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Video archive of the US Congress

House Proceeding 01-26-10 on Jan 27th, 2010 :: 2:26:15 to 2:31:20
Total video length: 3 hours 59 minutes Stream Tools: Stream Overview | Edit Time

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Bob Goodlatte

2:26:11 to 2:26:31( Edit History Discussion )

Bob Goodlatte: bipartisan basis and do the best interest of not only americans but america and i yield back. thank you. mr. goodlatte: i thank the gentleman for miz comments, i'd like to talk about what the econic consequences are, not only for our children and

Bob Goodlatte

2:26:15 to 2:31:20( Edit History Discussion )
Speech By: Bob Goodlatte

Bob Goodlatte

2:26:32 to 2:26:52( Edit History Discussion )

Bob Goodlatte: grandchildren,, in a moment, i'll turn to the gentleman from texas and the gentleman from colorado to get the benefit of their thoughts about what the consequences are for these deficits running as far as the eye can see if we don't pass a balanced budget amendment to the constitution and start living within our means like every family, every business large and small and even every

Bob Goodlatte

2:26:53 to 2:27:15( Edit History Discussion )

Bob Goodlatte: state government, some of which are not managed very well. they have to come to terms with the consequences of their actions a lot more quickly than the federal government ever has because of the fact that they don't have this retirement -- this requirement to balance the budget. they say we can have it all, we'll borrow more money to pay for it. i've asked high school students

Bob Goodlatte

2:27:16 to 2:27:38( Edit History Discussion )

Bob Goodlatte: when they've come to see me or when i've talked to their classes, i said, who do you think is going to bear the burden of this debt we're piling up? they know the answer to that. they know it's falling on their shoulders. they don't have an appreciation of how serious it is, how large a debt it is, and how dramatically it could affect the future of our clint in the

Bob Goodlatte

2:27:39 to 2:28:00( Edit History Discussion )

Bob Goodlatte: long-term and the not to distant future as well. i said, let me give you a starting point to think about that. how much is a $1 trillion? you know, the economic stimulus package, $1 trillion. chaching. the budget deficit, the $3.6 trillion spending at the beginning of the year, they

Bob Goodlatte

2:28:01 to 2:28:22( Edit History Discussion )

Bob Goodlatte: projected $4.2 trillion in revenue, a $137b92 trillion deficit. we know, we're several month into that year, it's even greater than $1.2 trillion. but over $1 trillion. the health care bill, the monstrosity that brought people out to the polls in massachusetts last week.

Bob Goodlatte

2:28:23 to 2:28:45( Edit History Discussion )

Bob Goodlatte: $1.1 trillion, according to the speaker's budget projections. in the senate, $800 billion. we all know when off bill that has 10 years' worth of taxes to pay for it and only six years of benefits that you're using smoke and mirrors and it costs way more than $800 billion over a full 10 years of benefit.

Bob Goodlatte

2:28:46 to 2:29:06( Edit History Discussion )

Bob Goodlatte: most economists say over $2 trillion over 10 years to pay for either the house or senat health care reform bill. so how much is $1 trillion? i said, let me give you a starting point. if you had a stack of thousand-dollar bills, nice, freshly printed, tightly packed, just four inches hirke you'd have $1 trillion. these students were pretty

Bob Goodlatte

2:29:07 to 2:29:27( Edit History Discussion )

Bob Goodlatte: impressed with that most of them had never seen a thousand-dollar bill and to think that just four inches of them would be $1 trillion. i said, how high would that stack have to be to reach $1 trillion? one young lady said it would be about 12 inches? a fellow in the back of the

Bob Goodlatte

2:29:28 to 2:29:48( Edit History Discussion )

Bob Goodlatte: room raised his hand and said, it would be more than that. about 20 feet. i said, well think about it this way. a billion is a thousand times a million. and a trillion is a thousand times a billion, or a million times a million. and so that stack of tusand

Bob Goodlatte

2:29:49 to 2:30:10( Edit History Discussion )

Bob Goodlatte: dollar bills that's four inches high to be $1 million, would have to be $4 million inches high to be $1 trillion. four million inchings is 63 miles high. reaches up into outer space. and that's just $1 trillion. that's just for the stimulus or

Bob Goodlatte

2:30:11 to 2:30:32( Edit History Discussion )

Bob Goodlatte: just for the deficit for the coming year. double that for the care bill that they want to ad in terms of overall spending that will cost either the taxpayers of this country or borrowed against the future of our country when you're talking about trillions of dollars, you're talking about a staggering amount of money.

Bob Goodlatte

2:30:33 to 2:30:55( Edit History Discussion )

Bob Goodlatte: back in the 1960's, there was a very famous senator who was widely quoted as having said a billion dollars here a billion dollars there, pretty soon you're talking about real money. but you know what, that's not what he said. .

Bob Goodlatte

2:30:56 to 2:31:16( Edit History Discussion )

Bob Goodlatte: senator dirk son said, you're talking about real money and we moved from millions to bilions to trillions because this congress doesn't have the fiscal responsibility that would be required by a balanced budget. and there are serious consequces for every american family and every job holder in

Bob Goodlatte

2:31:17 to 2:31:22( Edit History Discussion )

Bob Goodlatte: this country. and i turn to the the gentleman from texas and the gentleman

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