Congressional Record, House, June 14, 2022, Page H5541
Summary
A page of the Congressional Record, House, dated June 14, 2022, at page H5541. In a special order by members of the House Freedom Caucus, Mr. Rosendale and Mr. Hice say that after mass shootings the reaction should look at mental health and the Baker Act rather than gun control, and say the country is in a moral and spiritual crisis. Under the heading Biden's Economics, Mr. Smucker takes 30 minutes to discuss inflation and says the Biden administration and Democrats in Congress are responsible for driving inflation and for saddling future generations with debt. A later speaker recalls growing up as one of 12 kids and his mother's worry at the grocery store. The remarks are the speakers' own.
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“Congressional Record, House, June 14, 2022, Page H5541.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/crec-crec-2022-06-14-crec-2022-06-14-pt1-pgh5541-46ec866d6a/
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June 14, 2022 CONGRESSIONAL RECORD — HOUSE H5541
Let’s look at the Baker Act, and let’s of other issues of that nature, then we and pushed by the Biden administra-
look at mental health. Let’s look at have got to look at the problem, which tion and by Democrats in Congress are
these acts of despair that are wrecking is the shooter. We, in this country really responsible for driving inflation
our communities and individual lives, right now, we are a Nation in deep and are certainly—even if you don’t
and let’s stop falling for the fallacies moral and spiritual crisis. agree with that—they are certainly
that somehow gun control is going to Among other things, we are watching saddling future generations with debt.
end the actions of these doers of evil our values in the family unit deterio- Someone will pay the price for the
deeds. rate right under our nose. Just today massive debt we have now, and unfor-
Mr. Speaker, I thank the gentleman in a hearing in the Oversight Com- tunately, that will be our kids and
for hosting this special order. mittee where the Democrats were yet grandkids and future generations.
Mr. ROSENDALE. Mr. Speaker, I am again offering one piece of legislation It has been said that Congress has a
proud to stand here with the members after another that continues to dete- habit of only addressing problems when
of the Freedom Caucus tonight because riorate and dismantle the most critical we reach a crisis—only addressing
they are the ones that understand we unit in this country—that is the family issues when we reach a crisis. That cri-
are standing here with a simple task, unit. sis may have already begun right now.
and that is to defend the rights of the Mr. Speaker, I would challenge any- We are in a pretty tough spot in our
people across this Nation. That is what one to take a deeper look at those who economy at the moment and people are
our job is. have committed such violent, heinous feeling it every single day. We must
Mr. Speaker, I yield to the gentleman crimes that we have watched and see step up to begin to address this.
from Georgia (Mr. HICE), my good Every Member of Congress, I am
what their family life was like, what
friend. sure, has talked to their constituents
their spiritual life was like, and we will
Mr. HICE of Georgia. Mr. Speaker, I and can share stories about how their
start finding some of the issues here
thank the gentleman from Montana for constituents are impacted by rising
that must be addressed.
your leadership on this issue and for all prices. I can tell you myself, growing
Yet, we have so many attempts right
the members of the House Freedom up as a child, I experienced what it was
now to address all the wrong things.
Caucus who stand for the issues that like to have it be difficult for my fam-
The SPEAKER pro tempore. The
are both constitutional and extremely ily to afford food.
time of the gentleman has expired. I was one of 12 kids. My father was
important to the American citizens.
All of us, all of us, all of us have been f first a farmer and a roofer, my mom
shocked over and over to see the un- BIDEN’S ECONOMICS was a stay-at-home mom. I can tell you
speakable acts of violence, mass shoot- about a stressful time for my mother
The SPEAKER pro tempore. Under
ings and the like that have taken place was going to the grocery store. The
the Speaker’s announced policy of Jan-
in recent years and are rising in inten- reason for that is because she knew she
uary 4, 2021, the Chair recognizes the
sity and frequency. We see the heart- would not have quite enough money to
gentleman from Pennsylvania (Mr.
wrenching situations that these trage- buy everything that she thought she
SMUCKER) for 30 minutes.
dies create in families and commu- needed.
Mr. SMUCKER. Mr. Speaker, I rise I remember walking with her up and
nities, and we see the rippling effect today to discuss something that has
that they have in our Nation as a down the aisles and she was calculating
been on my mind—discuss an issue that in her head how much she was putting
whole. we have been talking about and we
But far too often when these types of in the cart. She was very concerned
have been holding hearings in both the that she would get to the register and
things happen, the reaction has become Budget Committee and the Ways and
predictable from our colleagues on the be embarrassed that she would have to
Means Committee, and that is the put some things back. Today, people
other side of the aisle, from the media, state of our economy, which I would
from others who immediately jump to are feeling that.
