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House Proceeding on Jan 26th, 2009 :: 0:01:40 to 0:06:00
Total video length: 10 minutes Stream Tools: Stream Overview | Edit Time

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Frank R. Wolf

0:01:34 to 0:01:54( Edit History Discussion )

Frank R. Wolf: balloon to .2 trillion. this number which the chairman called jaw dropping does not include the 25 billion stimulus plan we are scheduled to consider in the house this week. david walker, former u.s. comptroller general said, quote, we should not just engage in timely and targeted

Frank R. Wolf

0:01:40 to 0:06:00( Edit History Discussion )
Speech By: Frank R. Wolf

Frank R. Wolf

0:01:55 to 0:02:16( Edit History Discussion )

Frank R. Wolf: stimulus, we need to put a process in place that will enable elected officials that will make a range of tough decisions and this institution does not make tough decisions, that have been delayed for too long. richard fisher in dallas has called our situation catastrophic saying doing deficit math is always a sobering exercise.

Frank R. Wolf

0:02:17 to 0:02:38( Edit History Discussion )

Frank R. Wolf: it becomes an outright painful one when you apply your calculator to long-term fiscal challenge in bernanke said the quality of the future that we will endow to our children and grandchildren will deterne

Frank R. Wolf

0:02:39 to 0:03:00( Edit History Discussion )

Frank R. Wolf: how well we rise to that occasion. i can quote experts about our outlook. i believe that most americans know that our country is facing dire economic conditions that will tono deteriorate -- will continue to deteriorate unless we change our course.

Frank R. Wolf

0:03:01 to 0:03:24( Edit History Discussion )

Frank R. Wolf: as members of the 111th congress we have a moral obligation to find solutions to the long-term nightmare that our children and grandchildren will wake up to should we choose to do nothing. we're talking about over 6 trillion in unfunded obligations through social security, medicare and medicaid. the national debt nearing 2

Frank R. Wolf

0:03:25 to 0:03:45( Edit History Discussion )

Frank R. Wolf: trillion in china now holding the paper every 40. america is now being sold to china. does that make this congress feel very good? by letting this stimulus pass without addressing out-of-control spending, we're evading our responsibility as members of congress. david brooks said this package

Frank R. Wolf

0:03:46 to 0:04:07( Edit History Discussion )

Frank R. Wolf: has no strategic vision. he said relatively modest short-term impact and then he said there is no sunset. is it right for us to ignore the fact that we're mortgaging our children and grandchildren's future? we should set up a bipartisan mechanism that deals with the underlying problem with autopilot spending and show the

Frank R. Wolf

0:04:08 to 0:04:29( Edit History Discussion )

Frank R. Wolf: american people we can make the difficult choices. we need to review entitles and tax policy. it garnered the pport of 110 members in the last congress, republican and democrat. you've heard me talk about it many times. it's the cooper-wolf safe commission plan similar led by

Frank R. Wolf

0:04:30 to 0:04:50( Edit History Discussion )

Frank R. Wolf: kent conrad and ranking member judd gregg. we offer the bipartisan safe commission as an amendment when the appropriations committee marked up the stimulus last week. it failed on mostly a partisan vote. i'll go to the rules committee on tuesday to ask that the amendment be made in order so that we can be voted on by the full house during the stimulus

Frank R. Wolf

0:04:51 to 0:05:11( Edit History Discussion )

Frank R. Wolf: debate. ife look the other way congress will have fundamentally failed the american people. congress will have to expla to the american people that when it had the chance to act in the best interest of future generations, meaning children and grad children and existing generations, it chose to do nothing.

Frank R. Wolf

0:05:12 to 0:05:32( Edit History Discussion )

Frank R. Wolf: make no mistake, this could be the toughest economic issue our nation will be faced with but we cannot afford to wait. the future of our children and grandchildren will hang balance. president obama said the current state of affairs is the result of, quote, our collective failure to make hard choices and prepare the nation for a new age.

Frank R. Wolf

0:05:33 to 0:05:53( Edit History Discussion )

Frank R. Wolf: he went on to say, quote, time of standing pat of protecting narrow interests and putting off unpleasa decisions that time has surely passed. i could not agree. for years i encouraged the bush administration to adopt this process. they did not. we've also reached out to the new administration and his economic team.

Frank R. Wolf

0:05:54 to 0:06:01( Edit History Discussion )

Frank R. Wolf: this is an economic moral and generational issue and i'm astounded as we prepare to debate the stimulus on the floor we are doing so without

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