Time To Stop Digging The Deficit Hole

Floor Speech

Mrs. SCHMIDT. A few weeks ago, Moody's Investor Services told us that our country's AAA bond rating will be downgraded if we do not get the budget deficit under control. This is because the President and this Congress ran up a record-breaking deficit last year to the tune of $1.4 trillion, tripling our prior record.

The response from the President and the majority is more spending and absolutely no commitment to do anything to reduce the deficit. In fact, today we're going to be asked to raise our debt ceiling so we can borrow more.

An article in Barron's financial magazine on Monday said this: ``Moody's expressed optimism that the U.S. budget deficit would be reined in, helped by quicker-than-expected repayment of funds under the TARP program. But the ink was hardly dry on its report when President Obama, Tuesday, announced a new `jobs' program, funded in part by the greater-than-anticipated return of TARP funds.''

Repaid TARP funds are supposed to be used for deficit reduction. Besides this, I thought the trillion dollar stimulus bill was supposed to create jobs.

You know, when you get yourself into a hole, you have to stop digging.

It's time to stop digging.

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