois, a member, the chair: the gentleman the chair: the gentleman from illinois is recognized for three minutes. mr. davis: distinguished member for three minutes, mr. davis. t speaker. i want to thank the gentleman from new jersey for yielding. mr. speaker, i rise in opposition to h.r. 3442, and i do so because the bill imposes rdens on treasury that are totally unnecessary and will do absolutely nothing to improve our national debt. it is congress that makes spending and revenue decisions, and it is congress' responsibility to raise the debt limit when needed to enable
treasury to fulfill the debt obligations that we have made. if you owe, you pay. rather than wasting our time on a redundant report by treasury that does nothing to grow the economy, we should focus our ime on creating jobs and strengthening families. i can think of many things that we could be talking about. raising the minimum wage. creating summer jobs for youth. creating jobs through infrastructure development. supporting businesses to hire more workers. and increasing grant aid to families so that they could afford college. although our economy has demonstrated some solid labor market trends, we know that they
are still -- there are still individuals who are not benefiting from the tremendous economic recovery that we are experiencing. for example, the university of illinois, chicago just completed a study that showed that half the african-american males in the city of chicago between the working20 to 24 are not and not in school. we could be using this time, our ime, to figure out ways to bring these individuals in to the labor market so that they become productive citizens rather than reviewing another report that tells us nothing that we don't already know. bring these so, i oppose the legislation not
ecause it's so bad legislation it's a waste of our time, energy, and effort we need to be figuring out ways to solve problems. i yield back the balance of my time. the chair: the gentleman from illinois yields back. the gentleman from new jersey reserves. the chair recognizes the gentleman from texas. mr. marchant: thank you, mr. chairman. at this time i'd like to recognize one of my colleagues on the ways and means committee, mr. renacci, from ohio, for three minutes. the chair: the gentleman from ohio is recognized for three minutes. thank thei: i want to gentleman from texas. mr. speaker, i rise today to support of h.r. 3442, the debt management and fiscal responsibility act of 2015. this bill isn't about budgets. i have listened today. it's about a process. a process to keep our eye on the debt by all members of congress. ericans want us paying
attention to our national debt. our collective debt has now surpassed $19 trillion, which is $58,000 per american. sadly, these numbers only the tip of the iceberg as they don't include, as my colleague, mr. brat, indicated, tens of trillions of dollars of unfunded liabilities stemming from some of our entitlement programs. to me this is inexcusable. we need an accurate accounting of our country's financial health and this legislation is a sorely needed first step only, a first step to start the dialogue in finding a solution to this growing problem. h.r. 3442 will require the secretary of the treasury to provide a report to congress reaching the bt statutory limit. the report must include historic, current, and projected levels of debt, the drivers and of future debt, and
how the united states will meet the debt obligations if the debt limit is raised. as someone who spent nearly 30 years in the business world, i know the importance of leveraging debt to grow a business and in this case to move the government forward. i understand that sometimes we have to borrow, but if i showed up to a bank without an explanation and plan to replay my obligations, i would be laughed out of the building. if i told the bank the financial statements are on the internet, i sent them to you already, or you already have them, the laughing would stop, the debt would be called. why should raising the net limit be any -- nasht let limit be any different? the treasury should present a plan to congress. this straightforward legislation is not dicive. it will apply to both democratic and republican administrations. it will not even affect the current add m. let me be very clear. our debt is not a democrat or republican problem. this is an american problem. i travel throughout my district in ohio, i hear from my constituents regarding their concerns about the direction of
our country and what we are leaving our children and grandchildren. congress must work together to put our national debt back on a sustainable path. that's what this legislation starts the process of doing. i would like to commend mr. marchant for his leadership on this legislation and i urge my colleagues to join me in support. thank you. i yield back the balance of my time. it the chair: the gentleman from ohio yields back. the gentleman from texas reserves. the chair recognizes the gentleman from new jersey. mr. pascrell: mr. speaker, i reserve. the chair: the gentleman from new jersey reserves. the chair recognizes the gentleman from texas. mr. marchant: thank you, mr. chairman. at this time it's my privilege to recognize a member of the rules committee, mr. woodall, from georgia, for three minutes. the chair: the gentleman from georgia is recognized for three minutes. mr. woodall: thank you, mr. chairman. i thank my friend from texas for bringing this bill to the house. i confess, mr. chairman, i served on the budget committee since i arrived in this house five years ago. i have listened to testimony on every single budget the president has submitted to this congress.
and among all the calls of the redundancy of this legislation, i want to just encourage my colleagues to read the five short pages that are this bill t says this, not more than 60 days and not less than 21 days before the debt sealing ceiling is to be raised, the secretary of the treasury shall submit the following -- a detailed explanation of proposals of the president to reduce the public debt in the short term, which is the next fiscal year. the medium term, the next three to five years. and the long term, the next 10 years. five years i have served in this institution, five budgets of this president i have looked at, one ne reduced the debt by penny this year, next year, 10 years from now, or 100 years from now. this is not redundant. what mr. marchant is asking of to the this president but the next president, whoever he or she may be, is to not promise
the american people everything on their children's credit card. that if you're going to come to the american people and ask for a credit line increase on america's credit card, you ought to offer at least some semblance of a plan for paying the bills back. i have heard the charge of hypocrisy here on the house floor. i serve on the house budget committee every single year, this house, republicans and democrats, pass budgets that balance. every single year. this house, republicans and democrats pass budgets that plan not just to pay back a penny of debt, but all of the debt. we can't expect less from our next president. e have to expect more. republican or democrat. the next president before coming to ask the debt ceiling to be increased should come with a
plan for eventually paying that debt back. mr. chairman, it's embarrassing to me that a clean debt ceiling increase is part of the national parlance. i have seventh, eighth and ninth graders back home who know what a clean debt ceiling is. we should never have a clean debt ceiling increase. we should never raise the america people's credit line without a plan for paying it back. not once, mr. speaker. have we considered a bill on the floor of this house that has the requirement that mr. marchant is proposing today. the burden will fall on us to implement it. but leadership falls to the white house as well. don't come ask the american people for more money until you come with a plan for eventually balancing the books. that's not too much to ask, mr. speaker. mr. chairman. in fact, it is too little to ask but it's a fantastic first start. i ask all of my colleagues to support this bill. i yield back.
