Health Care Reform

Floor Speech

Mrs. SCHMIDT. Yesterday, Bloomberg reported what Moody's has been saying all year. Moody's once again reminded the United States that we are moving ``substantially'' closer to losing our AAA credit rating due to the rising cost of our debt service. The U.S. will spend 7 percent of our revenue this year just on servicing our debt. By 2013, Moody's estimates, we will spend 11 percent of our revenue just to pay the interest on our national debt. This would be a higher percentage than every other top-rated country.

Fortunately, we can protect our credit rating by reining in runaway spending and reducing our debt. But what does this President and this Democrat-controlled Congress do? They want to ram down a new huge entitlement program called the health care bill, riddled with awful policy and budget gimmicks that mask its true impact, through the House, maybe even without an official vote. The truth is, this health care bill is going to choke our economy and saddle our children with $500 billion in new taxes and deficits far worse than they are now.

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