America's Fiscal Challenges

Floor Speech

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Mr. WELCH. Mr. Speaker, this Congress and this country face two great fiscal challenges. One is long term, and one is urgent and immediate. Long term, we know we have to restore balance to our budget, and negotiations are under way in an effort to accomplish that.

There are significant differences in approach. Do you follow the outlines of the Ryan budget, which basically cut taxes for very wealthy Americans in the hope that will create jobs and pay for that by slashing or ending Medicare? Or do you proceed along the outline in the Obama budget which essentially would put everything on the table, including the Pentagon and including revenues?

But either way, the urgent and immediate responsibility is that we pay our bills. And either side that engages in a game of chicken with the obligation of this country to maintain its full faith and credit is playing with fiscal fire and using a loaded gun for a game of Russian roulette. That gun is pointed at the heart of the American economy.

America pays its bills. We must do that and do whatever is required in order to maintain our reputation for doing so.

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