the chair: the gentleman's time has expired. the gentleman from texas reserves. the chair recognizes the gentleman from new jersey. if pascrell: mr. speaker, you have no more speakers, i'm prepared to close. mr. march clant: i'm prepared to close. mr. pascrell: thank you. mr. speaker, from a few speakers today on the other side i have . ard apocalypse now both sides of the aisle, i , get to at to balance day where we balance the budget. we did it several years in a row at the end of the clinton administration. i believe my friends on the other side of the aisle are well-intentioned in drafting
this legislation. i believe they want it to focus attention on the ways to address our debt and deficit. i agree. i believe that instead of toying with the fault, because that sends a horrible, horrible , weage to the world economy should do our job as members and discuss real long-term solutions to our budgetary challenges. in fact, i think my good friend from texas would agree, we had an outstanding discussion in the rules committee, because i never heard that discussion on the floor of the house, maybe i missed it, i don't know, did i miss it? our discretionary spending, which we used to make critical investments in the infrastructure and education and laying a foundation for our nation's future for our kids
and our grandkids, economic growth, that discretionary spending is at the lowest level since 1940. even the gentleman started to refer to it anyway from virginia said a few moments ago. talk about 30% discretionary money, but he was wrong when he said we had not done anything to our insurance programs or entitlements. the affordable care act rears its head again, extended medicare for 12 more years. i think that's a pretty big deal in talking about one of these mandatory costs that we have. 12 years more because of the affordable care act. by the way, if you get rid of the affordable care act, what are you going to do with the people who don't have insurance anymore and what are you going to do about the 12 years we extended for medicare? perhaps that's all in this phantom budget we have out there.
cost increases moving forward will be driven by mandatory programs. you know it and i know it, like social security and medicare, mostly due to an aging population. we started to address this problem with the affordable care act. we have a long ways to go. many members of this body have reasonable proposals to address the growing cost of health care and social security on both sides of the aisle, so i believe we would be better served working together, debating together than sitting here today talking about another report that tells us what we already know. and i thank you, mr. chairman. i yield back the balance of my time. it was my pleasure. the chair: the gentleman's time has expired. the chair recognizes the gentleman from texas. mr. marchant: thank you, mr. chairman. i thank the gentleman from new jersey for the continued debate on this bill. this bill is very simple. the bill does not try to talk
about the past. it doesn't try to address the reagan administration or the clinton administration or the bush administration or the obama administration. it tries to look forward and say that the secretary of days before o 60 he announces that we will reach the debt ceiling -- in this case next year it will be march of 2017, so about the time next year, if this bill is made law, the secretary of the treasury will appear before the ways and means committee and the senate finance committee and they give a et jointly and plan from the administration on what the administration intends
to do about the national debt. now, it is important to know what the intentions of the current administration is about the national debt. the report will, first, provide a detailed accounting of the state and national debt. the state of the national debt it would include the comp significance and trajectory of the -- composition and trajectory of the debt and second, it would just say, here is the administration's proposal to reduce the debt in the short term, the medium term and long term. may be very well from the administration, the answer may be, we have no intention whatsoever in addressing the debt in the short term, the medium term or the long term. if that's what the treasury secretary wants to report to
congress, that could be his report. third, if the administration requests subsequent debt limit increases, the secretary would be required to provide a progress report on prior debt reduction proposals. and finally, the bill would require of treasury to put all these documents online so the american people can read the report for themselves. the nation owes $19 trillion. the debt is growing every second. addressing the debt is a shared responsibility, and we should use all available tools to manage this responsibility. this type of process is not new. in fact, today the chairman of the federal reserve is appearing before the senate. and earlier this week appeared before the house. under the humphrey-hawkins act, it required the federal reserve chairman to appear before congress to give a statement on
monetary policy. i don't think it's too much to meeting a year for the secretary of treasury to come to congress and state his or her opinion and view about the national debt and the administration's plan on how it plans to reduce the debt. a fact, this bill would be simple first step to addressing that problem. i urge the house to pass this bill and yield back the remainder of my time. the chair: the gentleman from texas yields back. all time for general debate has expired. pursuant to the rule, the bill shall be considered for amendment under the five-minute rule. the bill shall be considered as read. no amendment to the bill shall be in order except those printed in part a of house report 114-420.
each such amendment may be offered only in the order printed in the report by a member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment and shall not be subject to a demand for division of the question. it is now in order to consider amendment number 1 printed in part a of house report 114-420. for what purpose does the gentleman from arizona seek recognition? mr. grijalva: mr. speaker, i have an amendment at the desk. the chair: the clerk will designate the amendment. the clerk: amendment number 1 printed in part a of house report 114-420 offered by mr. grijalva of arizona. the chair: pursuant to house resolution 609, the gentleman from arizona, mr. grijalva, and a member opposed, each will control five minutes.
the chair recognizes the gentleman from arizona. mr. grijalva: thank you, mr. speaker. mr. speaker, my amendment simply asks that in the spirit of this bill and the context of examining the debt we take a look at the federal revenue trends which are a critical part of the conversation we are having. specifically, this amendment asks treasury to include in their report the historic levels of federal revenue, including information on corporate and individual federal income taxes. while we may disagree on the merits of the underlying bill, i hope we can agree that it is important to have a complete picture of the federal budget when looking at debt and deficit issues. when we look closer at our current revenue policies, a fuller picture emerges and this picture could change our perspective on the needs to cut programs that americans hold so high and instead raise questions about the need to close loopholes that prevent us from investing in areas of the budget that support the -- supports the middle class and
working families. here are a few reasons why we may want to consider changes to this conversation. corpses contribute one out of every three dollars in federal revenue. today it's one out of every 10 dollars and at the same time more corporations are more profitable than almost ever before. american taxpayers are losing about $90 billion every year due to off-shore tax loopholes. in the 1950's, corporate taxes were both about -- corporate taxes were about 6% of the economy. today they are 1.9%. all in all, federal revenue contributed by corporate taxes has dropped by 2/3 over the last six decades. mr. speaker, this amendment would also allow treasury to look at individual tax rates so we can examine if the wealthy are really paying their fair share. currently, many tax loopholes are reserved for wealthy americans, and these tax
giveaways are leaving the middle class to pick up their tab. some billionaires and millionaires are paying a lower effective tax rate than the average american family. this is wrong. hard work should never be taxed more than those that work on wall street. x break -- when they don't pay their fair share of the taxes, everyone else picks up the tab. we pay higher taxes and gets fewer services and our country goes deeper in debt. instead of making seniors pay more for medicare or cutting social security benefits, we could close loopholes that allow large corporations to hide profits off-shore. instead of cutting funding for repairing our roads and bridges, we could end huge tax subsidies to oil and gas companies, making record profits. instead of cutting funding for teachers and firefighters, we
ask should multibillionaires to pay a tax rate as those public servants pay. they shouldn't dodge high tax rates. it's time to address corporate tax dodging and invest in america again. if we close these loopholes for corporations that ship jobs overseas, high profits off-shore, we can raise billions of dollars to invest in america. we could make our classrooms less crowded, improve roads and bridges and provide more security for the american people. unfortunately, the bill we are voting on today leaves out this entire conversation and instead offers false choices of austerity or default. please, i hope you will join my -- my colleagues will join for asking a fuller picture of our tax policy by supporting this amendment, and i yield back. the chair: the gentleman from arizona yields back. the chair recognizes the gentleman from texas. mr. marchant: mr. chairman, i rise to claim time in opposition to the amendment. although i am not opposed to
the amendment. the chair: without objection. mr. marchant: this amendment to h.r. 3442 brings very valuable information and transparency to the debt limit process. the amendment offered by mr. grijalva would strengthen the legislation by requiring the administration to report additional information on federal taxes and revenue. however, i will note that revenues are above their historical average as a share of g.d.p., so the problem surrounding the unsustainable trajectory of our national debt isn't that americans are not taxed enough. it's that washington spends too much. with that said, i support the text of the gentleman's amendment. the chair: does the gentleman yield back? mr. marchant: the gentleman yields back. the chair: the gentleman from texas yields back. the question is on the amendment offered by the gentleman from arizona. those in favor say aye. those opposed, no.
