Eric Cantor

Mr. CANTOR

Mr. CANTOR. I thank the gentleman. I hope we also have the courage and the wisdom to focus on what it is the people sent us here to do. They sent us here to focus on jobs and the economy. Yes, we take seriously our responsibility to get the fiscal house in order; but if the priority is about jobs, we know jobs don't come from government programs overall; they come from the private sector. Over half the people in this country work for small businesses. The number of small business startups in this country has been anemic of late. We've got to focus on that and ensure that we are responding to what people want. That is, they want more growth in this economy, and they want to get back to work. That should be our goal.

Mr. CANTOR. I thank the gentleman for yielding. I also thank the gentleman for his remarks in couching his observation or characterization of the agenda having been brought forth by our side over the last several months, because we believe strongly that the focus should be on jobs. We differ, I believe, with the gentleman and his side of the aisle that a growth agenda is not necessarily a government program, and so our agenda, our jobs agenda, is focused on trying to eliminate the environment which is full of burdensome regulations, unfair taxes, and new mandates on the real job engines of this country, which are, Mr. Speaker, the small businesses and entrepreneurs of this country. If the gentleman would look to see what we have been doing over the last several months, he would see that our agenda is very focused on accomplishing that end. We passed H. Res. 72. It was a resolution directing our committees to take inventory and review existing, pending and proposed regulations and orders from agencies of the government with respect to their impact on jobs. Those reports are due June 30. They will be focused on the kinds of things that we could be doing to remove the impediments that government here in Washington has created for small business growth. We also brought forth H.R. 872, the Reducing Regulatory Burdens Act, dealing with a duplicative application of regulations on the pesticide industry, and, as the gentleman knows, that bill had a lot of bipartisan support. We also brought forward H.R. 910, which was the Energy Tax Prevention Act. Mr. Speaker, I think there is probably very little dissent among small businesses in this country that the EPA has stepped entirely beyond its bounds and has provided gross impediments to the growth of manufacturing and small business in this country. That bill was squarely aimed at trying to force the EPA to stop in its conduct of attempting to accomplish what the prior majority tried to do under its cap-and-tax agenda. Mr. Speaker, I would further say, we brought H.J. Res. 37 to the floor. This was a resolution of disapproval regarding the FCC's regulation of the Internet and broadband industry practices, otherwise called the bill to stop its attempt to control the Internet. The ability for the government to begin to impose its will on the Internet is a job-killer. That bill was also taken up by the majority. We also, as the gentleman knows, passed H.R. 4, the Small Business Paperwork Mandate Elimination Act. He and his side joined us in the bill, which began to repeal the job-killing nature of the health care bill. It was otherwise known as the 1099 provision, which all small businesses said placed too much paperwork burden on them. We also have been very focused on what people are most focused on when they begin to think about the summertime and taking a vacation, which is the gas prices and the prices at the pump, and we have brought forward H.R. 1230, H.R. 1229, and H.R. 1231, all of which were aimed at trying to lower the cost of fuel in this country, to maximize energy production in this country, so not only could families have the ability to do what they need but also that businesses could see lower energy costs. And all of this, Mr. Speaker, takes place in the context where we've got a government that is borrowing 40 cents of every dollar it spends. We believe strongly that not only do we need to focus first on growth but we've got to finally do what Washington has failed over the decades, which is to get its fiscal act in order, to ensure that we don't allow spending to get out of control again. Mr. Speaker, the gentleman asked about the Biden talks. I share his commitment, as he related, that this is an important issue, that no one thinks that America shouldn't pay its bills. But I would also add, Mr. Speaker, that the people who elected us expect us to ensure that the fiscal insanity that has been taking place in this town stop and that we put in place reforms so we can demonstrate that we've changed the system. That's the spirit in which our side has engaged in the talks with the Vice President. As the gentleman knows, I have been very public in my praise of the Vice President in his conduct of these talks. I am hopeful that we can meet or exceed the expectations right now, which is to say we are aiming to reduce spending by the trillions in order for us to engage in the kind of vote-taking that needs to take place to stave off a default. But I say to the gentleman, first and foremost, our side will not support any attempt to raise the debt ceiling that is not accompanied by the kind of cuts necessary and reforms necessary, nor will we support an attempt to raise the debt limit that raises people's taxes. That, we don't want to do. So, again, I am cautiously optimistic that we are moving forward so as to come to some agreement that meets those guidelines.