characterize as the dire state of our I hear in my district, for instance,
conclusions, politicize the tragedies, economy, which I believe—I will dem-
and transfer to an agenda that includes my constituent, Lamar, he put the im-
onstrate with some charts this pact of inflation in clear terms. He
disarming law-abiding citizens and evening—is due to the reckless budg-
stripping away our constitutionally tells me that he spends more now but
etary policies of this administration. has less. He is doing with less. Paul
protected Second Amendment. What I am talking about is today we says he is sadly giving up on his hopes
b 2000 have inflation at 8.6 percent, which is of retirement at this time. Tim said he
Stricter regulation is not the issue— the highest level in over 40 years. We has to choose between gas and gro-
it is not the answer. Stripping away also have a GDP, or gross domestic ceries every week. Lavern is 66 years
constitutional rights of American citi- product, the total output of our econ- old and had to go back to work to help
zens is not the answer to these prob- omy that is shrinking in the first quar- out his children and his grandchildren
lems. ter. It shrank 1.4 percent. We may well now, though the impact of inflation on
When considering how to deal with be on the way to a recession if the sec- future debt will mean, as I mentioned
issues like mass shootings, we need to ond quarter shows that it is shrinking earlier, that his grandchildren will be
dig down to the root cause. This is just as well. paying the cost of the reckless spend-
common sense. We have a major prob- So there is no better time than right ing that we are seeing now. They will
lem, let’s get to the cause of the prob- now to renew our Nation’s commit- be paying for that for decades.
lem. ment to fiscal responsibility, and to We have all heard from our constitu-
Firearms are just a tool, and like make a difference in the lives of the ents. We have heard their outcries. We
with any tool, the tool is only as effec- people that we represent. have heard them talk to us about need-
tive or ineffective as the one operating Let’s talk a little bit about inflation. ing to rein in inflation. I think it is
the tool. I am not a violent person, Food prices are up 10.1 percent. Real time that we take it as a wakeup call.
that is why I don’t have violent guns. wages—that is the difference between Let’s identify the causes of inflation
The guns are not the problem. The per- inflation and the rise of wages—are and work to mitigate them.
son is the problem. down 3.4 percent as of today, meaning That is one of the reasons that I
If you have a violent person—as has that the average family is facing an ef- wanted to get up and speak tonight be-
already been stated tonight—a violent fective pay cut of $1,500 just this year. cause we have had debates in both of
person is going to commit violent acts. Everyone knows gas prices are at the committees that I mentioned about
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What is our response here—let’s not go their highest ever with average prices the causes of inflation—and that is not
after the person, let’s not deal with the in my hometown of Lancaster, Penn- just a political debate—it is not just
cause, let’s go after the tool, the in- sylvania, now exceeding $5 a gallon. because. It is because the only way
strument that was used. That does not Overall energy costs, home fuel oil, and that we can begin to solve it is to un-
solve the problem. others included, is up 34.6 percent. derstand the root cause of inflation,
If we are ever going to deal with Unfortunately, as I will point out to- what led to where we are now, and then
issues like mass shootings, and a host night, the spending policies enacted what we can do to change it.
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H5542 CONGRESSIONAL RECORD — HOUSE June 14, 2022
It is going to take leadership at all [From The Hill, Mar. 31, 2022] tion. They have spent nearly a year deflect-
levels of government to address not BIDEN’S SPENDING PLAN WILL FURTHER FUEL ing that their policies contribute to infla-
only inflation, but the $30 trillion now INFLATION tion, but at least the administration is no
(By Rep. Lloyd Smucker) longer parroting that inflation is temporary.
in debt, and trillions of dollars in defi- From what we’ve read in Biden’s first two
cits as far as we can see and as far as Americans are concerned about the econ- budget proposals, Americans should remain
the Biden budget projects. omy. A recent NBC poll indicated that only concerned about his dangerous levels of
33 percent of Americans approve of President spending, what it means for the future finan-
I am a businessowner, not an econo- Joe Biden’s handling of the economy. Infla- cial health of our nation, and what it means
mist, so I can’t even say that I have all tion is now at a 40-year high and has families for the future of inflation levels. Our $30 tril-
the answers. What I can tell you is that concerned about their financial well-being as lion national debt significantly impacts the
I believe that capitalism, freedom, and they gather to review their budgets around next generation of Americans. Continuing to
free enterprise have made the United the kitchen table. run trillion-dollar deficits and adding more
Democrats try to dismiss inflation as a
States the most powerful Nation in the to our mountainous debt further endangers
mere nuisance for Americans who have to our future.
history of the world and has provided cut back on so-called ‘‘luxuries.’’ When my
more opportunity than ever before in While President Biden and congressional
constituents point out that gas is too expen- Democrats have tried to move on from their
the history of humankind. I think re- sive, Democrats shrug and tell them to buy months-long public feud on spending, House
turning to those core values can help a Tesla. The Penn Wharton Budget Model Republicans are united in our fundamental
lead us—will help lead us—out of this concluded that inflation disproportionately principles of working to renew fiscal sanity
mess. impacts lower income Americans who have in Washington through a limited govern-
to pay an even higher percentage of their in- ment, pro-growth tax policy, and strength-
First of all, there is a chart I will come on necessities like food and transpor- ening our free enterprise system to create
show you. Inflation does not arrive tation. The latest consumer price index re- opportunities for Americans to live the
randomly. There are forces that cause port shows prices for food are up 7.9 percent, American Dream. We will exercise robust
inflation. Every time we have seen in- gasoline prices recently reached record oversight of President Biden’s spending spree
flation in our history there are forces highs. We need to help the Americans who to hold this administration accountable. We
can’t afford to put gas in their car, let alone will continue to fight against wasteful
that cause it. buy an expensive new electric car. spending ballooning our debt and deficit.
