Ppp Extension Act of 2021

Floor Speech

BREAK IN TRANSCRIPT

Mr. PAUL. Mr. President, in 2010, Congress passed what is known as pay-go. Pay-go was signed into law and requires that if you want to spend new money, you have to spend for it, hence the name ``pay as you go.''

The idea was that if you wanted to spend money on something, you would either need to cut spending or raise taxes, but you couldn't just simply borrow more money. And if you don't cut something, the cuts would be automatic. Except we have now waived pay-go 60 times since we passed pay-go. Debt has gone from $13.5 trillion to $30 trillion because Congress continues to evade the rules they put in place.

It brings us back to the $1.9 trillion spending bill the other side just passed. They want to now waive the pay-go rule. This will be the 61st time to waive pay-go.

Some will say that Republicans didn't seem to care about the debt when they voted to cut taxes. However, honest observers will note that I also forced a vote on pay-go when we cut taxes. Interestingly, every Democrat in this body at that time voted to evade the pay-go rules and add taxes to the deficit, as I am sure they will today.

So do deficits matter? The answer is a resounding yes. There is no free money. When we borrow or print new money, that money must be repaid. We have racked up nearly $30 trillion in debt. That is almost 150 percent of our entire economy. We borrow $6.6 million every minute. Get that. We borrow $6.6--
BREAK IN TRANSCRIPT

Mr. PAUL. The deficit has gone from $3 trillion last year; it will be $3.5 trillion this year.

In Washington, every day is a good day to spend money. Big spenders like to say the Federal Government is no different than a family budget. We have the Federal Reserve that can print money to buy our debt, but all that does is cause inflation. Even with inflation not spiking, we have lost 17 percent of the dollar over the last several years.

Who is responsible for the $30 trillion debt? Republicans? Democrats? The answer is yes and yes. Both parties are to blame. The vote I have called for is a litmus test for fiscal responsibility. Anyone who cares about the debt should vote to enforce the pay-go rule.

According to the CBO, the bill before us will increase the deficit by $15 billion in fiscal year 2021; therefore, I raise a point of order against the measure pursuant to section 404(a) of S. Con. Res. 13 of the 111th Congress.
BREAK IN TRANSCRIPT

Mr. PAUL. Since the implementation of PPP last April, 38 Planned Parenthood affiliates applied for and received $80 million in taxpayer funds meant for small business relief.

Pursuant to the longstanding affiliation rules, which stipulate that affiliated organizations are considered one organization, the Small Business Administration found that Planned Parenthood was ineligible for PPP funds and sent letters to each of the 38 organizations that wrongfully received funds.

After months of delay, though, SBA finally revealed that they have now given secondary loans to more Planned Parenthood organizations. These approvals come long after the SBA had determined that the initial ones were illegal.

Further extending the PPP program could allow all 49 Planned Parenthood affiliates time to access both the first or second draw of PPP loans, given the Biden administration's apparent recent actions.

I urge everyone who believes that taxpayers should not be forced to pay for abortion to vote no.

BREAK IN TRANSCRIPT

Source