in the opinion of the chair, the ayes have it. he amendment is agreed to. it is now in order to consider amendment number 2 printed in part a of house report 114-420. for what purpose does the gentleman from kansas seek recognition? mr. huelskamp: thank you, mr. chairman. i have an amendment at the desk. the chair: the clerk will designate the amendment. the clerk: amendment number 2 printed in part a of house report 114-420 offered by mr. huelskamp of kansas. the chair: pursuant to house resolution 609, the gentleman from kansas, mr. huelskamp, and a member opposed, each will control five minutes. the chair recognizes the gentleman from kansas. mr. huelskamp: thank you, mr. chairman. i appreciate the opportunity to offer this amendment on a very important bill. i appreciate the work of the gentleman from texas. i believe the bill's necessary. my amendment hopefully will provide some additional information. as we know, congress has the authority to set the debt limit. the president, through the secretary of the treasury,
however, has the apparent authority to set the date at which all the cable networks peg their doom's day countdown clocks. we saw this firsthand in 2011 and 2013. and even if receipts, expenditures or the use of extraordinary measures change their projections of the exhaustion date, treasury is not required in any way to provide regular, vary fivel updates to congress -- vary fiveable updates to congress and the elected officials. and on increasing the nation's maxed out credit card are simply to take treasury's word for it, sometimes months after initial estimate. my proposed amendment is very simple. it would require the treasury provide a weekly reporting of extraordinary measures and the projected exhaustion date per our nation's debt limit. it's a matter of transparency. but it's also exactly the information we need as members of congress to fulfill our constitutional responsibility
on this issue. consider just how long the use of extraordinary measures lasted in 2015. they were originally utilized on march 15, yet the treasury set november 3 as the date of exhaustion, over seven months later. that creates, i believe, a lot of uncertainty and treasury continues to control the entire process. transparency is always a better policy, mr. chairman. to further illustrate why this is needed, last week a report was submitted by the house financial services committee that found apparently the department -- apparently misled congress regarding their capabilities and plans concerning debt payments back in 2011 and 2013. without going in too much detail, the findings of the report i believe are clear. treasury did not report to congress the specific actions they could take once the debt limit is reached. . to help sure the american people
and congress can make decisions on this critical issue. i reserve the balance of my time. the chair: the gentleman from kansas reserves. the chair recognizes the gentleman from new york. mr. crowley: i rise in opposition, claim time in opposition. the chair: the gentleman is recognized. mr. crowley: mr. chairman, we democrats don't want to default. we believe we should get our deficits under control now and not at the moment of default. i believe my republican colleagues continue to run from deadline to deadline. creating great anxiety. i don't know if you-all noticed how the markets are reacting today with the situation in europe and china. not doing so well. yet we continue this notion of bringing back before the people, before the world, the notion that we'll have a default someday and we'll prioritize the payment of default.
creating the notion or idea that somehow the u.s. government might even default on its bills someday. that in itself is very destabilizing. i know we'll have an amendment later on this afternoon. in fact, this president, our president, has a proposal in his budget to cut an additional $3 trillion from our nation's deficit. on top of the $4 trillion in deficit reduction that has already been enacted into law. in fact, this president, president obama, cut the trillion dollar bush deficits in half it, in more than half, in 4 1/2 years. america is moving forward. but the underlying issue is the republicans are afraid that if they allow the white house to come here to the hill in the form of the budget director to testify on the budget these pesky little facts will become
more commonly known to the american people. i only have last year's republican budget to go by, i wait with bathed breath for the 2016 budget to come out, all i have is the 2015 budget. and although there is some transparency that would make cuts to balance the budget, they make cuts in social security, they make cuts in medicare, they make cuts in medicaid and other health. they would entirely eliminate the affordable care act. what all know complications come with that. no prescreening. if you're under 26 you would no longer have your parents' insurance. those who already have pre-existing conditions would be discriminated against by insurance companies. we know all the bad things. you-all want to see that come to fruition. you also have another less transparent mind that says, other mandatory cuts. o the tune of $1.1 trillion. now, you don't spell out what
that means, but i would imagine, i have to assume, it would mean making mandatory cuts to our veterans, to military personnel, to federal employees just to name a few. to get $1.1 trillion in additional cuts, those are where the cuts would come from. that may be your platform. you want to make cuts in veterans and in military personnel and federal employees. those are cuts you are going to propose. you should just make it more transparent. because the american people are looking for transparency. they want the debate. we know the cuts you proposed right now in terms of social security, medicare, medicaid, and the affordable care act, but let's be honest, you want to cut military and federal employee pensions. but you're not spelling it out here. i wonner -- wonder how the folks nearby in virginia or maryland feel about the cuts you want to make in federal employee pensions, but you don't actually spell it out in your budget.
you call it other mandatory cuts. so the american people should assume what that means. we are just trying to give a little more transparency to what your cuts actually mean. they mean cuts to military and federal employee fences. just a little honesty. just a little transparency. that's what the american people are looking for. dems oppose the g.o.p. plan of threatening default or paying the china first act bill which means no social security checks, if that were to go into effect. no dr. reimbursements from serving medicare patients. calls into question the paying of our troops. eally calls into question what we have prided ourselves on as america. and that we pay our debts. we don't even create the
suspicion, alexander hamilton is rolling in his brave today because even creating the suspicion you would not pay the american people's debts. we have an obligation to do our work, to do our business. not for shenanigans but to get the people's work done. mr. speaker, mr. chairman, i would suggest that this bill doesn't really further or advance getting the people's work done. it's creating more bureaucracy and more time on the floor, taking up more precious time in debate. that's where we are at, mr. chairman. with that i yield back the balance of my time. the chair: the gentleman's time has expired. the chair recognizes the gentleman from kansas. mr. huelskamp: i would like to yield two minutes to the gentleman from texas. the chair: the gentleman from texas is recognized for two minutes. mr. marchant: i thank the gentleman for yielding me time. this amendment that mr. huelskamp has offered requires the administration report on extraordinary measures on a weekly basis so that congress will have the most up-to-date information available. i can tell you that at the very
heart of this bill as i begin to put it together a couple years , the s the fact that we very fact that through a press release the secretary of the treasury could come out and declare that we were -- pick some date out of midair and say we were going to reach the debt ceiling. and then we would go month amonth after month not knowing whether he would come out again with another press release that says, it will be next week. and so it was my opinion, and i agree with mr. huelskamp, that the secretary of treasury needs to inform congress what extraordinary measures he or she to extend theweek
debt limit deadline. it's a great amendment. it adds to the bill. i appreciate the gentleman. i yield back. the chair: the gentleman yields back. the chair recognizes the gentleman from kansas. mr. huelskamp: i reserve the balance of my time. the chair: does the gentleman yield back? mr. huelskamp: closing statement then yield back my time. the chair: the gentleman from new york's time expired. mr. huelskamp: i appreciate support from the gentleman from texas. i appreciate support from ways and means committee. i certainly appreciate the comments across the aisle, the need for transparency. we are an information vacuum on this issue as members of congress and the american people. it simply requires a weekly report so folks outside of the department of treasury know what's happening with our nation's credit lines. with that i urge my colleagues and i yield back the balance of my time. the chair: the question is on the amendment offered by the gentleman from kansas. so many as are in favor say aye. those opposed, no. in the opinion of the chair, the ayes have it. the amendment is agreed to.