In this case, we have had things that Inflation isn’t just an economic term; it House Republicans will work to put Amer-
are outside of our control, Democrats has real world consequences for the constitu- ica’s fiscal house in order.
will argue, and the President blames ents that I represent. In my district, I think
of Connie who at 70 years old is looking for Mr. SMUCKER. Mr. Speaker, March
inflation on COVID–19, supply chain a part-time job to help make ends meet be- 2021, the Biden administration and con-
disruptions, Russia’s invasion of cause of the higher cost of everyday neces- gressional Democrats rammed through
Ukraine, the big bad oil and gas compa- sities. I think of Tim who told me he must $1.9 trillion in deficit spending, and
nies, and other things. I don’t know decide between buying gas or groceries. I only a small portion of that really
what the next thing is that he will be think of Lynne who told me that she and her went to solving problems and helping
blaming inflation on. I agree, they husband are planning to put off retiring be-
cause of higher prices.
people that needed help through the
have certainly played a role in causing pandemic—that helped to defeat the
These kinds of stories are commonplace as
inflation. inflation strains family budgets across the pandemic. Much of this was not needed
However, those challenges are the nation. The Biden administration claimed and only served to fuel inflation.
same challenges that every other coun- inflation was ‘‘temporary’’ and now places By the way, they were warned by
try across the world has faced and they blame on everything except his reckless many economic experts. We warned
spending. We know that the left’s irrespon- them. Republicans on the Budget Com-
do not explain why inflation in the
sible spending has accelerated inflation past mittee and the Ways and Means Com-
United States spiked earlier and is harmful levels. A study from the Federal Re-
much worse than what we are seeing in serve Bank of San Francisco concludes that
mittee warned Democrats at the time
other countries. Biden’s spending led to higher levels of infla- this was passed in early 2021 that we
tion. would see exactly this result. We were
This chart shows the annual core CPI
As the saying goes, an organization’s budg- relying on the forecasts of many econo-
inflation compared to OECD, which is et is a statement of its values. Now that mists who were saying exactly that,
sort of peer countries, the Organization President Biden released his Fiscal Year 2023 who were warning the administration
for Economic Cooperation in Develop- budget, albeit seven weeks past the statu- of that at the time. Not just Repub-
ment Countries. It shows how inflation tory deadline, we can see clearly that this
lican economists, by the way.
spiked starting roughly the beginning administration puts wasteful, inflationary
spending before all else. While the president
There is a name that many of you
of 2021 and far exceeded that of a com- will know, he is a former Obama and
parable country. What caused that? preaches fiscal restraint, this budget puts
forth policies reaffirming the president’s Clinton economist, Treasury Secretary
I have another chart that puts a lit- tax-and-spend march towards socialism. Larry Summers, warned that the
tle finer point on this. This shows that Biden’s proposed budget would spend $5.8 American Rescue Plan would be the
inflation started about the time that trillion next fiscal year. His proposal would biggest macroeconomic mistake in 40
Biden took office and really acceler- continue to pile on to the national debt, years, and it would cause inflationary
which eclipsed $30 trillion earlier this year.
ated after the passing of the American pressures of a kind that we have not
By their own estimates, his spending plan
Rescue Plan, which put trillions of dol- will add nearly $15 trillion in new debt over seen in a generation.
lars in spending into our economy. the next decade, with annual budget deficits Again, Larry Summers, a very well-
of at least $1 trillion per year. respected Democrat administration
Now, I showed that chart today in a
The Biden administration continues to live economist warning that we would be
hearing in the Budget Committee to in an alternate reality when it comes to seeing the inflation that we are seeing
Mr. Stephen Moore of the Save Amer- their inflation predictions. Their budget re- now, over a year ago, when the Amer-
ica Coalition, and he agreed that the port estimated the consumer price index ican Rescue Plan was passed.
clear difference between what we saw (CPI) would increase 4.7 percent for 2022. The
Just recently a study by the San
in the past chart, the blue line, and the most recent reading from the Bureau of
Labor Statistics reports that CPI is up 7.9 Francisco Federal Reserve confirms
other countries, the clear difference
percent over the last year. In last year’s that prediction, attributing the Amer-
was the stimulus that was provided,
budget, they predicted only a 2.1 percent ican Rescue Plan for at least three
the increase in demand that was pro- points of the current 8.6 percent. Mark
change in CPI for 2022, far off the mark from
vided by inserting trillions of dollars the high levels of inflation that we’re experi- Goldwein of the Committee for a Re-
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into the U.S. economy through the encing. sponsible Federal Budget, CRFB, de-
American Rescue Plan Act. Buried deep within the administration’s re- scribed the American Rescue Plan as
marks in the ‘‘analytical perspectives’’ the
Mr. Speaker, I include in the RECORD ‘‘pouring gasoline on the fire,’’ in
Biden administration believes that inflation
an article I wrote, an op-ed that was will return to its long-term trend in 2023 de- terms of an already stimulated econ-
published in The Hill on how President spite ‘‘considerable uncertainty’’ and their omy.
