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Video archive of the US Congress

House Proceeding 07-22-09 on Jul 22nd, 2009 :: 2:01:05 to 2:06:10
Total video length: 2 hours 39 minutes Stream Tools: Stream Overview | Edit Time

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Paul Ryan

2:01:01 to 2:01:21( Edit History Discussion )

Paul Ryan: years. it's time for us to work together. it's time for us to rein in these deficits. the speaker pro tempore: the gentleman's time has expired. the gentleman from wisconsin wish to yield time? mr. ryan: i yield myse four minutes. the speaker pro tempore: the

Paul Ryan

2:01:05 to 2:06:10( Edit History Discussion )
Speech By: Paul Ryan

Paul Ryan

2:01:22 to 2:01:42( Edit History Discussion )

Paul Ryan: gentleman is recognized for four minutes. mr. ryan: mr. speaker, our distinguished speaker of the house came to the floor a minute ago and gave a nice speech and said with passage of this pay-go bill, the deficit won't go up any more. wow. let me say that's not true. here's what the deficit path is

Paul Ryan

2:01:43 to 2:02:04( Edit History Discussion )

Paul Ryan: by the democrats' budget that passed earlier, democratic budg that passed earlier. it's up to $1.8 trillion now and that is from unforeseen circumstances, tarp and other things. goes down and like a rubber band, goes back up. under the deficit path that the

Paul Ryan

2:02:05 to 2:02:27( Edit History Discussion )

Paul Ryan: majority passed with their own budget resolution, the deficit goes back up to $1 trillion. huge, huge increase in the deficit, to the point where the deficit stays above 3% of our economy the entire time, above $600 billion. unsustainable deficits. unsustainable borrowing.

Paul Ryan

2:02:28 to 2:02:48( Edit History Discussion )

Paul Ryan: here's the problem, mr. speaker. one of these days, we're not going to be able to keep borrowing all this money. one of these days, our bond finance

Paul Ryan

2:02:49 to 2:03:09( Edit History Discussion )

Paul Ryan: india, they won't leaped us this money because we aren't getting the fiscal house in order. we have an unfunded liability and that means we are making promises to spend $62 trillion for people in this country today that we don't have. .

Paul Ryan

2:03:10 to 2:03:30( Edit History Discussion )

Paul Ryan: this year we're borrowing half our budget, borrowing. i wento the bureau of public debt last week and i watched a bond auction. i watched the treasury department borrow $40 billion in about four minutes. we had very talented people sitting around a room of flat screen tv's and laptop

Paul Ryan

2:03:31 to 2:03:51( Edit History Discussion )

Paul Ryan: computers sipping coffee as if it was just another day at the office. $40 billion 40 minutes. we're doing something like this every day these days. $2 trillion of our $4 trillion budget effectively is being borrowed this year. there's going to come a moment when they wi not lend us this money.

Paul Ryan

2:03:52 to 2:04:12( Edit History Discussion )

Paul Ryan: there will come a moment when we won't be able to have an auction succeed. there's going to come a moment where we're going to have to pay these people, these governments a lot more money to lend us their money. that moment is a fis reckoning for america. that moment is a moment when our interest rates go up. that moment will happen faster,

Paul Ryan

2:04:13 to 2:04:33( Edit History Discussion )

Paul Ryan: sooner rather than later if we don't fix these problems. what is the problem? spending is the problem. spending is the problem. spending in excess of what we tax is what creates deficits. it's what's creating this unprecedented level of debt.

Paul Ryan

2:04:34 to 2:04:55( Edit History Discussion )

Paul Ryan: and so what does this pay-go bill do? it just says raise taxes effectively if we want to build more programs, if we want to spend more money. what are we proposing? let's cut spending, let's control spending, let's cap spending, let's make the american federal budget work like a family budget so we

Paul Ryan

2:04:56 to 2:05:17( Edit History Discussion )

Paul Ryan: actually control and cap how much money we spend. i know around here that sounds like a novel idea but it isn't. every american family inevitably must do this. if you love beyond your means someday you have to make up for that fact. the question is whether this congress will do that so that the next generation won't get

Paul Ryan

2:05:18 to 2:05:39( Edit History Discussion )

Paul Ryan: hit with this tab, so the next generation doesn't have this inferior standard of living that we ow quantifiably, irrefuteably, demonstra i yield myself one minute. the speaker pro tempore: the gentleman is recognized for one minute. mr. ryan: only to say, mr. speaker, we have real solutions here that has real spending control.

Paul Ryan

2:05:40 to 2:06:00( Edit History Discussion )

Paul Ryan: so we get to real deficit reduction, so we really get on to t process of paying off our debt by reforming how much money we spend. that is not what the democrats are doing. they are paying -- p fiscal facade so they can do with the right hand while on the left hand they're spending money t the door.

Paul Ryan

2:06:01 to 2:06:10( Edit History Discussion )

Paul Ryan: a $410 billion omnibus appropriations bill, $1 trillion stimulus package. next week, $1 health care entitlement which even the congressional budget

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