Mr. CANTOR. I thank the gentleman from Maryland, the Democratic whip, for yielding. Mr. Speaker, on Tuesday, the House will meet at noon for morning-hour and 2 p.m. for legislative business, with votes postponed until 6:30 p.m. On Wednesday and Thursday, the House will meet at 10 a.m. for morning-hour and noon for legislative business. On Friday, the House will meet at 9 a.m. for legislative business. Last votes of the week are expected no later than 3 p.m. on Friday. We will consider a few bills under suspension of the rules on Tuesday, which will be announced by the close of business tomorrow. In addition, Mr. Speaker, I expect the House to consider H.R. 1249, the American Invents Act. This jobs bill is sorely needed to fundamentally address the backlog of 700,000 applications at the Patent and Trade Office. It will encourage entrepreneurship and growth by unlocking American entrepreneurship and growth. The House will also consider a bill from the Energy and Commerce Committee, H.R. 2021, the Jobs and Energy Permitting Act of 2011, which addresses high gas prices. I also expect further action on the FAA bill early in the week. Finally, Mr. Speaker, I expect the House to begin consideration of the Department of Defense appropriations bill for fiscal year 2012, along with potential legislation related to the ongoing military conflict in Libya.

Mr. CANTOR

Mr. CANTOR. Mr. Speaker, I rise today to recognize a historic accomplishment for the Richmond region. On March 27, 2011, the Virginia Commonwealth University's basketball team defeated the University of Kansas 71-61 and for the first time in history advanced to the NCAA Basketball Tournament's Final Four. Led by Coach Shaka Smart, the Rams had a terrific season and finished sixth in the final ESPN/USA Today Coaches poll, which is the highest finish in school and CAA history. The Rams ended the season by tying their record of 28 wins. The Rams set a number of new records for VCU and the CAA including total points scored with 2,864 and total three-pointers with 339, a mark which ranked second in the nation. The fourteen home games of the 2010-11 season set a new average attendance record with 6,645 fans per game. The average attendance for all forty games was 8,742, which is also a school record. The team has brought the City of Richmond and the entire Commonwealth of Virginia much pride. Their strong teamwork and spirit were evident, and they brought an excitement to our community that has rarely been seen before. VCU pride was displayed in store fronts, restaurants, local businesses and in people's homes. We were all proud to share the magic of VCU's Cinderella season with the country. I offer sincere congratulations to VCU President Michael Rao for his vision and outstanding leadership, Coach Smart for his contagious enthusiasm and tenacity, the Ram basketball team for their exceptional play and inspiring team spirit, and all of the students and fans that supported the team throughout the season. I commend the Rams on their successful season and ask you to join me in celebrating their historic run.

Mr. CANTOR

Mr. CANTOR. Madam Speaker, as Members are aware, three critical provisions of the USA PATRIOT Act expire at midnight on Thursday. It is critical to our national security that we extend these provisions as soon as possible. At this time, though, a bipartisan agreement on a 4- year extension of each expiring provision is still pending in the Senate. Unfortunately, the Senate will not vote on cloture until some point Thursday morning. Further, the cloture vote initiates up to 30 hours of post-cloture debate before the Senate can vote on final passage and send the bill to the House. If all time were used, which is currently not known, the Senate would not clear their bill until Friday morning. Therefore, Madam Speaker, Members are advised to make contingency travel plans for Thursday and Friday. It is likely that the House will be in session and voting past 3 p.m. tomorrow. Further, it is possible that the House could also be in session and voting on Friday. We will update Members on the Senate's progress as we continue to move through the week, Madam Speaker. I thank the Members for their patience, and I no doubt share in their unspoken thoughts about the other body.

Mr. CANTOR

Mr. CANTOR. I thank the gentleman. And I would also like to congratulate and thank the gentleman from New Jersey, who had just spoken, for his leadership on this issue. Madam Speaker, above all else, we are a culture that values life. Likewise, our efforts as a Nation are dedicated to improving, preserving, and celebrating life. That's why it's no surprise that polling routinely shows that over 60 percent of Americans oppose taxpayer funding for abortion. H.R. 3, the No Taxpayer Funding for Abortion Act, enforces a government-wide prohibition on subsidies for abortion and abortion coverage. At a time of fiscal crisis, this bill ensures that scarce resources are not diverted towards increasing the number of abortions in America. This bill also codifies existing conscience protections and closes loopholes that offer tax-preferred status to abortion. In short, it comports with our values as a people. Thomas Jefferson warned that ``to compel a man to subsidize with his taxes the propagation of ideas which he disbelieves and abhors is sinful and tyrannical.'' Forcing Americans to subsidize elective abortion with their tax dollars falls squarely in this camp. Madam Speaker, I urge my colleagues to support H.R. 3 to ensure that no taxpayer dollars go toward the funding of abortion.