Biden’s policies have caused and will efforts to continue the White House’s mes- In my discussion with CBO director,
further fuel inflation. saging blaming Russia for increased infla- Phillip Swagel, during a House Budget
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June 14, 2022 CONGRESSIONAL RECORD — HOUSE H5543
Committee hearing last month, he also I think the President became more spending, and 11 times our current vet-
agreed—head of CBO—that the Amer- interested in inflation after seeing his erans’ healthcare spending. So every
ican Rescue Plan Act pumped trillions plummeting approval rate. He is now single dollar that we have to pay in ad-
of dollars into the economy that artifi- talking about inflation being a top pri- ditional interest costs will be taking
cially fueled demand and ultimately ority of the administration. In fact, dollars from programs that help people
drove today’s inflation crisis. just recently he wrote an op-ed in The across the country and will be taking
b 2015 Wall Street Journal titled: ‘‘My Plan dollars out of our economy.
for Fighting Inflation.’’ Increasing national debt is also a
So what happened? I will talk just briefly about that. He threat to our national security. Mr.
We had far too much cash in the
begins the op-ed by arguing that our Speaker, I also wrote an op-ed in May
economy and far too much demand.
I will show you, Mr. Speaker, some- economy is actually in great shape, that was published in The Washington
thing that my Governor in Pennsyl- which strikes me as being about as out Times.
of touch as you can get. He apparently I include in the RECORD the article.
vania said. Governor Wolf tweeted that
he wanted to send more money to peo- isn’t talking to the constituents whom [From the Washington Times, May 17, 2022]
ple all across Pennsylvania after jobs I talk to on a regular basis. WHEN THE BALLOON POPS: INFLATING OUR
were open and people were back to He lays out three points for com- DEBT AND UNDERMINING OUR SECURITY
work because he said, ‘‘States are bating inflation. (By Rep. Lloyd Smucker)
swimming with cash.’’ One, well, it is the Fed’s job; two, his OPINION:
They have an unusual problem in energy policies and build back better Twelve years ago, Joint Chiefs of Staff
Pennsylvania right now today. This is agenda will fix it; and three, a supposed Chair Adm. Michael Mullen famously
the week they are finishing the Penn- newfound commitment to fiscal dis- warned, ‘‘the most significant threat to our
sylvania budget, and they have more cipline. national security is our debt.’’ At the time,
In the op-ed he said that he welcomes the nation’s federal debt was roughly $13.5
money than they know what to do trillion. Congress and our government have
with. Much of that came as a result of debate on his plan. And maybe tonight
that is what we are doing. We are de- completely ignored Mr. Mullen’s warning;
the American Rescue Plan, and it was our national debt has now surpassed $30 tril-
excess money that wasn’t needed in the bating what really are the ways that lion and is growing exponentially.
economy. we can combat inflation and whether China now owns $1.1 trillion of that debt,
So those funds would have been far his plan really will work. the second-highest total among foreign sov-
better used paying down the deficit, So let’s talk about the Fed because ereign governments, a clear threat to our na-
paying down the debt, and not fueling the President’s first point was arguing tional security. If current trends continue,
inflation by artificially boosting de- that it is the Fed’s responsibility to that number will increase to $1.7 trillion
control inflation. And the President, over the next decade.
mand. So it really is unfortunate be- Mr. Mullen recognized the tangible risks
cause this hurts my constituents, and again, has spent 11⁄2 years pushing poli-
rising deficits have on our nation. Every dol-
it hurts people all across the country cies that fuel inflation and then points lar spent servicing our debt, meaning dollars
that the White House did not heed the to the Fed to fix the problem. spent paying the interest on the debt already
call of experts sooner and did not take Now, I do agree that the Fed has a accrued, are dollars not spent on funding na-
steps to reduce the impact of inflation. role in controlling inflation, and essen- tional priorities. Currently, the Congres-
For a while the White House instead tially the tool they have will be to sional Budget Office estimates that we will
said that inflation would be transitory, raise interest rates to try to slow down pay an average of $543 billion per year on
the economy. But we all know that just the interest for our nation’s $30 trillion-
and now just recently Secretary of the
raising rates will be required, which plus in national debt.
Treasury Yellen and Fed Chairman Je- President Biden’s Fiscal Year 2023 Budget
rome Powell backed off that argument they are doing now. Tomorrow they are only worsens the problem. Under the presi-
and agreed that they were wrong, and talking about a 0.75 percent increase in dent’s proposed spending plan, interest pay-
that inflation was not transitory. We the Federal rate, which is a significant ments would jump to an average of $756 bil-
have a real problem dealing with infla- increase, and they are talking about lion per year, meaning $2 trillion more in
tion at this point. doing that multiple times. So it has total interest payments over the next 10
Secretary Yellen said in a Ways and significant consequences on our econ- years than currently projected.
