Cut, Cap, and Balance Act of 2011

Floor Speech

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Mr. SCHWEIKERT. Mr. Speaker, my reason for coming to the floor today is, look, there's already been some wonderful arguments, hopefully on our side, talking about cut, cap and balance being a realistic path to get there. But I'm here because the political rhetoric seems to lack basis in math. So let's have a little fun here.

How many times today have we already heard the comments about those corporate jets? We need to get rid of that depreciation.

Okay. Time for a little bit of mathematical reality. We borrow $4.7 billion every year. If we were to eliminate that incentive for those corporate jet purchases, fine. But it takes care of 15 seconds of borrowing a day. How can 15 seconds of borrowing a day be an honest discussion?

So let's go on to the next one. How many times today have we already heard about evil fossil fuels, those subsidies to Big Oil?

Well, let's do this. If we were to wipe out the subsidies to all fossil fuels, it would take care of 2.2 minutes of borrowing a day. How's that an honest debate? So we're living in that fantasy world.

So let's actually go on to one of the other ones, the Bush-Obama tax extensions. You know, because how many times do we hear around here, oh, it's those millionaires and billionaires. Well, let's do this. What would the math be if you got rid of those tax extensions for all Americans? It would buy you 28 minutes of borrowing a day, and that's assuming you don't slow down the economy, you don't raise unemployment. Actually, we use the President's numbers and pretend you get every dollar in, 28 minutes a day.

So think about that. The rhetoric you've heard here for hours wouldn't even buy, or would actually only buy one-half an hour of borrowing a day.

So I turn to my brothers and sisters on the left and say, what would you like to do with the other 23 1/2 hours of borrowing every single day?

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