Mr. CANTOR

Mr. CANTOR. Mr. Chairman, I want to thank the gentleman from Wisconsin (Mr. Ryan) for his outstanding leadership and all the hard work he has shown in leading this effort to put together a budget for this House. I also want to commend the hard work of his members in the committee for bringing this forward. Mr. Chairman, the Federal Government is broke. We borrow nearly 40 cents of every dollar we spend. Our debt is more than $14 trillion and is averaging yearly trillion-dollar deficits. We simply cannot afford to keep spending money we don't have, and we must bring down the debt. Now, for years this House, including legislators on both sides of the aisle, has kicked the can down the road. Americans were led to believe that we could spend hundreds of billions of dollars that we don't have and that there would be no consequences. And when it came to fostering an environment where American business could compete in a global economy, we became complacent. This must stop. It's time to be honest with the American people. Mr. Chairman, we stand at a crossroads. Before us lie two divergent paths: one defined by crushing debt, slow growth and diminished opportunity; and one defined by achievement, innovation and American leadership. By demonstrating courage and directly confronting our challenge at this critical moment, we can fulfill the promise of America and pass on to our children a Nation that offers everyone a fair shot at earning their success. The House Republican budget is an honest, fact-based proposal that details our vision for managing down our debt and growing our way back to prosperity. First, we will stop spending money that we don't have. This budget cuts non-security discretionary spending to below 2008 levels and freezes it for 5 years. Overall, we reach $6.2 trillion in savings against the President's budget. Second, we will lead where the President has failed by finally addressing our insolvent entitlement programs. We know that these programs are the biggest drivers of our debt, and the Congressional Budget Office acknowledges that if we don't take action, these important safety net programs will go broke. We cannot afford to ignore this oncoming fiscal train wreck any longer. While it may be seen by some as politically risky, we Republicans are willing to lead, because, to be frank, complacency is not an option. To be clear, our plan will not touch benefits for today's seniors and those nearing retirement. For those of us 54 and below, it calls for reforms that will restructure Medicare and Medicaid to ensure that these safety nets will still be there for those who need it, not for those who don't. Unlike the lofty outline the President gave in his speech this week, our budget is not a political document. We do not dream up imaginary savings and dodge specifics in an effort to lull people into the belief that they can actually get things for nothing. Our budget is a concrete plan for getting our fiscal house in order, and we do not resort to tax increases on the very small businesses and job creators we need to put America back to work. Bringing down the debt sends a message to American families. It sends a message to businessmen and -women, to entrepreneurs and to investors. It gives them the confidence that they won't face a future plagued by inflation, higher taxes and higher interest rates. We understand that cutting spending alone is not enough. That's why our budget calls for pro-growth policies to get our economy growing and get people back to work. Families and small business people are struggling, and today, Tax Day, millions of them will send their hard-earned money to Uncle Sam. The last thing we should be asking them to do is to send yet again more. Instead, our budget calls for a more competitive tax system that will encourage the economy to grow, create jobs and spur investment in the private sector. We call for the end of crony capitalism that allows privileged industries to gain competitive advantage in our Tax Code, and we call for a more simple system that lowers rates for all but makes sure everyone pays their fair share. Mr. Chairman, with this budget, House Republicans are changing the culture in Washington from one of spending to one of savings. Finally, Mr. Chairman, America will see that it can get its fiscal house in order after years of mismanagement. We are finally doing what families and small business people have been doing for years: tightening the belt and learning how to do more with less. Again, Mr. Chairman, I thank Chairman Ryan and his committee for their outstanding leadership. I urge my colleagues to support this resolution.

Mr. CANTOR

Mr. CANTOR. Mr. Speaker, I would like to inform my colleagues that additional legislative business and votes are possible today. I would expect Members to have at least 1 hour's notice prior to any recorded votes. Due to ongoing negotiations, it is critical for the House to remain in legislative session. In addition, Mr. Speaker, I would remind my colleagues that in the case of a lapse in appropriations, I fully expect the House to meet tomorrow. We will provide further information as soon as it's available, but Members should continue to keep their schedule for this weekend as flexible as possible.