Means hearing just last week: ‘‘I think omy both in the short and long term. Our country would be paying over $1 tril-
What do I mean by that? lion in interest payments to service the debt
I was wrong then about the path that by 2031. To put that in perspective, by 2031,
inflation could take.’’ It makes it more expensive for busi-
we would pay 1.5 times our current Medicare
One of the sad things about inflation nesses to borrow money. It makes it outlays and 1.4 times our current defense
is that it impacts different people dif- more expensive for individuals to bor- budget on interest payments. As Undersecre-
ferently. The White House has claimed row money. We are seeing home mort- tary of Defense Comptroller Michael McCord
that inflation and the economy’s chal- gage rates go up significantly already agreed during our discussion at the House
lenges that we are seeing today are that will continue to do that, and hun- Budget Committee, the increasing burden of
high-class woes reserved for the rich. dreds of thousands fewer people today mandatory interest payments threatens to
are able to afford to buy a home when crowd out discretionary spending priorities,
But instead, it is the people on the
such as our defense budget.
lower end of the economic scale who they could have done so when they Mr. Mullen warned us that our debt would
are making less money who are im- were lower. So there will be a decrease soon reach a point where we spent more pay-
pacted more than any others by infla- for demand of goods and services ing off interest than funding our military,
tion. which, again, is an attempt to tamp risking our national security. Under the
The Penn Wharton Budget Model down the economy to decrease demand president’s budget, that warning will be
concluded that inflation disproportion- and decrease spending. proved true in 2029. Given that China owns
ately impacts lower-income Americans The other entity that is affected by an increasing amount of our debt, those in-
who have to pay an even higher per- rising interest rates is the Federal terest payments will directly fund the inter-
ests of an economic, and perhaps military,
centage of their income on necessities Government. We are $30 trillion in
adversary.
like food and transportation, the price debt. This chart shows what will hap- Unfortunately, rampant, irresponsible fed-
increases for which outpace the general pen as interest rates are being raised. eral spending has compounding consequences
inflation rate. By just raising one-half of a percent— on our economy.
As I mentioned earlier, the White you see the first line—will increase in- Mr. Biden and House Democrats are wreak-
House tries to blame multiple sources: terest costs over the next 10 years by ing havoc on our economy and fueling infla-
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corporate greed, gas companies, Rus- $1.3 trillion. Going up 2 percent will in- tion. Spurred by the $1.9 trillion American
sia, and whatever else may be as a crease interest costs by $5.3 trillion Rescue Plan Act, the inflationary impacts of
which were forecasted and have been con-
source of inflation. But I think that over the next 10 years. firmed, our government ran a $2.8 trillion
only serves to deflect blame, obscure Now, let’s put that in perspective. deficit in 2021. The results of this massive
the truth, and prevent us from coming That would be, under the President’s spending influx by the federal government
to an agreement where we can then plan, 1.5 times our current Medicare have been immediate and drastic: The Bu-
begin to solve this. spending, 1.4 times our current defense reau of Labor Statistics reports that the
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H5544 CONGRESSIONAL RECORD — HOUSE June 14, 2022
consumer price index for all items rose 8.3 good on those loans. If they essentially Look at this plan. This is the Presi-
percent over the past year, near the highest lose faith in the credit of the United dent’s budget straight from his budget
level in over 40 years. States, that would be what we call a documents. I get it. There was an
Inflation not only harms our economy in
sovereign debt crisis which would have anomaly during COVID. It was a chal-
the immediate future but also has long-term
impacts on the cost of servicing our debt. In a major economic impact in the United lenge for all of us, and the deficit went
March, in an attempt to tamp down Mr. States affecting every single American. way up during COVID. But look at the
Biden’s inflation, the Federal Reserve Board By the way, that is not merely a hy- deficit before COVID which is the sec-
raised benchmark interest rates by 0.25 per- pothetical. We have seen major nations ond bar on the left side.
centage points. On May 4, the Fed raised in- face sovereign debt crises. In 2009 And then coming out of COVID what
terest rates an additional 0.50 percentage Greece’s budget deficits totaled 12.7 happens?
points, the largest single increase since 2000. percent of its GDP. By 2012, Greece’s Do you see—if you take out the two
These rate hikes will have a ripple effect debt-to-GDP ratio was 160 percent. COVID years which was an exception,
across our economy, including on servicing Under CRFB’s analysis our debt held
our national debt. As inflation persists this an anomaly, do you see deficits declin-
by the public will reach 126 percent of ing at all?
year, the Fed is expected to continue to raise
rates at least 5 more times this year, with GDP by 2032 with the anticipated in- No. In fact, they are going up every
rates expected to surpass 1.9 percent. creased interest rates. If we don’t single year.
