Congressman outraged by growing debt
From Congressman John Tanner came a volley of rare words Wednesday, fueled by pent-up frustration about the growing federal debt.
“When in the name of all that is holy are you going to stop?” Tanner asked rhetorically during a speech on the floor of the U.S. House of Representatives.
He spoke against a tax bill that would add $50 billion in additional borrowing to this year’s federal deficit.
Continued borrowing to pay for today’s federal spending amounts to “the largest adjustable-rate mortgage in the history of humankind.”
The House had previously passed two fiscally responsible “pay as you go” versions of the alternative minimum tax relief, which will help 23 million American taxpayers. The most recent version paid for middle class AMT relief by closing a tax loophole for hedge fund managers who send money to off-shore bank accounts.
President Bush and Repub-licans in Congress blocked both versions of the bill, forcing the House to instead pass an unpaid-for bill that will add to the $9.17 trillion federal debt.
Tanner told House solons that no political leadership in the history of the nation has done what the White House and some members of Congress have done in the last six years.
“When (members of the minority party) say they oppose raising taxes, let me tell you, people: They have placed the largest adjustable-rate mortgage on the American people in the history of humankind,” he said.
“In the last 72 months, this country has borrowed more money in a shorter period of time than ever before in its history. We are presently borrowing from foreigners a little over $20 million an hour.
“When in the name of all that is holy are you going to stop? We are trying to pay our bill, and you won’t let us. The Republicans in the Senate won’t let us. When you place a $50 billion debt on every man, woman and child in this country to protect less than 10,000 people who are exploiting a tax loophole — and that’s exactly what’s happening here — when in the name of all that’s holy are you going to stop? When China foreclosures us?”
Published in The Messenger 12.20.07