it it is now in order to consider amendment number 3 printed in part a of house report 114-420. for what purpose does the gentleman from washington seek recognition? >> mr. speaker, i have an amendment at the desk. the chair: the clerk will designate the amendment. the clerk: amendment number 3 printed in part a of house report number 114-420. offered by mr. newhouse of washington. the chair: pursuant to the house resolution 609, the gentleman from washington, mr. newhouse, and a member opposed, each will control five minutes. the chair recognizes the gentleman from washington. mr. newhouse: thank you, mr. speaker. it's very fitting today that we are considering this bill. it's the same week that the president released his final budget of his administration. a budget that would add nearly $2st6 trillion to our -- $2.6 trillion to our national debt over the next five years. in fact, this president has never commit smithed a budget to congress that would balance.
few americans may realize this, but just last week our national debt reached $19 trillion. mr. speaker, $19 trillion. when the president came to office in 2009, the debt stood at $10.6 trillion. so that's nearly doubling our national debt in just seven years' time. r. speaker, we are on a high speed train. careening towards a fiscal cliff. soon it may be too late to throw slow this train down. if i could in the name of all that is fiscally sane, i would enact an amendment to the constitution right now requiring us to balance our budget, but, unfortunately, mr. speaker, our constitution requires 2/3 of our colleagues here in congress to approve that amendment. which history and previous votes on constitutional amendments has shown is a very difficult bar to reach. while this measure may not be
the balanced budget amendment that our country desperately needs and deserves, it will help draw a very clear line of distinction in the sand. mr. speaker, the amendment that my colleagues from virginia and ohio and alabama and i are offering would simply require the president to tell the american people whether or not they support a balanced budget amendment when he or she asks for a debt ceiling increase. it's as simple as that. this is about transparency. and about being open with the american people. this where you stand on very critical issue. it would provide a very clear contrast if the president asked raise the debt ceiling by dollars in this
case, but offers no support for a measure that would put an end to our nation's debt problems for good. make no mistake, the time is quickly coming when our nation will have to make the decision if we want to restore the fiscal health of our nation to a state of stability and prosperity for future generations. or go down the same road of nations like greece that have been shattered by their debt woes. when that day comes, the american people deserve to know who is standing where. thank you. i reserve the balance of my time. the chair: the gentleman from washington reserves. the gentleman from new york is recognized. mr. crowley: i rise in opposition and seek time in opposition. the chair: the gentleman is recognized. mr. crowley: mr. chairman, i have three dollars in this case, but offers no support for a measure that would put an end to our nation's debt problems for good. children. i hate it when they come to me on sunday night and say, dad, i have a paper due tomorrow, can you help me out with it? in many respects that's how i feel my republican colleagues are treating government today. they are like children that need to be forced to do their homework. forced to do their job.
and they are doing it always on the last minute. in many respects some of the amendments we are talking about today are memorializing the notion of running government from deadline to deadline. we shouldn't be doing that. you don't make good judgments. i would dare say my children's papers aren't as good when they wait until the last minute to do them. and i suspect maybe we don't run government when we go from deadline to deadline. we shouldn't run our government his way. dems have taken action to lower the deficit and restore the economy. democrats don't want to default. i believe we should get our deficits under control now and not the moment of default. i know i may sound a little bit like a gentleman running for president, mr. rubio, because i'm going to be repeating myself, but i think it bears repeating some of the facts. that's where the president, again, has proposed $3 trillion in deficit reduction on top of
the $4 trillion in deficit reduction that has already been enacted into law. again, this president cut the trillion dollar bush deficits by more than half in just 4 1/2 years. america is moving forward. america doesn't need to be great again. we already are great. we have the ability to deal with our fiscal problems. if we stop doing it from deadline to deadline and address a smart and healthy way. but the underlying issue is republicans are afraid that if they are allowed to bring the white house again here before us today to testify on their budget that they are proposed, that again pesky facts will get in the way. i just point them out again. we have a little yellow line going through it here. other mandatory cuts in the republican budget. $1.1 trillion in cuts. again i don't know exactly what they are, but i can only assume
hat those cuts are to military and veterans' pensions and federal employees' pensions. i don't know how many federal employees who live in the virginia area, for instance, are paying attention to the debate today, or those who live in maryland who are paying attention to the debate today, but i suspect if they are they would be concerned about this one line that's highlighted because it would include under e republican budget for 2016 cuts, mandatory cuts to veterans, to military personnel, and federal employee pensions. . i think we need to be more open about what those cuts would be to balance your budget. so, mr. chairman, i think, nothing personal against the person who is offering the amendment, again, i just think it further moves forward this notion that we're going to continue to operate government
deadline to deadline. the american people are sick and tired of government operating this way. they want more thoughtful government. this is not an answer to that. with that, i'll reserve the balance of my time. the chair: the gentleman from new york reserves. the gentleman from washington is recognized. >> mr. speaker, i'd like to yield to the gentleman from texas. the chair: the gentleman from texas is recognized. >> thank you, mr. speaker. this amendment offered by mr. newhouse would absolutely strengthen h.r. 3442. and by requiring the secretary of the treasury trorp to congress information on the debt creel -- to report to congress information on debt ceiling. this would add more clarity to the process. mr. marchant: and therefore i recommend to the members that they vote yes. i yield back. the chair: the gentleman yields back the balance of his time. the gentleman from washington reserves. the gentleman from new york is recognized. mr. sires: how much time do i
have remaining -- mr. crowley: how much time do i have remaining? i think my republican colleagues need to be more clear, more transparent. the gentleman just mentioned transparency. the republican budget is begging for transparency. the american people want to know exactly what is meant by other mandatory cuts. o the tune of $1.1 trillion. where do those cuts -- where do they end up being made? i can only suggest again to veteran, to military personnel, employees and their pensions, again, people living in the greater metropolitan washington, d.c., area, those who live by norfolk and virginia and other heavy military as well as governmental personnel areas, they have to question -- i hope they're questioning what you all mean by those mandatory cuts. i believe it means veterans, military personnel and federal
employees' pensions will be cut if the republican budget were -- get enacted into law. so with that, mr. chairman, i will yield back the balance of my time. the chair: the gentleman yields back the balance of his time. the gentleman from washington is recognized. mr. newhouse: mr. speaker, just in closing, this is a very simple amendment. just requiring the administration to state whether or not they would recommend to congress to adopt a balanced budget when they ask for a debt ceiling increase. our debt, our national debt, is one of the biggest threats to our nation that exists. the american people need to know where the administration is and where congress is on this important issue. you know when the president ran in 2008, he promised that his administration would be the most transparent administration yet. so it just goes along with that promise, to help them keep that promise. today the all about transparency. letting the people know where we stand. and with that, i would ask my
colleagues' support on this important amendment. thank you, mr. speaker. the chair: the gentleman from washington yields back. the question is on the amendment offered by the gentleman from washington. those in favor say aye. those opposed, no. in the opinion of the chair, the ayes have it. he amendment is agreed to. it is now in order to consider amendment number 4 printed in 420. a of house report 114- for what purpose does the gentlewoman from illinois seek recognition? ms. kelly: mr. chair, i have an amendment at the desk. the chair: the clerk will designate the amendment. the clerk: amendment number 4 printed in part a of house report 114-420 offered by ms. kelly of illinois. the chair: pursuant to house resolution 609, the gentlewoman from illinois, ms. kelly, and a member opposed each will control five minutes. the chair recognizes the gentlewoman from illinois.