The Committee for a Responsible Federal change this trajectory, this will put us That is not fiscal responsibility. In
Budget, a nonpartisan nonprofit research or- well on the way to a fiscal calamity fact, I call it swamp math, to say that
ganization, reports, ‘‘If interest rates are 50 like Greece has experienced not long we are reducing deficits when this is
basis points (0.50 percentage points) higher ago, just a few years ago. exactly what it looks like in their
than projected, average annual interest costs So it is long past time for the U.S. to
would increase by $94 billion per year.’’ Even
budget plan. It is swamp math.
get our fiscal house in order and aban- Mr. Speaker, if you set one foot out-
higher interest rate hikes will have even don the reckless budgetary policies
more devastating impacts. If interest rates side the beltway, I can tell you that
were to exceed CBO’s projections by 2 per-
that sank the Greek economy at that every single American who looks at
centage points each year, similar to the time. this does not believe that we are reduc-
Fed’s expected actions for this year, our na- Let’s talk just briefly about energy,
ing deficits in any way.
tion could spend an additional $3.7 trillion Mr. Speaker, another big factor in the
servicing our debt over the next decade. rising prices that we are seeing. This b 2030
This does not even factor in expected chart sort of blows me away. Average I don’t mean that as a knock on the
spending increases under Mr. Biden’s budg- prices of gas in my hometown right administration. Well, I guess I do mean
et—this is just the impact of what has al- now exceed $5 a gallon. Think about it as a knock on the administration.
ready been spent. My Republican colleagues that, Mr. Speaker. Just a year and a
on the House Budget Committee have pre- But what I really mean to say is that
half ago, 2 years ago, no one would we have to get serious about imple-
pared an analysis titled ‘‘The Consequences
of Higher Interest Rates to the Federal have imagined that we would be spend- menting policies that will drive growth
Budget,’’ which provides an even grimmer ing $5 per gallon. You see the same and that will result in lower deficits
outlook on the long-term impacts of rate kind of increases in home fuel, Mr. over time, or we will be going down
hikes on our nation’s fiscal strength. Speaker, heating costs, and so on. And that path of fiscal calamity.
The Biden administration’s spending in- the President blames oil and gas mar- Besides this, the other thing that the
creases the debt from the outset, and the kets for that high inflation rate, and President is calling for, still calling
Fed’s response to control inflation by raising he focuses on the role of Russia in driv-
rates balloons the cost of our debt even
for, is what he calls the Build Back
ing those. Better plan. This is outlined in his
more. Our national security will falter. But do you know what is amazing,
America will be forced to fund China’s rise. budget.
Mr. Speaker? Now, I call it build back bankrupt be-
Generations yet to be born will be paying the
Under President Trump when Presi-
price for Mr. Biden’s inflation. It is long past cause it continues to put us on a path
time for Congress to step up and rein in this dent Biden took office, our Nation was
of a potential sovereign debt crisis. It
out-of-control spending and inflation. energy independent and becoming a net
certainly continues to build debt for
exporter of oil in 2019. Some of the very
Mr. SMUCKER. The article lays out our kids, our grandkids, and future
first actions that President Biden took
how increased inflation ultimately un- generations.
were to halt drilling on Federal lands
dermines our national security. The build back bankrupt plan im-
and to stop the Keystone pipeline.
China, perhaps our greatest adver- poses new taxes, 36 new taxes, on
Even as prices went up, the administra-
sary of the next decade, now owns $1.1 Americans and dramatically increases
tion doubled down on limiting the sup-
trillion of the national debt. That is spending beyond what you see here.
ply of our drilling. No new permits
the second highest total among foreign This is what they want to do, while
were approved. So it is a classic eco-
sovereign governments, and increased they are claiming to do this, which
nomic formula. They dramatically in-
dependence on China is a clear threat they are saying is reducing deficits. It
creased demand and reduced supply
to our national security. which led to the prices that we are see- makes no sense whatsoever.
If the current trends continue, Chi- ing now. One of the other things I want to
na’s portion of our national debt will The President just put out his new mention—I am running out of time
increase to $1.7 trillion over the next budget. He says that now—really the here.
decade. Interest payments as they rise first time I think since he has been in It has just been recently that we
will mean more income for China and office—it is important to reduce defi- have had this economy working on all
will directly fuel China’s growth mak- cits. I welcome that. I think it is im- cylinders, and we could be doing that
ing them a stronger economic and mili- portant that we reduce deficits. We again. This economy could be in a far
tary adversary. have to reduce the debt long term. He different position if we implemented
Twelve years ago, Joint Chiefs of claims credit for reducing the Federal policies similar to what were done
Staff Chairman Admiral Michael deficit by $1.7 trillion this year due to under the Tax Cuts and Jobs Act under
Mullen famously warned: ‘‘The most the expiration of spending in the Amer- the previous administration.
significant threat to our national secu- ican Rescue Plan which, by the way, is Just before COVID hit, we were see-
rity is our debt.’’ That was 12 years all deficit spending. He says that this ing the impact. Almost every measure
ago. The most significant threat to our reduction demonstrates a newfound you could possibly take showed that
national security is our national debt. commitment to fiscal discipline. the economy was working for the
SSpencer on DSK126QN23PROD with HOUSE
At that time, by the way, the Na- Now, let’s just look at that for a lit- American people. By the way, middle-
tion’s Federal debt was roughly $13.5 tle bit. income American, the average house-
trillion. Now it is at $30 trillion and If I eat 10,000 calories today—which is hold income increased by $6,000 per
growing. way more than I need—and tomorrow I year. That is a real impact. People
What could be even worse is if our eat 5,000, well, that won’t make me a were feeling it, compared to a $3,500
lenders lose faith in the ability of the model. It doesn’t mean that I am on drop in real wages during this adminis-
United States to pay back and make any kind of a diet. tration.
