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House Proceeding 03-24-09 on Mar 24th, 2009 :: 1:24:10 to 1:29:40
Total video length: 8 hours 7 minutes Stream Tools: Stream Overview | Edit Time

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Bob Goodlatte

1:23:55 to 1:24:17( Edit History Discussion )

Bob Goodlatte: gentleman from virginia rise? >> mr. speaker, i ask unanimous consent to speak for five minutes and revise and extend my remarks. the speaker pro tempore: without objection, the gentleman is recognized for

Bob Goodlatte

1:24:10 to 1:29:40( Edit History Discussion )
Speech By: Bob Goodlatte

Bob Goodlatte

1:24:18 to 1:24:40( Edit History Discussion )

Bob Goodlatte: five minutes. >> mr. speaker, i rise today to express grave concern regarding the budget that the budget committee is acting upon this week and which some have proposed be brought to the floor of this house next week. i would suggest that it is very much in need of dramatic

Bob Goodlatte

1:24:41 to 1:25:03( Edit History Discussion )

Bob Goodlatte: changes and would ask that the leadership of this congress take that budget back and start over again because a debt of the magnitude that this untry is already facing, added to the projected deficit for next year alone, now up to $1.8 trillion, is a staggering sum of money

Bob Goodlatte

1:25:04 to 1:25:24( Edit History Discussion )

Bob Goodlatte: and it is not something that is sustainable. we have known this for a long time. in fact, one of the namesakes of the annual incidenters that our colleagues on the other side of the aisle hold, the jefferson-jackson incidenters that are held across the country has been known

Bob Goodlatte

1:25:25 to 1:25:46( Edit History Discussion )

Bob Goodlatte: throughout american history for his strong stand against piling on greater and greater public debt in fact, late in his life, he said, there does not exist an engine so corruptive of the government and so demoralizing of the nation as a public debt. at home than all the enemies from abroad.

Bob Goodlatte

1:25:47 to 1:26:08( Edit History Discussion )

Bob Goodlatte: and we are in fact seeing this statement made long ago, coming to haunt us in very severe ways at this time in our history. you know, we had up until last year a $9 trillion national debt. that had been accumulated over more than 200 years of our nation's history.

Bob Goodlatte

1:26:09 to 1:26:31( Edit History Discussion )

Bob Goodlatte: and yet the projection now is that in the next 10 years, according to this budget, and that is based upon optimistic projections, i would say, with regard to government spending, the liabilities the govern already has for a number of different programs, but the protection already offered by

Bob Goodlatte

1:26:32 to 1:26:54( Edit History Discussion )

Bob Goodlatte: the administration is that -- projection already offered by the administration is that that debt will increase by 2 1/2 times -- actually, 1 1/2 times in the next 10 years. that is staggering, to consider that we could outstrip all of the spending that has taken place over all of that period of time, in just such a short period of time.

Bob Goodlatte

1:26:55 to 1:27:15( Edit History Discussion )

Bob Goodlatte: and i want to show you exactly how that works with th this chart shows -- i'll get that. this chart shows the doubling of the debt held by the public in a very short period of time. projections now are that it

Bob Goodlatte

1:27:16 to 1:27:39( Edit History Discussion )

Bob Goodlatte: will be even greater than this. this one shows that it grows to $16 trillion. we now have a new projection that says $23 trillion will be the national debt in total. the public portion of the national debt, that portion of the debt that we owe to american citizens and other people around the world will

Bob Goodlatte

1:27:40 to 1:28:00( Edit History Discussion )

Bob Goodlatte: grow to $16 trillion from less year. that is a stunning figure, but this doesn't even tell the whole story. because what this shows is just the public portion of the debt. every year the congress borrows from the social security trust fund and other trust funds, additional funds and the government simply puts an

Bob Goodlatte

1:28:01 to 1:28:21( Edit History Discussion )

Bob Goodlatte: i.o.u. in those trust funds, nds so important to our senior citizen and others who are counting on those fund to be there in the future,t to make sure that social security and other programs are actually sound and yet the money has been borrowed such that the total amount of our national

Bob Goodlatte

1:28:22 to 1:28:42( Edit History Discussion )

Bob Goodlatte: debt by 2019 will come to $23 trillion. we have in this budget that has been offered in this quong too much spending -- congress too much spending, too much focusing on today, too much debt. let me call the words of

Bob Goodlatte

1:28:43 to 1:29:04( Edit History Discussion )

Bob Goodlatte: president jefferson to mind again. to preserve the independence of the people we must not let our rulers load us with perpetual debt. we must make our election between economy and liberty or profusion and servitude and that is truly the crossroads that we have reached today. thomas jefferson recognized

Bob Goodlatte

1:29:05 to 1:29:26( Edit History Discussion )

Bob Goodlatte: that 190-plus years ago and pointed out that with economy comes liberty and freedom. with -- as he called it, profusion, or what we today big government spending, comes servitude of the people to their government. and that is not what our founding fathers intended when

Bob Goodlatte

1:29:27 to 1:29:40( Edit History Discussion )

Bob Goodlatte: they created the united states constitution, which in my opinion is in need of one change that is vitally needed and that is a balanced budget amendment to the united states constitution. i'll have more to say about this in the future but i urge

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