ms. kelly: thank you, mr. chair. my amendment is simple. it merely expands the report the treasury secretary must submit per the underlying bill, to include an analysis of economic cost of failing to raise the debt limit. especially with regard to cost to our nation's public health and safety. i agree with my friends on the other side of the aisle. that misguided deficit spending poses a serious risk to our nation's long-term financial stability. it is crucial that we get our fiscal house in order. simply raising the debt limit without discussing strategic ways to increase revenues and cut costs is unacceptable. equally unacceptable is not acknowledging the serious short and long-term costs of failing to raise the debt limit. causing the country to enter into default. federal tax dollars fund a variety of programs in every single one of our congressional districts that are essential to the continued well-being of our constituents. seniors rely on social security
checks and medicare reimbursements, veterans depend on their much-needed v.a. benefits, state and mue miss fal -- municipal police forces receive funding. our nation's hospitals receive federal tax dollars. it is not an exaggeration to say that if the united states of america defaulted on its loan obligations, if it could not pay its bills for expenses already incurred, the health and safety of its citizens would be put at risk. if america were to enter default, what would happen? would the social security administration be able to cut checks? how many americans will be unable to obtain essential medications? will customs and border protection, t.s.a., or state and local police units furlough agents and officers? how many less cops will be on the beat to keep our communities safe? all too often our debates in washington about the national debt and deficit are not grounded in reality. we simply analyze economic
concepts in the abstract. but our decisions are the --, our debates have real impacts on the daily lives of our constituents. if we're going to engage in a discussion on the pros and cons of racing the -- raising the debt ceiling, let's keep in mind the real on the ground consequences that the decisions will have on everyday americans. if we're going to require the treasury secretary to report on the costs of the growing national debt, let's be fair and require that report to discuss the immediate and lasting cost of failing to raise the debt ceiling on our nation's public health and safety. the bill's author, the gentleman from texas, mr. marchant, stated his goal was to have a comprehensive discussion of the debt ceiling. a comprehensive discussion must include not only the long-term costs of continued deficit spending, but the short-term costs of default, as well as the far-reaching ripple effects. this amendment is commonsense, intellectually honest and fair. it would have zero budgetary
impact on -- and ensure the report is as meaningful as possible. i urge my colleagues on both sides of the aisle to support it. mr. chair, i yield back my time. the chair: the gentlewoman yields back the balance of her time. for what purpose does the gentleman from texas seek recognition? mr. marchant: i rise to claim time in opposition to the amendment. the chair: the gentleman is recognized. mr. marchant: mr. chairman, this requirement, this amendment, would require the administration to speculate on the impact of default on our national -- on our federal debt. it doesn't call for any specific report, it doesn't call for any specific numbers. it's not the point of h.r. 3442 o speculate. h.r. 344 is a sensible -- 3442 is a sensible step. i do not feel like this amendment has any support of that priority. i yield back. the chair: the gentleman yields back the balance of his time. the question is on the
amendment offered by the gentlewoman from illinois. those in favor say aye. those opposed, no. in the opinion of the chair, the noes have it. the amendment is not agreed to. ms. kelly: i request a recorded vote. the speaker pro tempore: pursuant to clause 6 of rule 18 , further proceedings on the amendment offered by the gentlewoman from illinois -- the chair: pursuant to clause 6 of rule 18, further proceedings on the amendment offered by the gentlewoman from illinois will be postponed. it is now in order to consider amendment number 5 printed in part a of house report 114-420. for what purpose does the gentleman from wisconsin seek recognition? mr. duffy: mr. chairman, i have an amendment at the desk. the chair: the clerk will designate the amendment. the clerk: amendment number 5 printed in part a of house report 114-420 offered by mr. duffy of wisconsin. the chair: pursuant to house resolution 609, the gentleman from wisconsin, mr. duffy, and a member opposed each will control five minutes. the chair recognizes the
gentleman from wisconsin. mr. duffy: thank you, mr. chairman. i want to thank the chairman from texas for all of his good work on this legislation. as all of us know in this institution, and around the country, we are $19 trillion in debt. $1.38 billion a day and we spend about $250 billion a year to service our debt. $250 billion to service our debt. so one of the tools that we have in this congress is the debt limit to get the administration to help reform the way we spend. and in 2011 the congress challenged president obama when he asked to have an increase in the debt limit, we said, let's have a decrease in how much money we spend. well, a political fight played out. the administration promised that chaos would ensue across
the global markets if the debt limit was reached. and he also said that any proposal that would prioritize payments through treasury for principal on interest on our debt, they couldn't be taken seriously. and mr. mcclintock had a bill that would have done just that. well, financial services, the committee on which i serve, did an investigation and we found that though they said mr. mcclintock's bill couldn't be taken seriously, they actually had a plan to do just what mr. mcclintock had recommended, which is if the debt limit is reached, prioritize payments. they weren't being honest with the american people. because what they wanted to do was use the argument of chaos to put pressure on republicans to cave and not demand that we reform the way that we spend. so our amendment here today is very simple. all we say is, let's make sure that treasury comes clean and
tell it's the american people -- tells the american people whether it can pay principal and interest before other obligations so america does not default on its debt. very simple. no one here wants to hit the debt limit. no one wants us to be the next greece or puerto rico. but that's going to take work together to make sure we have budgets that balance at some point in the future. with that i reserve the balance of my time. the chair: the gentleman reserves the balance of his time. for what purpose does the gentleman from new jersey seek recognition? mr. pascrell: mr. speaker, i ask -- i rise in opposition to the amendment before the house right now. the chair: the gentleman is recognized. mr. pascrell: thank you, mr. speaker. i rise to claim my time. this amendment, as i read it, requires the treasury to notify congress about which obligations they would be able choose re congress to default and prioritize debt as
a vision in the pay china first bill that the house has twice passed on a party line vote. first, a bill planning for default sends a very disturbing signal to the world economy. so, here's what we have with us. you apparently, through the speaker, the sponsor of this bill, in good faith, want to pay china first. fore vets, before medicare payments, before salaries for our troops, etc., etc., etc. you want to pay china first. of all the people lined up that
are going to get paid, you want to pay china first. excuse me for repeating myself. the intent of the amendment is to accuse the treasury of dereceiving congress about its ability to prioritize debt payments. treasury does not have the capability currently to prioritize between types of payments in the event it does not have enough cash on hand to pay all the bills due on a particular date. that's how it works. in such an event, treasury would likely hold all of its bills until it has enough cash on hand to pay those bills. this would repeat daily in a cascading fashion. the resulting would disastrous. -- the result would be disastrous. a first-time immediate default on u.s. credit. let me repeat the 14th amendment. it is clear and simple and concise.
