Returning to Fiscal Sanity

Floor Speech

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Mr. CLINE. Mr. Speaker, I rise to discuss the chilling state of the American economy. The stock market is tanking. The American people know what a disaster President Biden and the majority's economic policies have been, and they are acting accordingly and expressing the lowest consumer confidence in a record 50 years of data.

Pumping trillions in spending through this body, including the so- called American Rescue Plan, has, in large part, caused a 40-year high in inflation as the CPI rose to 8.6 percent in May.

The Nation is $30 trillion in debt, and the CBO predicts $1.6 trillion in deficits over the next decade. The Federal Reserve will be forced to continue to raise interest rates, further exacerbating the beleaguered economy.

Gas prices are at $5 a gallon, due to the President's assaults on American oil drilling and fracking and domestic energy exploration, and the Green New Deal priorities of the majority and this administration are exacerbating the energy crisis.

As The Wall Street Journal recently asked: Has anyone, other than unsuccessful green energy subsidy firms, benefited from the Biden economy?

What is more, the President's $5.8 trillion tax-and-spend budget is fiscally irresponsible. Biden's budget cuts $428 million in Customs and Border Protection's budget in the midst of a border crisis.

It skyrockets Federal spending by a third, compared to prepandemic levels, calls for $2.5 trillion in tax hikes, and sets this country on a course of extended fiscal doom at a time when we are currently on the precipice of a recession.

The American economy cannot sustain a Federal Government that is vacuuming tax dollars out of the pockets of the private sector at a record pace.

Still, today, the majority will not even propose a budget, much less one that achieves balance, and instead, funds the government and inflates the currency through massive omnibus bills and continuing resolutions.

We need to return to regular order in this House and return to fiscal sanity to rescue this economy from a recession that looms large in what is likely to be a long, hot summer for millions of American families.

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