Tom Price

Mr. PRICE of Georgia

Mr. PRICE of Georgia. Mr. Chairman, this is a very simple amendment. What it says is that if a bank loans an individual $150,000 to purchase a home, and that is subject to a bankruptcy provision and a cramdown, and a judge says that principal will only be $100,000, and that individual who owns the home then sells it at a future date, more than 5 years, for somewhere between $100,000 and $150,000, then that amount of money goes to the lender, the individuals that were individually at risk for the money, loaned the money. If it was over $150,000, then the old homeowner is able to pocket that profit appropriately. It's a very simple provision. It's a provision, an amendment of fairness, of simplicity. It doesn't gut the bill. In fact, what it does is actually makes the system fair and responsible and rewards responsible activity. I urge my colleagues to support a commonsense, responsible amendment and yield back the balance of my time.

Mr. PRICE of Georgia. Mr. Chairman, I demand a recorded vote.

Mr. PRICE of Georgia

Mr. PRICE of Georgia. Mr. Speaker, I have a motion to recommit at the desk.

Mr. PRICE of Georgia. I am.

Mr. PRICE of Georgia. Mr. Speaker, at a time when the government is going to unprecedented lengths to stabilize the banking system, this legislation--the underlying legislation--is shortsighted, untimely, unfair, and counterproductive. While some might see cramdown as a quick fix, in reality, this legislation will have a costly impact on generations to come. Ranking Member Smith of the Judiciary Committee sent a thoughtful letter to the administration, raising concerns that this bill will lead to significant taxpayer liability for Federal mortgage guaranties by redistributing wealth from responsible taxpayers. The letter that Ranking Member Smith sent to the administration raised concerns about the underlying bill leading to significant taxpayer liability for Federal mortgage guaranties by redistributing wealth from responsible taxpayers to irresponsible borrowers and lenders by the hoarding by banks of hundreds of billions of dollars in capital while undermining the efforts that had been undertaken by the government in September to stabilize the financial markets. Finally, additional constriction in the home lending market: Markets are very stressed right now. The homeownership market is leading the way. There is more uncertainty than confidence. Many in America are having real financial problems, and we understand that. This bill only increases that uncertainty. If any Member truly desires fairness in the system of homeownership, then this motion to recommit will give them that assurance. The underlying bill leaves the door open to reward irresponsible actors, and our motion to recommit ensures that that doesn't happen. It would prohibit taxpayer assistance to any borrowers who misrepresented or lied about their income on their mortgage applications. It would prohibit taxpayer assistance to any lender who failed to follow proper underwriting standards. It would prohibit taxpayer funds from being used as incentives to lenders to rework loans for irresponsible borrowers, in essence, bribes from the taxpayer to pay mortgages. It would prohibit taxpayer funds from being used unless the President submits a new plan that provides equitable treatment of all mortgages. His current plan does not do that. Contrary to the words from President Obama, his plan rewards irresponsible behavior and continues a reckless course. What we're asking for instead is a plan that's fair to everyone, a plan that provides equitable treatment for everyone. All homeowners are struggling right now, and this plan in the underlying bill rewards bad behavior. The key aspects of the Obama administration's housing bailout proposal rewards irresponsible borrowers and lenders at the expense of the more than 90 percent of American families still making their mortgage payments on time. This is fundamentally unfair, and the American people know it. Mr. Speaker, our motion to recommit will ensure that unscrupulous and irresponsible actors will not be bailed out by the overwhelming majority of working families that have lived responsibly and within their means. I urge adoption of the motion to recommit. I yield back the balance of my time.

Mr. PRICE of Georgia. Mr. Speaker, I demand a recorded vote.

