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House Proceeding on Mar 3rd, 2009 :: 0:16:45 to 0:21:00
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Cliff Stearns

0:16:41 to 0:17:03( Edit History Discussion )

Cliff Stearns: more efficient system, but you have a system that costs less money. thank you. the speaker pro tempore: the chair recognizes the gentleman five minutes. mr. stearns: good morning, speaker.

Cliff Stearns

0:16:45 to 0:21:00( Edit History Discussion )
Speech By: Cliff Stearns

Cliff Stearns

0:17:04 to 0:17:25( Edit History Discussion )

Cliff Stearns: with americans face -- facing almost an 8% unemployment rate, record low consumer confi and this country's worst economic downturn since the beginning of world war ii, our nation needs a real economic stimulus package that will give tax relief to hurting american businesses, create long-term

Cliff Stearns

0:17:26 to 0:17:46( Edit History Discussion )

Cliff Stearns: sustainable jo growth, and provide real permanent tax relief to american families. what this country does not need is the federal government increasing our national debt to record levels, bearing our children and grandchildren under a mountain of debt. now, the democrat spending plan

Cliff Stearns

0:17:47 to 0:18:07( Edit History Discussion )

Cliff Stearns: is simply not stimulative. according to the c.b.o., the plan includes over $600 billion in new spending. there the $816 billion in the program, the majority is for new spending. and it's a period from 2009 to

Cliff Stearns

0:18:08 to 0:18:28( Edit History Discussion )

Cliff Stearns: 2019. while this plan is aimed at quick lin jecting government cash into the economy, only 15% of the spending will occur during this fiscal year. and only 37% of the spending will occur in fiscal year 2010. this means that over half the plan, half of the plan's spend

Cliff Stearns

0:18:29 to 0:18:49( Edit History Discussion )

Cliff Stearns: will go occur starting in the year 2011. hardly a quick injection into the lagging economy as promised by theemocrat authors. many have looked at our economy, its history, to provide guidance for us today during this difficult time, particularly they have looked at the new deal under president roosevelt.

Cliff Stearns

0:18:50 to 0:19:11( Edit History Discussion )

Cliff Stearns: unfortunatelwhat many economists have found is that the new deal principles are stale ideas that do not translate into economic stimulus for our economy in the trest. -- 21st century. first the great depression began in 1929 and did not end until 1940. the stock market did not return

Cliff Stearns

0:19:12 to 0:19:32( Edit History Discussion )

Cliff Stearns: to the level of september 3, 19 29 until 1954. if today's economy were to go through a similar recovery, we would not fully escape the current recession until the year 2018, and the dow would not reach its high of 2007 until the year 2032.

Cliff Stearns

0:19:33 to 0:19:55( Edit History Discussion )

Cliff Stearns: condly, many economists note that during the grateglegs the -- depression the united states did not have much of an expansionary fiscal policy -- expansionary fiscal polcy. the new deal didn't always work, either. under president herbert hoover and continuing under franklin roosevelt, the federal government increased income

Cliff Stearns

0:19:56 to 0:20:16( Edit History Discussion )

Cliff Stearns: taxes, excise taxes, inheritance taxes, corporate income taxes, holding company taxes, and excess profit taxes. when all of these taxes increases are taken into accoun the new deal fiscal policy did not do muc to promote recovery. reserve in $250 billion has gone

Cliff Stearns

0:20:17 to 0:20:37( Edit History Discussion )

Cliff Stearns: to large national banks in the form of large capital injections. even more troubling is that $23 billion of these tarp funds which has been allocated to bail out automobile manufacturers such as general motors and chrysler, this type of government intervention in the private sector is unprecedented and has put us on a precareous path to socialism.

Cliff Stearns

0:20:38 to 0:20:58( Edit History Discussion )

Cliff Stearns: given the massive amount of money the federal government spent on bailouts since march of 2008, along with the ever-increasing debt level, is unconscionable to commit good money after bad. this money belongs to the american taxpayer now more than ever and we must rein in out-of-control government spending for future generation

Cliff Stearns

0:20:59 to 0:21:00( Edit History Discussion )

Cliff Stearns: who is will have to pay back this debt.

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