Mr. CANTOR

Mr. CANTOR. Reclaiming my time, Mr. Speaker, I would say, we are trying to do the business of the American people. We do not want to shut the government down. We don't accept the status quo. We don't want to bankrupt this Nation. We believe there is a fiscal crisis demanding urgent action. With that, I yield back the balance of my time.

Mr. CANTOR. I yield to the gentleman from Maryland.

Mr. CANTOR. Mr. Speaker, first of all, I'd respond to the gentleman to say that there is no indication in a definite way that the Senate would not take up and pass the piece of legislation that we would bring up today. As a response to the second part of his inquiry regarding our going along with unanimous consent, I would say to the gentleman, no. We don't accept the status quo. Mr. Speaker, America is broke. That is why we are trying to address our fiscal crisis and to get the debt under control.

Mr. CANTOR. I yield to the gentleman from Maryland.

Mr. CANTOR. Mr. Speaker, I would like to inform our colleagues that the House will meet at 10 a.m. for morning hour and 12 p.m. for legislative business tomorrow. As the Members know, this is a change from the original calendar. Due to ongoing negotiations, Mr. Speaker, surrounding continued appropriations for the remainder of fiscal year 2011, I believe it is both appropriate and necessary for this House to be in session tomorrow. I expect legislative business to include, but may not be limited to, H.J. Res. 37, a resolution of disapproval regarding the FCC's recent Internet and broadband industry practices regulation ruling. Votes are possible at any time after noon tomorrow. At this point, it is too early to tell whether the House will need to be in session this weekend. In the case of lapse in appropriations, however, I fully expect the House to meet. Mr. Speaker, we will not leave town until we have fulfilled our obligation to cut spending, to begin getting our fiscal house in order, and to keep the government functioning. Therefore, Members should keep their schedules for this weekend as flexible as possible.

Mr. CANTOR. Mr. Speaker, reclaiming my time, I would say let us look at why we are where we are to begin with.

Mr. CANTOR

Mr. CANTOR. I thank the gentleman from Georgia for yielding. Mr. Speaker, as we debate the future course of government spending, we need to be honest with the people of this country about the current fiscal state of affairs. America averages now trillion-dollar deficits. We borrow nearly 40 cents of every dollar we spend. Given the fiscal cloud that hangs over our country, it is reckless to assume we can live pain-free forever. Sooner or later, something has to give. To give families and business confidence that their future won't be plagued by inflation, higher taxes and higher interest rates, our majority vowed to move forcefully to cut spending. We made clear that only by putting Federal spending on a sustainable trajectory could we create the conditions necessary for growth and job creation. During our 3 months in the majority, we have delivered on our promise. Six weeks ago, after 47 hours of debate, we passed H.R. 1 to fund the government for the remainder of the fiscal year and save taxpayers $61 billion relative to current spending. In a more open process than the House had seen in 4 years, we allowed the other party to offer countless amendments. And over the past month, we have passed two continuing resolutions that have cut $10 billion in spending. All along, Mr. Speaker, we've practically begged President Obama and Senate Democrats to get serious and come to the table with a legitimate proposal. But we got nothing in return. No legislation. No credible plan to cut spending. Mr. Speaker, I want to underline the fact that we do not want a government shutdown. Yet as Senate Democrats refuse to pass a bill, that unsettling prospect now looms ever larger, which is why they must act. Today, we are bringing a bill to the floor that makes clear that continued inaction on the part of the Senate Democratic majority is simply unacceptable. Finally, this bill also ensures that going forward, should there ever be a government shutdown, that Members of Congress and the President will not get paid. If we can't do our job, why should we get paid? Mr. Speaker, funding the government at the levels passed by House Republicans might not be what Senator Reid wants, but surely even he would agree that it's a better alternative than shutting down the government. I urge my colleagues to support this bill.

Mr. CANTOR

Mr. CANTOR. Mr. Chair, last November, voters sent an unambiguous message in opposition to the surge in government spending. Today, House Republicans are fighting to provide a surge protector. In three short months, we have changed the conversation in Washington from increasing spending to cutting spending and by how much. We have made significant strides toward returning spending to more reasonable 2008 levels, and we are taking the scalpel to excessive regulation that is smothering the economy. By lifting the ominous fiscal cloud that hangs over our businesses and job creators, we are laying the foundation for lasting growth. Today, through our YouCut program, the American public has put another wasteful spending initiative on the chopping block. In February 2009, the administration earmarked $30 billion in TARP money to implement the Home Affordable Modification Program. This effort was intended to fight foreclosure and strengthen the housing market, but to quote the non-partisan Inspector General, it ``continues to fall dramatically short of any meaningful standard of success.'' HAMP was meant to help 4 million homeowners; yet only 521,630 loans have been modified under the program. To add insult to injury, HAMP suffers from high re-default rates and has left many borrowers worse off. This legislation would save taxpayers up to $29 billion by preventing the government from providing any new assistance under HAMP. It is a common sense way to put an end to the culture of waste we have been working to eradicate in Washington. I urge my colleagues to vote in favor.