Mr. PRICE of Georgia

Mr. PRICE of Georgia. Madam Speaker, we have talked a lot these past few weeks about the state of the economy and the challenges that Americans are facing. Certainly they are remarkable challenges that we face all across this Nation. The stock market was again down today. So we look for solutions. The American people are demanding solutions on behalf of those folks that they sent to Washington, and rightly so. The ``solution'' I guess one could call it of the Obama administration is the budget that he proposed last week, and I would like to point out a few items on that budget. The deficits from that budget will be $1.75 trillion in this year, 12.3 percent of our gross domestic product, more than triple the previous year. A solution? I don't think so. How about national debt. This budget that the President proposed doubles the national debt in just 8 years. Do the American people think that is a solution? I don't think so. Interest. Beginning in 2012, the interest that we pay on the debt will be $1 billion a day, Madam Speaker. $1 billion a day. That is not a solution. Taxes. You have heard my colleagues discuss, Madam Speaker, that this budget raises taxes by $1.4 trillion, and it is on everybody, not just those that the President says can easily afford it. And how about spending? Well, $3.9 trillion in 2009, 27 percent of our gross domestic product, a record level, the highest level since World War II. Solutions? I don't think so. But, Madam Speaker, the good news is that there are solutions out there. They are wonderful solutions. Those of us who are members of the Republican Study Committee put on the table H.R. 476, the Economic Recovery Act, something that we believe would be a powerful solution that would allow Americans to keep more of their hard-earned money, decrease some of the incredible roadblocks in the face of businesses so that they can create jobs, and finally begin to decrease the amount of spending at the Federal level. Other big thinkers across this Nation are providing solutions as well. One of them is the group American Solutions headed by former Speaker of this House, Newt Gingrich. They recently came out with a proposal ``12 American Solutions for Jobs and Prosperity,'' talking about the Washington solutions currently being produced by this administration being more money for more government, more power for more politicians, more debt and more bureaucrats. That is not what will lead to real job growth and prosperity. Instead, there are 12 specific solutions that I would like to share with the House of Representatives. First, payroll tax stimulus. A new tax credit to offset 50 percent of the payroll tax would immediately inject money into small businesses and allow for job creation. Second, real middle income tax relief, proposing to decrease the marginal rate of 25 percent to 15 percent so that 9 out of 10 American workers have a flat tax of 15 percent. Real money in the pockets of real Americans. Real solutions. Third, reduce the business tax rate. Did you know, Madam Speaker, that Mexico and Sweden and Poland and Ireland and Hungary all have lower business taxes than the United States? If you're a business trying to decide where to put your company, you'd go somewhere else other than the United States if you were taking into account business tax rates. The proposal is to decrease our business tax rate to 12.5 percent; equal Ireland's, instead of the current 35 percent that we have. Fourth, homeowners assistance. Provide tax credit incentives for responsible home buyers so they can stay in their homes. Fifth, control spending so we can move to a balanced budget. Madam Speaker, did you know that the budget that the President put on the table last week never gets to a balanced budget? Never, never. Red numbers as far as the eye can see. We must have a balanced budget. Sixth, no State aid without protection from fraud; making certain that the State governments ensure that there's no fraud and no theft of the hard-earned taxpayer money that they receive from the Federal Government. Seventh, more American energy now. We absolutely must utilize American resources while we're conserving and while we're finding that new technology that will carry us through this century. Eighth, abolish taxes on capital gain. We ought to match China and Singapore, yes, Madam Speaker, China and Singapore and lower the taxes, abolish the taxes on capital gains. You talk about a job creation. My goodness gracious. Ninth, protect our right to vote in the workplace. This majority is going to steal that right away with the secret ballot destruction act that they are proposing to put on the floor. We believe that it's imperative that workers have the right to a secret ballot when talking about forming a union. Tenth, replace Sarbanes-Oxley. Eleventh, abolish the death tax once and for all. And, twelfth, invest in energy and transportation infrastructure. Real solutions for the American people. I urge my colleagues to take a look at those kinds of solutions that will actually get the economy rolling and create jobs. 12 American Solutions for Jobs & Prosperity Washington solutions of more money for more government, more power for politicians, more debt, and more bureaucrats will not lead to real growth in jobs and prosperity. We need a clear and decisive alternative that creates jobs and rewards work, saving, and investment. 1. Payroll Tax Stimulus. With a temporary new tax credit to offset 50% of the payroll tax, every small business would have more money, and all Americans would take home more of what they earn. 2. Real Middle-Income Tax Relief. Reduce the marginal tax rate of 25% down to 15%, in effect establishing a flat-rate tax of 15% for close to 9 out of 10 American workers. 3. Reduce the Business Tax Rate. Match Ireland's rate of 12.5% to keep more jobs in America. 4. Homeowner's Assistance. Provide tax credit incentives to responsible home buyers so they can keep their homes. 5. Control Spending So We Can Move to a Balanced Budget. This begins with eliminating Congressional earmarks and wasteful pork-barrel spending. 6. No State Aid Without Protection From Fraud. Require state governments to adopt anti-fraud and anti-theft policies before giving them more money. 7. More American Energy Now. Explore for more American oil and gas and invest in affordable energy for the future, including clean coal, ethanol, nuclear power and renewable fuels. 8. Abolish Taxes on Capital Gains. Match China, Singapore and many other competitors. More investment in America means more jobs in America. 9. Protect Our Right to Vote in the Workplace. We must protect a worker's right to decide by secret ballot whether to join a union. Forced unionism will kill jobs at a time when we can't afford to lose them. 10. Replace Sarbanes-Oxley. This failed law is crippling entrepreneurial startups. Replace it with affordable rules that help create jobs, not destroy them. 11. Abolish the Death Tax. Americans should work for their families, not for Washington. 12. Invest in Energy and Transportation Infrastructure. This includes a new, expanded electric power grid and a 21st century air traffic control system that will reduce delays in air travel and save passengers, employees and airlines billions of dollars per year.