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June 14, 2022 CONGRESSIONAL RECORD — HOUSE H5545
The TCJA boosted workers’ pay- EXECUTIVE COMMUNICATIONS, partment of State, transmitting Department
checks. Income and wealth inequality ETC. Notification Number: DDTC 21-068; to the
fell. Real wages for the bottom 10 per- Committee on Foreign Affairs.
Under clause 2 of rule XIV, executive EC–4343. A letter from the Regulations Of-
cent, by the way, grew nearly twice as communications were taken from the ficer, Senior Attorney Advisor, Federal
fast as the top 10 percent. Real wealth Speaker’s table and referred as follows: Highway Administration, Department of
of the bottom 50 percent of households EC–4334. A letter from the Assistant Ad- Transportation, transmitting the Depart-
rose three times faster than that of the ministrator, Office of Policy and Program ment’s final rule — Diversion of Highway
top 1 percent. Development, Department of Agriculture, Revenues; Removal of Obsolete Regulation
Despite the challenges that we face transmitting the Department’s final rule — (RIN: 2125-AG04) received June 7, 2022, pursu-
now, I think hope is not lost. I am opti- Removal of 9 CFR 355--Certified Products for ant to 5 U.S.C. 801(a)(1)(A); Public Law 104-
mistic that if we implement the right Dogs, Cats, and Other Carnivora; Inspection, 121, Sec. 251; (110 Stat. 868); to the Committee
Certification, and Identification as to Class, on Transportation and Infrastructure.
policies, America can once again work
Quality, Quantity, and Condition [Docket EC–4344. A letter from the Regulations Of-
for the American people. We need to be No.: FSIS-2020-0013] (RIN: 0583-AD83) received ficer, Senior Attorney, Federal Highway Ad-
committed to that. We need to have a June 7, 2022, pursuant to 5 U.S.C. 801(a)(1)(A); ministration, Department of Transportation,
discussion about what policies will Public Law 104-121, Sec. 251; (110 Stat. 868); to transmitting the Department’s final rule —
work. the Committee on Agriculture. National Bridge Inspection Standards
The SPEAKER pro tempore. The EC–4335. A letter from the Assistant Ad- [FHWA Docket No.: FHWA-2017-0047] (RIN:
time of the gentleman has expired. ministrator, Office of Policy and Program 2125-AF55) received June 7, 2022, pursuant to
Development, Department of Agriculture, 5 U.S.C. 801(a)(1)(A); Public Law 104-121, Sec.
f transmitting the Department’s final rule — 251; (110 Stat. 868); to the Committee on
Elimination of the Requirement To Transportation and Infrastructure.
SENATE ENROLLED BILL SIGNED Defibrinate Livestock Blood Saved as an Ed- f
The Speaker announced her signa- ible Product [Docket No.: FSIS-2020-0005]
ture to an enrolled bill of the Senate of (RIN: 0583-AD81) received June 7, 2022, pursu- REPORTS OF COMMITTEES ON
ant to 5 U.S.C. 801(a)(1)(A); Public Law 104- PUBLIC BILLS AND RESOLUTIONS
the following title: 121, Sec. 251; (110 Stat. 868); to the Committee
S. 3580—An act to amend title 46, United on Agriculture. Under clause 2 of rule XIII, reports of
States Code, with respect to prohibited acts EC–4336. A letter from the Senior Congres- committees were delivered to the Clerk
by ocean common carriers or marine ter- sional Liaison, Bureau of Consumer Finan- for printing and reference to the proper
minal operators, and for other purposes. cial Protection, transmitting the Bureau’s calendar, as follows:
advisory opinion — Equal Credit Oppor-
f Ms. JOHNSON of Texas: Committee on
tunity (Regulation B); Revocations or Unfa- Science, Space, and Technology. H.R. 6933. A
ADJOURNMENT vorable Changes to the Terms of Existing bill to amend the Energy Policy Act of 2005
Credit Arrangements received June 9, 2022, to require reporting relating to certain cost-
The SPEAKER pro tempore. Pursu- pursuant to 5 U.S.C. 801(a)(1)(A); Public Law share requirements (Rept. 177–367). Referred
ant to section 11(b) of House Resolu- 104-121, Sec. 251; (110 Stat. 868); to the Com- to the Committee of the Whole House on the
tion 188, the House stands adjourned mittee on Financial Services. state of the Union.
until 10 a.m. tomorrow for morning- EC–4337. A letter from the President and Mr. DAVID SCOTT of Georgia: Committee
Chair, Board of Directors, Export-Import
hour debate and noon for legislative on Agriculture. H.R. 4140. A bill to make im-
Bank of the United States, transmitting a provements with respect to the pricing of
business. transaction pursuant to section 2(b)(3) of the
Thereupon (at 8 o’clock and 33 min- cattle in the United States, and for other
Export-Import Bank Act of 1945, pursuant to purposes; with an amendment (Rept. 117–368).
utes p.m.), under its previous order, the 12 U.S.C. 635(b)(3); July 31, 1945, ch. 341, Sec. Referred to the Committee of the Whole
House adjourned until tomorrow, 2 (as added by Public Law 102-266, Sec. 102); House on the state of the Union.