the 14th amendment to the constitution, section 4, says, the validity of the public debt of the united states, authorized by law, that's us, including debts incurred for payment of pensions shall not e questioned. i think to even entertain the idea of default is counterproductive. to entertain the idea sends a real message to the financial markets all over the world including our own. i think that is disturbing. i don't think you want it and we don't want it. when you look at how the debt was incurred, when you look at that graph about what contributed to this $19 trillion you are talking about, it could be very interesting in case of
history, history's important here, history 101, what contributed to that debt. two wars unpaid for, two tax ts in 2001 and 2003 not paid for. medicare, prescription drugs, unpaid for. look, we passed legislation on this floor -- we are all culpable here, democrats and republicans. when you stand up, you don't have to be in a presidential election and you say those guys want to tax and spend the other guys. you have short memories and selective memories and we have that, too, ourselves on our side. but are talking about the budget and that is the deficit of this country. this is an absolutely unnecessary amendment. and mr. chairman, -- mr. speaker, i yield to the
gentleman from from new york. mr. crowley: i thank the gentleman and remind gentleman there is -- we are talking trillions of dollars in debt but he makes reference as well to the constitution. and spell out that we shouldn't even hint at the notion of not paying our debt and that's what this amendment would do. legislation that passed here last year and the year before that would suggest maybe the united states won't pay its bills. that's not going to happen. even in your own budget, you would raise the debt ceiling by $3 trillion in order to pass your budget. so you know -- if you had your druggetters, you would raise the debt ceiling as well. and these are debts that are already owed, not future deaths. they are debts that we have to
pay back to make sure the world understands the u.s. pays its debts. the chair: the gentleman will suspend. the gentleman's time has expired. the gentleman from wisconsin is recognized. mr. duffy: i would just note that this bill guarantees that we pay our debt. that's exactly what this bill does. so i would note that the democrats are making the argument for me. i yield two minutes to the gentleman from california, mr. mcclintock. mr. mcclintock: the law that established the treasury department instructs it to manage the revenue to support the public credit. this already includes prioritizing payments to assure the national debt is always honored as the constitution commands. without this, a stale mate on the debt could endanger the nation's credit. during recent debates over raising the debt limit, the treasury department denies it
can raise it thanks to the investigation, we now know this was a deliberate and calculated lie told to increase pressure on congress. emails reveal that federal reserve officials were incredulous and appalled that the administration would make such statements because they ran a severe risk of panicking credit markets. this amendment requires when we approach the debt limit, the treasury department tell congress and the public what is actually preparing to do to assure this nation's creditors that its loans to this government are completely secure. the chair: the gentleman from wisconsin. mr. duffy: i now yield to someone who has worked on this issue as well, the gentleman from indiana, mr. messer. the chair: the gentleman is recognized. mr. messer: i thank the gentleman for yielding and rise in support of this important amendment. frankly, the opposition to this amendment is baffling. during the debt ceiling debate last year, the administration
repeatedly told congress and the american people that if we don't raise the debt ceiling, we would default on our nation's bills. seniors would miss their social security checks, that interest on the debt would go unpaid and it would all bring the u.s. economy to its knees. this, as it turns out, wasn't true. contrary to their posturing, recently exposed documents have shown that the administration was planning to prioritize payments in the event the debt ceiling was reached. the very thing they told us they couldn't do. this is beyond partisan politics. it's fear mongering. very simply, my colleague's requires this administration and future administrations to acknowledge their ability to prioritize payments after hitting the debt limit. it's a good idea. i urge my colleagues to support it and i yield back. mr. duffy: how much time do i
have? the chair: the gentleman has five seconds. $800 billion from obamacare came from democrats. the interest goes to china. let's balance the budget. i would love to see the democrats' plan to balance. the chair: all time has expired. the question is on the amendment offered by the gentleman from wisconsin. those in favor say aye. those opposed, no. in the opinion of the chair, the oes have it. the amendment is not agreed to. a recorded vote has been requested. pursuant to clause 6 of rule 18, further proceedings on the amendment offered by the gentleman from wisconsin will be postponed. it is now in order to consider amendment number 6 printed in part a of house report 114-420.
for what purpose does the gentleman from indiana seek recognition? >> i have an amendment at the desk. the chair: the clerk will designate the amendment. the clerk: amendment number 6 printed in part a of house report 114-420 offered by mr. messer of indiana. the chair: pursuant to house resolution 609, the gentleman from indiana, mr. messer, and a member opposed each will control five minutes. the chair recognizes the gentleman from indiana. mr. messer: i want to thank my colleague from texas, mr. marchant, for his great work on this important bill, a bill that seeks to make the administration accountable for the out of control national debt, which others have said just hit a staggering $19 trillion. mr. chairman, like the underlying legislation, the amendment i'm offering today holds this administration and future administrations accountable, too. many don't realize the enormous power has given to the treasury
department to use so-called extraordinary measures when we're about to hit the debt ceiling. to pay our bills and delay hitting the debt limit, treasury has the authority to make more than $350 billion out of government accounts including government worker pension and retirement accounts. this is an incredible power shifting around hundreds of billions of taxpayer dollars and dodging the limit congress has placed on borrowing. the constitution says that congress, not the administration, has the power of the purse. so these extraordinary measures, which in effect, enable the department to run up bills or i.o.u.'s beyond the debt limit should be transparent. congress and the american people have the right to know what treasury is doing with our money. and at present, it's astonishing how little transparency the department is statute torle
obligated to provide. my amendment requires the treasury to report on what extraordinary measures it intends to use if the debt limit is not lifted. it requires them to project how long such measures will fund the federal government. and so congress and the american people know well before we near the limit how long those measures will last. and it requires that treasury department to estimate the administrative costs associated with taking any extraordinary measures. if moving all this money around costs additional money, we should all know about it. i urge my colleagues to support this amendment. and i reserve. the chair: the gentleman from indiana reserves. for what purpose does the gentleman from new york seek recognition? mr. crowley: reserve time in opposition. the chair: the gentleman is recognized. mr. crowley: we are talking again.ranchingsmanship this is a very unhealthy debate.
