House Proceeding on Jul 22nd, 2009 :: 1:18:30 to 1:21:55
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1:18:26 to 1:18:47( Edit History Discussion )

Stephanie Herseth: natural disasters and seen an economy in the downturn. as a result of those things, it is necessary fo take place. and with that, i yield three minutes to the the gentlewoman from south dakota, a member of the blue dog coalition, ms. herseth sandlin. the speaker pro tempore: the gentlewoman is recognized for three minutes.

1:18:30 to 1:21:55( Edit History Discussion )
Speech By: Stephanie Herseth

1:18:48 to 1:19:08( Edit History Discussion )

Stephanie Herseth: ms. herseth sandlin: i thank the gentleman from new york. i rise today in strong support of the rule and the statutory pay-go act of 2009. i would like to thank speaker pelosi and majority leader hoyer whose steadfast support have been essential to the efforts of the blue dog coalition and others across the spec spectrum

1:19:09 to 1:19:29( Edit History Discussion )

Stephanie Herseth: of our caucus and mr. miller and mr. welch who worked to restore this important budgetary tool to help move the nation from dangerous deficits to surpluses in the late 1990's, a tool that was abandoned by the republicans in the bush administration. established house pay-go rules

1:19:30 to 1:19:52( Edit History Discussion )

Stephanie Herseth: in an effort to restore fiscal discipline to congress sm the house pay-go rules and this statutory pay-go bill stand for a simple principle. new entitlement spending and new tax cuts should be paid for. we can't have everything we want. we need to do whatamilies in south dakota and across the nation do, budget responsibly.

1:19:53 to 1:20:13( Edit History Discussion )

Stephanie Herseth: it's not, our nation our will pay the price. we paid $249 billion in net interest to service government debt in fiscal year 2008. we know something is wrong with our priorities. think of what we could do with an extra of a quarter of a trillion dollars, we could invest in need priorities or

1:20:14 to 1:20:37( Edit History Discussion )

Stephanie Herseth: pay down the debt. the house pay-go rules is the first step. the massive buildup of debt that occurred over the past eight years not only threatens our economic future that puts our national security at risk. foreign held debt has grown more

1:20:38 to 1:20:59( Edit History Discussion )

Stephanie Herseth: than 200% increasing from $1 trillion from january, 2001 to $2.7 trillion, which works out to be 80 crepts of every dollar of new debt issued since 2001 being bought by foreign entities. china alone uped by 850%. today, we finally have a

1:21:00 to 1:21:22( Edit History Discussion )

Stephanie Herseth: president who is committed to pay-. the first bill he sent to congress was a statutory pay-go bill. many of our friends on the other side of the aisle have been concerned about deficits and i welcome that. we should be concerned about the pressing and consequential issues facing our country and we should recognize statutory

1:21:23 to 1:21:44( Edit History Discussion )

Stephanie Herseth: pay-go is one tool among many but a strong tool enforcing the congress to spend within its means. statutory pay-go, controlling both spending and tax policy is absolutely critical in the long-term for long-term growth and prosperity. and that'something people across the political should be able to agree on. many people talk about a commitment to fiscal

1:21:45 to 1:21:55( Edit History Discussion )

Stephanie Herseth: responsibility, but no one can be taken seriously in that claim if they do not support the strong effective and proven tool of statutory pay-go. so today, mr. speaker, on behalf