Wednesday, June 15, 2022, at 10 a.m. for (106 Stat. 95); to the Committee on Financial Ms. JOHNSON of Texas: Committee on
morning-hour debate. Services. Science, Space, and Technology. H.R. 3588. A
EC–4338. A letter from the Acting Assistant
bill to coordinate Federal research and de-
f Secretary, Employee Benefits Security Ad-
velopment efforts focused on modernizing
ministration, Department of Labor, trans-
OATH OF OFFICE MEMBERS, RESI- mathematics in STEM education through
mitting the Department’s final rule — An-
mathematical and statistical modeling, in-
DENT COMMISSONER, AND DELE- nual Information Return/Reports (RIN: 1210-
cluding data-driven and computational
GATES AB97) received June 8, 2022, pursuant to 5
thinking, problem, project, and performance-
U.S.C. 801(a)(1)(A); Public Law 104-121, Sec.
The oath of office required by the 251; (110 Stat. 868); to the Committee on Edu-
based learning and assessment, interdiscipli-
sixth article of the Constitution of the nary exploration, and career connections,
cation and Labor.
United States, and as provided by sec- EC–4339. A letter from the Division Chief, and for other purposes (Rept. 177–369). Re-
ferred to the Committee of the Whole House
tion 2 of the act of May 13, 1884 (23 Competition Policy Division, Wireline Com-
petition Bureau, Federal Communications on the state of the Union.
Stat. 22), to be administered to Mem-
bers, Resident Commissioner, and Dele- Commission, transmitting the Commission’s f
Major final rule — In the Matter of Advanced
gates of the House of Representatives, PUBLIC BILLS AND RESOLUTIONS
Methods to Target and Eliminate Unlawful
the text of which is carried in 5 U.S.C. Robocalls [CG Docket No.: 17-59]; Call Au- Under clause 2 of rule XII, public
3331: thentication Trust Anchor [WC Docket No.: bills and resolutions of the following
‘‘I, AB, do solemnly swear (or af- 17-97] received June 3, 2022, pursuant to 5 titles were introduced and severally re-
firm) that I will support and defend U.S.C. 801(a)(1)(A); Public Law 104-121, Sec.
ferred, as follows:
the Constitution of the United 251; (110 Stat. 868); to the Committee on En-
ergy and Commerce. By Mr. GRAVES of Louisiana (for him-
States against all enemies, foreign EC–4340. A letter from the Director, Office self, Mr. LARSEN of Washington, Mr.
and domestic; that I will bear true of Congressional Affairs, Office of Nuclear GRAVES of Missouri, and Mr. DEFA-
faith and allegiance to the same; Reactor Regulation, Nuclear Regulatory ZIO):
that I take this obligation freely, Commission, transmitting the Commission’s H.R. 8049. A bill to require the Secretary of
without any mental reservation or NUREG — Fuel Qualification for Advanced Transportation to establish the Aerospace
purpose of evasion; and that I will Reactors [NRC-2021-0112] received June 9, Supply Chain Resiliency Task Force, and for
2022, pursuant to 5 U.S.C. 801(a)(1)(A); Public other purposes; to the Committee on Trans-
well and faithfully discharge the
Law 104-121, Sec. 251; (110 Stat. 868); to the portation and Infrastructure.
duties of the office on which I am By Mr. PAPPAS (for himself, Ms.
Committee on Energy and Commerce.
about to enter. So help me God.’’ EC–4341. A letter from the Senior Bureau MALLIOTAKIS, Mr. O’HALLERAN, Mr.
has been subscribed to in person and Official, Bureau of Legislative Affairs, De- BEYER, Mr. KHANNA, Mr. CARSON, Ms.
SSpencer on DSK126QN23PROD with HOUSE
filed in duplicate with the Clerk of the partment of State, transmitting Department KAPTUR, Mr. NEGUSE, Mrs. WATSON
House of Representatives by the fol- Report Number: 004769, pursuant to Public COLEMAN, Ms. KUSTER, Mrs. NAPOLI-
Law 116-260, div. K, title VII, Sec. 7070; (134 TANO, Mr. MALINOWSKI, Mr. CON-
lowing Member of the 117th Congress, NOLLY, Mr. SUOZZI, Ms. MCCOLLUM,
Stat. 1813) and Public Law 116-260, div. K,
pursuant to the provisions of 2 U.S.C. title VII, Sec. 7070; (134 Stat. 1813); to the Mr. CARBAJAL, Ms. MACE, Mr.
25: Committee on Foreign Affairs. FITZPATRICK, Mr. CLYDE, Mr. ROSE,
CONNIE CONWAY, Twenty-Second Dis- EC–4342. A letter from the Senior Bureau Mr. KELLY of Pennsylvania, Mr. CAR-
trict of California. Official, Bureau of Legislative Affairs, De- TER of Georgia, Mr. GARBARINO, Mr.
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