this isn't the way we should be running government. we should work these issues out and not having the world on the precipice of seeing the nation default. no goodwill come of it and no good comes from talking about because it will never happen. we will never allow our country to default. but they continue to talk this way, whether it's the government shutdown or the debt limit or the highway trust fund or the import-export bank or the f.a.a., and that that will go to the last second and probably do a delay and do it later on in the year. it's the way we operate around here. it's unfortunate. there is a reason why the president has proposed a $3 trillion cut in the deficit on top of the $4 trillion that has already been enacted in law. it is to lower the national debt.
this president cut trillion dollar bush deficit in half by -- in less than 4 1/2 years. i want to point out before i yield to my friend from new jersey, we see the republican budget. we understand the clarity in terms of the cuts you make to social security, medicare, medicaid and the affordable care act, but one portion here, other mandatory cuts and i suspect we know what they are as well, they are cuts to veterans and military personnel and federal suspect pensions, i people who live around richmond, virginia or norfolk will be concerned about the cuts as well as the those folks who live in virginia and maryland, a lot of federal employees work around here and there are a lot of military employees as well and they are concerned about their
pensions, the one you are going to cut. i yield a minute to my friend from new jersey, mr. pascrell. the chair: the gentleman from new jersey is recognized for one minute. mr. pascrell: thank you, mr. speaker, and i want to say thank you for introducing the amendment. i know it's in good faith but i'm looking at my favorite chart since i have been here, about what causes the public debt. i hear all of these folks talking about it, both parties running for president about the public debt and i don't know what public debt they are talking about, to be very frank with you. but let me tell you what the public debt is all about that we're talking about. $19 trillion and rising. most of the debt that we carry from year to year and we have to pay interest on that debt, as you well know, comes from either the tax cuts of 2001 and 2003
combined with the two wars we never paid for. i mean those are the facts. i didn't make them up. so we have very little in the discretionary part of the budget. it's only 30% of the total budget. we do have a solution to part of the problem in that we extended medicare but one of those mandatory costs for 12 years. that's what the a.c.a. did. we ought to learn what the facts are and maybe reduce the number of bills as well as amendments. i thank the speaker. the chair: the gentleman's time has expired. the gentleman from new york reserves. all members are reminded to address their comments to the chair. the gentleman from indiana is recognized. mr. messer: how much time do i have left? the chair: the gentleman has three minutes left. mr. messer: with all due respect to my colleagues on the other side of the aisle, their arguments seem -- could be summarized this way, somehow if we bury our heads in the sand,
we would be better off. i mean the reality is this. the nation does have a $19 trillion debt. the reality is every time this congress has set a debt limit for our spending, we have breached that debt limit and had to raise another one. the reality is, the department of treasury has taken what they have called extraordinary measures doing it under the law to lessen the amount of time until we hit that debt limit. this amendment is a modest one. this amendment says if the department of treasury is going to take extraordinary measures avoid the limit on debt that's been set by congress, they ought toll tell us what they are doing. define what it is and how much time we are going to buy with these extraordinary measures and then tell us what it's going to cost as we jig will this money around because when you start jig willing this money around,
it costs money. all this amendment does is make sure that we approach the next debt limit and the department of treasury takes the next extraordinary measures and we could bury our heads in the sand and say it won't happen but history says it will, they ought to tell us and the american people and explain how much time that buys and say how much it costs. and i hope my colleagues can support that. and i reserve. the chair: the gentleman from indiana reserves. the gentleman from new york. mr. crowley: he speaks about burying one head in the sand. asking the budget director to come up to the hill to talk about the president's budget. the president's proposed $3 trillion in additional cuts to the federal deficit. i may not agree with all the cuts the president is proposing, but i think it's a healthy thing for the president's
representative, the director of the budget, to come before the congress and speak about that. yet the other side of the aisle has refused to allow the budget director to speak to your caucus, the congress to talk about these issues. there is high pock krissy and then there is high pocky. there isn't enough sand to put your heads in. the facts are the facts. reductions are taking place. the president is proposing them. listen to him before you totally disregard him. and that's what has happened. again, i know what the republican budget says, it says cuts to veterans' pensions and military pensions and federal employee pensions. that's what your budget does. be honest about it. you talk about social security cuts and you make a lot of cuts but talk about the other mandatory cuts which really hurt
people. i'm not going to support that. you all may because it's in your budget. i'm not going to support that. democrats won't support that. but you have to respond to your constituents when you force these cuts down their throats. . the chair: all comments are to be addressed to the chair. the gentleman's time has expired. the gentleman from indiana is recognized. mr. messer: how much time do i have? the chair: the gentleman has 1 1/2 minutes. this ser: mr. chairman, debate is a remarkable one. there's only one group heres that has a budget that balances -- here that has a budget that balances. for the fifth or sixth or seven evb -- seventh year in a row 'll submit a budget that balances. the gentleman speaks of the president's budget. he'll have the unique, historical legacy of having never offered a budget that balances ever. this one doesn't.
his others haven't. the truth is that when the president's prior budgets have been put on this floor, they have received virtually no votes. my colleagues on the -- by my colleagues on the other side of the aisle. that's the truth. again, back to this very simple amendment. all it does is say, when the department of treasury uses extraordinary measures, it should be clear with the american people about what they're doing, how much time that buys us, and what it costs. it's a commonsense amendment. i'd urge my colleagues to support it. thank you. the chair: the gentleman yields back the balance of his time. the question is on the amendment offered by the gentleman from indiana. those in favor say aye. those opposed, no. in the opinion of the chair, the ayes have it. he amendment is agreed to. it is now in order to consider amendment number 7 printed in art a of house report 114-420. for what purpose does the gentleman from arizona seek recognition?