Mr. CANTOR

Mr. CANTOR. I thank the gentlelady. Mr. Speaker, let's really be honest and talk about what this bill is about. This bill is about making sure that we are spending taxpayer dollars the way that the people that earned them would spend them. And we saw, as the gentlelady from California indicated, on video executives at NPR saying that they don't need taxpayer dollars. So that's number one. That's out there. That was demonstrated for all of America to see. We are also in the process of making sure that Washington begins to do what every American family and small businessperson is having to do right now. It's called tightening the belt. It's called trying to learn how to do more with less. And inherently, what that means is, we have got to start prioritizing the things that are important to the American people. The problem is, we have seen NPR programming and its programming often veer far from what most Americans would like to see as far as the expenditure of their taxpayer dollars. That's the bottom line. Nobody is on a rampage. Nobody is trying to say that we don't like NPR for NPR's sake. We have seen how they spend their money. So that's why we are saying, it's time to prioritize. It's time to reflect the common sense of the American people. And that's why the bill takes the form that it does. It says that we have got to, number one, listen to the executives at NPR who say that they don't need taxpayer funding. Well, listen, we are all about looking for ways to cut right now and save on both sides of the aisle. We ought to take that advice for what it is. But we also know that NPR takes its funding and benefits from taxpayer dollars through the payments of local stations across the country. So what we are saying by this bill, those stations are not going to be starved from Corporation for Public Broadcasting grants, unlike the lady indicated. What they are going to be told is, You are not going to be using those taxpayer dollars for programming because we have seen how NPR has used that funding and the kind of programming that has been involved. We are trying to find commonality. Our country is made up of much diversity with people of a lot of differing opinions. Why should we allow taxpayer dollars to be used to advocate one ideology? Why should we? We shouldn't. We should insist that our taxpayer dollars are prioritized, and the people's interests of this country are honored. That's why I urge my colleagues to support this bill.

Mr. CANTOR

Mr. CANTOR. I thank the gentlelady. Mr. Chairman from day one, the majority of this Congress promised the American people that we would focus like a laser on producing results. And over the past 2 months, we have already begun to deliver on that promise by upending the culture of spending that prevailed in Washington and replace it with a culture of savings. The most important thing government can do right now is to create an environment that fosters opportunity for people. But if you talk to the small businesses and entrepreneurs who create jobs, they will tell you that the explosion of government debt is threatening their ability to innovate and compete. Unless we move swiftly to change course, our economy will be consumed by fears of future tax increases, inflation, and higher borrowing costs. That's why our majority is dedicated to our cut-and- grow agenda, cutting spending and job-destroying regulations and growing private sector jobs in the economy. Yesterday we took another significant step toward returning spending to 2008 levels. Today we offer Members a chance through the YouCut program to cut an additional $1 billion in waste. This legislation, endorsed by millions of voters in the YouCut program, would terminate the Neighborhood Stabilization Program, a pot of money, as the other side will tell you, that enables State and local governments to buy and rehabilitate foreclosed homes. Instead of benefiting at-risk homeowners facing foreclosure, however, this program may instead create perverse incentives for banks and other lenders to foreclose on troubled borrowers. The people's House is drawing a firm line in the sand against wasteful spending and inefficient government programs, and I urge my colleague the to support this legislation.

Mr. CANTOR

Mr. CANTOR. I thank the gentleman from Maryland, the Democratic whip, for yielding. Mr. Speaker, on Monday, the House will meet at noon for morning-hour and 2 p.m. for legislative business. On Tuesday and Wednesday, the House will meet at 10 a.m. for morning-hour and noon for legislative business. On Thursday, the House will meet at 9 a.m. for legislative business. The House will consider at least two bills under suspension of the rules on Monday, which will be announced by the close of business today. On Tuesday, we expect to consider a short-term continuing resolution to fund the government for another 3 weeks. On Wednesday, the House will consider one or possibly two more bills from the Financial Services Committee addressing mandatory spending: H.R. 839, the Home Affordable Modification Program Termination Act; and H.R. 861, the Neighborhood Stabilization Program Termination Act. Finally, Mr. Speaker, on Thursday, the House will consider a concurrent resolution sponsored by Mr. Kucinich related to the War Powers Resolution.

