House Proceeding 02-06-07 on Feb 6th, 2007 :: 4:19:59 to 4:26:09
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4:18:13 to 4:19:59( Edit History Discussion )
Speech By: Mike Ross

4:19:44 to 4:19:59( Edit History Discussion )

Mike Ross: of veterans in afghanistan and iraq today, and we've got to be there for them. i yield to the gentleman from tennessee, former co-chair of the blue dogs for policy, mr. cooper. mr. cooper:

4:19:59 to 4:20:13( Edit History Discussion )

Jim Cooper: i thank my good friend from arkansas and i thank my blue dog colleagues. mr. speaker, i want to talk about the release of the president's budget. as has been mentioned, it came out yesterday. today,

4:19:59 to 4:26:09( Edit History Discussion )
Speech By: Jim Cooper

4:20:13 to 4:20:26( Edit History Discussion )

Jim Cooper: we had a meeting with rob portman, former trade ambassador and former member of this house. this is what part of the budget looks like. it's available online. it's about 150, 200 pages. this looks like

4:20:26 to 4:20:42( Edit History Discussion )

Jim Cooper: a very credible document, but that's what i'd like to discuss today. one of the first claims in this budget is in the second paragraph it says the budget i am presenting achieves balance

4:20:42 to 4:20:57( Edit History Discussion )

Jim Cooper: by 2012. hallelujah. wouldn't that be nice if it were true? now if you look deeper in the budget you'll see that they claim after years of deficits in the bush administration -- remember,

4:20:57 to 4:21:18( Edit History Discussion )

Jim Cooper: we had a surplus in the last years of the clinton administration -- but years after the bush administration, we will have a surplus. well, that would be good news if that would be true. they claim

4:21:18 to 4:21:33( Edit History Discussion )

Jim Cooper: that the surplus would be 61 billion. i hope a number like that would be true. if you look at page 168 of their document, you will see that that $61 billion surplus is really $ 187 billion deficit

4:21:33 to 4:21:50( Edit History Discussion )

Jim Cooper: disguised by borrowing $248 billion from the social security trust fund. in other words, we would have a sizeable, large deficit if it weren't for the money they are planning on taking from

4:21:50 to 4:22:08( Edit History Discussion )

Jim Cooper: the social security trust fund in that year. and this isn't just a once a year practice. they were planning on doing it every year between now and then. in 2007, they took $183 billion from

4:22:08 to 4:22:21( Edit History Discussion )

Jim Cooper: social security. in 2008, they're taking $212 billion from social security. in 2009, they're taking $226 billion from social security. in 2010, $245 billion from social security. and in 2011, $264

4:22:21 to 4:22:34( Edit History Discussion )

Jim Cooper: billion. so basically what this budget says, although it looks very respectable and credible, it says we are going to take over $1 trillion, close to $1.25 trillion from social security

4:22:34 to 4:22:44( Edit History Discussion )

Jim Cooper: so we can disguise the budget deficit and make it look like a surplus five years from now. mr. speaker, that doesn't sound like honest budgeting to me, but don't take my word for it. look at this

4:22:44 to 4:22:55( Edit History Discussion )

Jim Cooper: other document. this came out about a month ago. this is from the u.s. treasury department. this uses a different and better method of accounting to tell us where we are financially in this country.

4:22:55 to 4:23:06( Edit History Discussion )

Jim Cooper: and it says basically we are in deficits as far as the eye can see and that the deficits are far, far larger than what the president admits to in this document. but even if you don't believe

4:23:06 to 4:23:20( Edit History Discussion )

Jim Cooper: any of these government documents, either the president's or the treasury department's, look at a private sector organization called standard & poors. they're on wall street. they're probably the

4:23:20 to 4:23:32( Edit History Discussion )

Jim Cooper: top credit analyst agency in the world. they projected this last summer that the u.s. treasury bond, the most important financial instrument on the planet, would lose its a.a.a. credit rating

4:23:32 to 4:23:44( Edit History Discussion )

Jim Cooper: by 2012, five years from now. so the s&p, the leading credit analyst said, although this document is going to have a surplus then, they say we are going to have continuing deficits as far as the

4:23:44 to 4:23:57( Edit History Discussion )

Jim Cooper: eye can see. in fact, deficits that damage and possibly destroy america's credit rating. because standard & poors went on to say in their analysis, they said that by the year 2025, the u.s.

4:23:57 to 4:24:08( Edit History Discussion )

Jim Cooper: treasury bond wouldn't have just lost its a.a.a. credit rating, they say that the u.s. treasury bond would actually become junk debt by the year 2025, below investment grade. that would be

4:24:08 to 4:24:17( Edit History Discussion )

Jim Cooper: a true tragedy for our nation. we cannot let that happen. and that's why we need to examine the credibility of the numbers in this document. we need to make sure that they're correct. if you look

4:24:17 to 4:24:29( Edit History Discussion )

Jim Cooper: at the assumptions in this document you will see not only trouble with the terrific borrowing they're planning on doing from the social security surplus, you will see trouble in the fact

4:24:29 to 4:24:41( Edit History Discussion )

Jim Cooper: that they're planning on the a.m.t. tax, taking a bigger and bigger bite out of the middle class in america for the next four or five years. they do nothing to remedy that in this document.

4:24:41 to 4:24:52( Edit History Discussion )

Jim Cooper: there are so many other features of this document that make it almost completely unrealistic as a starting point for our budget. mr. speaker, we have a lot of work to do. it is not easy putting

4:24:52 to 4:25:02( Edit History Discussion )

Jim Cooper: together budgets. i've done it because i had the privilege of serving back in the majority days over 12 years ago here. it is a very difficult process to come up with a proper budget, but

4:25:02 to 4:25:12( Edit History Discussion )

Jim Cooper: that must begin now. i would just wish that the president's offering we're going to be of more help to us. it is not all bad. there is some good elements to the president's budget. if you look

4:25:12 to 4:25:23( Edit History Discussion )

Jim Cooper: at the overall promise of a balanced budget by 2012, i'm not sure anyone in the administration really believes that. it's here on paper, and it sounds mighty good. but if you look at

4:25:23 to 4:25:34( Edit History Discussion )

Jim Cooper: the assumptions underneath it, whether it's borrowing from social security or taking a big bite of the middle class with the a.m.t. tax, it looks like the president's budget is not standing

4:25:34 to 4:25:51( Edit History Discussion )

Jim Cooper: up to scrutiny. i thank my friend from arkansas. i thank my blue dog colleagues. this is the day we start the budget debates. over the next two months we will try to bring this to a conclusion.

4:25:51 to 4:26:09( Edit History Discussion )

Jim Cooper: i hope the american people will download these documents off the internet. i want you to let us know your opinions. i yield back. mr. ross: i want to thank mr. cooper for his valid input and

4:26:09 to 4:26:26( Edit History Discussion )

Mike Ross: insight into this process. the president has done the al ceremoniously bringing of the budget, if you will, to capitol hill. in fact, mr. speaker, here's a copy of the it. it's the budget of the