mr. grijalva: thank you, mr. chairman. i have an amendment at the desk. the chair: the clerk will designate the amendment. the clerk: amendment number 7 printed in part a of house report 114-420 offered by mr. grijalva of arizona. the chair: pursuant to house resolution 609, the gentleman from arizona, mr. grijalva, and member opposed -- and a member opposed each will control five minutes. the chair recognizes the gentleman from arizona. mr. grijalva: thank you again, mr. chairman. the endment requires treasury secretary's report to also include individual salary and wage information as well as projections of consumer spending and the impacts of spending cuts on the gross dwomistic product. stagnant american wages in recent decades is without a question the country's most central economic challenge. and the issue of wealth and income inequality continues to be persistent -- a persistent strain on our economy and indeed our society. raising wages is the key in strengthening the middle class, reducing income inequality and
moving families out of poverty. i am offering this amendment because we have to start getting realistic about the priorities of the american people. when americans sit around their dinner tables, their number one discussion is not about the national debt. their number one concern and discussion is providing for their families, how they're managing their own budgets and many are seeing that while costs are rising, their paychecks are not. every day items -- everyday items are becoming unaffordable and workers are sick and tired of working full-time and still struggling to get by. since 1979, the vast majority of american workers have seen their hourly wages stagnate or indeed decline. from 1973 to 2013, hourly compensation of a typical production worker rose just 9%, while productivity increased 74%. in short, people are working harder and harder and their paychecks are getting smaller and smaller. america now has more wealth and
income inequality than any major developed country on earth. and the gap between the very rich and everyone else is wider than at any time since the 1920's. shrinking american paychecks are the root cause of rising income inequality and a host of issues that come with that. wages drive our economy and consumer spending amounts to more than 2/3 of u.s. economic activity. a rise in consumer spending would provide a needed boost to u.s. -- to the u.s. g.d.p. the time to stop suppressing wages through policy choices that are slanted toward helping the wealthy. it is time to recognize that our decisions have a direct impact on the person's paycheck. annual report attempting to look at long-term fiscal issues of this country must examine why 58% of all new income since the wall street crash has gone to the top 1%. we should be considering how every decision will impact a
family's income and the fact that the underlying bill does not include information on wages is an injustice to struggling american families. i urge you to support this amendment and give the american people -- and show the american people the members of congress are not just fighting for policies that protect the wealthy, but indeed for policies that protect us all. with that i reserve the balance of my time. the chair: the gentleman from arizona reserves. the gentleman from texas is recognized. for what purpose does the gentleman from texas rise? mr. marchant: i rise to claim time in opposition. the chair: the gentleman is recognized. mr. marchant: the goal of the debt management and fiscal responsibility sact to create a sound process -- act is to create a sound process, considering the federal debt limit. this amendment is not focused on that goal. instead it asks for the administration to speculate about unrelated and impractical issues such as projection of wages at various percent aisles. instead we -- percentiles. instead we should be spending
time on coming up with a credible solution to slow the trajectory of our debt. i oppose this amendment and ask that members vote no. i yield back the balance of my time. the chair: the gentleman yields back the balance of his time. the gentleman from arizona is recognized. mr. grijalva: thank you, mr. chairman. again, you know, the bill overall is a push to continue to deal only with austerity as a plausible budgetary policy for this country. and we can see what that austerity only has done to our country so far. this is how we ended up with sequestration. this is how we stifled g.t.p. growth and harmed our -- g.d.p. growth and harmed our overall economic economy. maximize our potential, we focus on protecting american workers and families so they have the wealth necessary to make our economy grow and prosper again. with that i urge a vote -- a
yes vote on the amendment and yield back the balance of my time. the chair: the gentleman yields back the balance of his time. the question is on the amendment offered by the gentleman from arizona. those in favor say aye. those opposed, no. in the opinion of the chair, the noes have it. the amendment is not agreed to. mr. grijalva: mr. chairman, on that i would ask for a recorded vote. the chair: pursuant to clause 6 of rule 18, further proceedings on the amendment offered by the gentleman from arizona will be postponed. it is now in order to consider amendment number 8 printed in 114-420. house report for what purpose does the gentleman from california seek recognition? mr. takano: i have an amendment at the desk, made in order under the rule. the chair: the clerk will designate the amendment. the clerk: amendment number 8 printed in part a of house report 114-420 offered by mr. takano of california. the chair: pursuant to house resolution 409, the gentleman from california, mr. takano,
and a member opposed each will control five minutes. the gentleman from california is recognized. mr. takano: thank you, mr. chairman. i rise today in support of my amendment to help congress better understand how the mere threat of default would impact our economy. the debt management and fiscal responsibility act gathers information from the treasury about our nation's debt, but omits critical details. namely, the consequences for the country when my friends in the majority play a game of chicken with the full faith and credit of the united states. when the majority threatened to default in 2011, it was american families that paid the price. household wealth fell by $2.4 trillion. consumer and business confidence plunged. the s&p 500 dropped 17%. $800 billion in retirement assets were wiped out.
and our credit rating was downgraded. all thanks to republicans threatening to force an unprecedented default on america's debt. if the extreme wing of the republican party is going to hold the economy hostage over the debt limit, they should at least understand the damage they are causing. my amendment requires the treasury to include in its report to congress the impact that the threat of default and congressional delay would have on the economy. the report would include the estimated affect on the gross domestic product, interest rates, employment, household wealth, and retirement assets. honestly, i hope we never have to see this impact assessment produced. i hope we never again have to convince republicans that raising the debt limit is a basic responsibility of congress, not a bargaining chip. but their record says
otherwise. the next time republicans seek to score political points and purn a -- push a radical agenda by threatening not to pay america's bills, i want the public to understand the cost of that threat. i think we'll find pretty quickly that the american people have no appetite for petty politics when it comes to the debt limit. i urge my colleagues to support my amendment and i reserve the balance of my time. the chair: the gentleman from california reserves. the gentleman from texas is recognized. for what purpose does the gentleman from texas rise? the gentleman is recognized. mr. marchant: debt management and fiscal responsibility act focuses on creating a process of transparency and accountability to deal with the debt ceiling. this bill gets congress, the administration and the public on the same page about why we continually find ourselves in this position. raising the debt limit without any plan to get our debt under control in the future is not a plan. this amendment does not advance that goal.
instead it goes in the opposite direction and attempts to focus our attention on the potential effects of brinksmanship. i urge members to vote no on this amendment. i yield back the balance of my time. the chair: the gentleman yields back the balance of his time. the gentleman from california is recognized. mr. takano: mr. chairman, my amendment does address the issue at hand. it does address the threat, just the mere threat, of brinksmanship, with paying our nation's bills. nd history has shown that just a mere threat of defaulting on our bills has brought about damaging consequences to our economy. and to the welfare of our people. i yield back the balance of my time and urge my colleagues to support my amendment. the chair: the gentleman yields back the balance of his time. the question is on the amendment offered by the gentleman from california. those in favor say aye. those opposed, no.
in the opinion of the chair, the noes have it. the amendment is not agreed to. mr. takano: mr. chairman, i seek a recorded vote. the chair: pursuant to clause 6 of rule 18, further proceedings on the amendment offered by the gentleman from california will e postponed. pursuant to clause 6 of rule 18, proceedings will now resume on those amendments printed in part a of house report 114-420 on which further proceedings were postponed in the following order. amendment number 4 by ms. kelly of illinois. amendment number 5 by mr. duffy of wisconsin. amendment number 7 by mr. grijalva from arizona. amendment number 8, mr. takano of california.
the chair will reduce to two minutes the minimum time for electronic votes after the first -- after the first vote n this series. the unfinished business is the request for a recorded vote on amendment number 4 printed in rt a of house report 114-420 by the gentlewoman from illinois. on which further proceedings were postponed and on which the noes prevailed by voice vote. the clerk will redesignate the amendment. the clerk: amendment number 4 printed in part a of house report 114-420 offered by ms. kelly of illinois. the chair: a recorded vote has been requested. those in support of the request for a recorded vote will rise and be counted. a sufficient number having arisen, a recorded vote is ordered. members will record their votes by electronic device. this is a 15-minute vote.