Mr. CANTOR. Yes. I would say to the gentleman that is correct.

Mr. CANTOR. As the gentleman knows, our majority is committed to the process of providing a 3-day notice for all Members, as well as their constituents, to see what we will be voting on. The Appropriations Committee is busy preparing the text of that, and it will be presented online this afternoon. The details will be in that online version this afternoon.

Mr. CANTOR. Well, I would say to the gentleman, we certainly look forward to the Senate acting expeditiously and acting quickly on the House's 3-week extension. Assuming that goes as well, the gentleman is correct in assuming that we will not be in session next Friday.

Mr. CANTOR. I thank the gentleman. First of all I want to respond to the first part of the gentleman's discussions regarding Mr. Zandi and the other individuals he spoke to regarding the predictions of doom because of our position on H.R. 1. I would say to the gentleman, and as he knows, there are as many economists, certainly several hundred, who signed a letter indicating that the cuts were not something that would produce the results that Mr. Zandi and others have predicted. In fact, it's Mr. Zandi's math that was applicable to the stimulus bill that I think most Americans do know now failed in the promises made that we would see unemployment not rise above 8 percent. Again, the gentleman and I have had a discussion before that if the answer was just spend more government taxpayer dollars to create jobs, why don't we just go spend it all and then everybody will be employed again. Well, we know that's not true and that doesn't work. We also know that Chairman Bernanke did not agree with the predictions of the kinds of cuts that Mr. Zandi and others have predicted, according to his testimony. Certainly we believe, very strongly, that if you cut government spending, we create an environment for private sector jobs. And to the gentleman's direct question about when we can proceed with a longer term solution so that we do not have to continue operating in stopgap ways, I would say to the gentleman, as he knows, it's not just the House, it's trying to work with the Senate as well as the White House. The Senate did act this week, and we now know that the Senate rejects our $60 billion, approximately $60 billion cut off of 2010 levels, and it also rejected the proposed $10 billion worth of cuts by Leader Reid. In fact, there were more votes in favor of the $60 billion H.R. 1 level than there were for the $10 billion level off of current spending. The problem is the White House has not indicated where it wants to go. And as we both have discussed before, as I have told the gentleman, I just don't see where the leadership is on the part of the White House. It is obviously up to the White House to come to the table as well, as the President has got to sign the bill. We agree it is much better for us to be operating with some certainty and not have to be operating off of stopgap measures every several weeks. But we don't want to shut government down, we want to cut spending. If this is how we are able to do it, we are going to deliver on that promise to cut spending. But I do share with the gentleman the frustration that we don't see any type of coalescence around a notion that we should have some type of longer term agreement on this fiscal year.

Mr. CANTOR

Mr. CANTOR. Mr. Speaker, I ask unanimous consent that when the House adjourns today, it adjourn to meet on Monday next, when it shall convene at noon for morning-hour debate and 2 p.m. for legislative business.

Mr. CANTOR

Mr. CANTOR. I thank the gentleman. Mr. Chairman, for the past several years the conversation in Washington has been about how much we can increase spending. Today, the debate is centered on how much we can increase savings. On November 2, voters sent a message that they will not sit by as Congress spends our way into national decline. It was a statement of rejection towards a buildup of debt and burdensome regulation that continues to cloud the prospects for the future. The new Republican majority has responded with a cut-and-grow agenda designed to produce results. We're cutting spending and job-destroying regulations and growing private sector jobs in the economy. Last month, we voted to cut spending down to 2008 levels. Today, through our YouCut program, we offer American taxpayers the opportunity to recoup roughly $300 million dollars in wasteful spending. The savings come from terminating a program funded in the Dodd-Frank regulatory bill. This mandatory spending program allegedly provides loans to homeowners potentially facing foreclosure, but it is estimated that the subsidy rate, meaning the amount of the loan that will not be repaid, is 98 cents out of every dollar. So we are borrowing money we don't have to give loans to certain homeowners that can't repay and that other American families will have to pay back in higher taxes in the future. This program truly does not make sense and leaves everyone worse off. At a time, Mr. Chairman, when we must do everything in our power to balance the Federal budget, this legislation must pass. And I urge my colleagues to vote in favor of it.