Mr. PRICE of Georgia

Mr. PRICE of Georgia. I have a parliamentary inquiry, Mr. Speaker.

Mr. PRICE of Georgia. Mr. Speaker, earlier this week, the House passed a unanimous motion to instruct which directed the conferees to make the text of this report available for 48 hours before being considered. Under House rules, what is the effect of a motion to instruct?

Mr. PRICE of Georgia. A further inquiry, Mr. Speaker.

Mr. PRICE of Georgia. Then a unanimous motion to instruct adopted by this House is not binding at all and, therefore, is of no consequence; is that correct?

Mr. PRICE of Georgia. A further inquiry, Mr. Speaker.

Mr. PRICE of Georgia. Under House rules, isn't it true that a conference report cannot be made in order and considered on the floor unless it has been available for 3 calendar days?

Mr. PRICE of Georgia. Mr. Speaker, I reserve a point of order under rule XXII, clause 8 whereby the conference report shall not be in order and will be considered as read unless it has been available for 3 calendar days.

Mr. PRICE of Georgia. Mr. Speaker, a further inquiry then.

Mr. PRICE of Georgia. Is there an opportunity under the rules to allow for a reading of the over 1,000-page bill that is being considered currently?

Mr. PRICE of Georgia. A further parliamentary inquiry, Mr. Speaker.

Mr. PRICE of Georgia. As the ruling of the Chair, as the ruling of the Speaker, it is my understanding then, in having this bill of over 1,000 pages made available to the Members of the House after 11 or 12 o'clock last night, that this is to have been considered read even though it is physically impossible for any Member to have read this bill; is that correct?

Mr. PRICE of Georgia. I thank the Speaker.

Mr. PRICE of Georgia. Mr. Speaker, I rise to oppose this non-stimulus package because it is selfish and irresponsible. It is selfish--because it will burden future generations for years to come with unbelievable debt; trillions of dollars stolen from our children and grandchildren. It is irresponsible--because it won't work! It will not stimulate the economy. It will not create jobs. It has been shown to be misguided by over 300 prominent economists, including three Nobel Prize winners. In addition, the process has been an affront to all Americans. Less than 15 hours to read a bill over 1000 pages in length. Less than 2 hours of debate on the floor of the House on the most expensive spending bill in the history of mankind! This is simply wrong. Attached are three articles from papers today revealing the folly of this process and product. [From the Washington Post, Feb. 13, 2009] Despite Pledges, Package Has Some Pork (By Dan Eggen and Ellen Nakashima) The compromise stimulus bill adopted by House and Senate negotiators this week is not free of spending that benefits specific communities, industries or groups, despite vows by President Obama that the legislation would be kept clear of pet projects, according to lawmakers, legislative aides and anti-tax groups. The deal provides $8 billion for high-speed rail projects, for example, including money that could benefit a controversial proposal for a magnetic-levitation rail line between Disneyland, in California, and Las Vegas, a project favored by Senate Majority Leader Harry M. Reid (D-Nev.). The 311-mph train could make the trip from Sin City to Tomorrowland in less than two hours, according to backers. A new alliance of battery companies won $2 billion in grants and loans in the stimulus package to jump-start the domestic lithium ion industry. Filipino veterans, most of whom do not live in the United States, will get $200 million in long-awaited compensation for service in World War II. The nation's small shipyards also made out well, with $100 million in grant money--a tenfold increase in funding from last year, when the federal Maritime Administration launched the program to benefit yards in places such as Ketchikan, Alaska, and Bayou La Bate, Ala. None of the items in the sprawling $789 billion package are traditional earmarks--funding for a project inserted by a lawmaker bypassing the normal budgeting process--according to the White House and Democratic leaders. Republicans also killed or reduced a number of projects they considered objectionable, such as $200 million to re-sod the Mall in Washington and money for a new Coast Guard polar icebreaker. But many Republicans, anti-tax advocates and other critics argue that the final version of the bill is still larded with wasteful spending and dubious initiatives that will do little to create jobs or spur financial markets. The legislation's sheer size and complexity set off a lobbying spectacle over the past few weeks, as diverse interests including pharmaceutical companies, cement firms and manufacturers of energy-saving light bulbs converged on Washington to elbow for their share. ``You have a moving vehicle, and people are trying to pile on and influence it in any way they can,'' said David Merritt, a health policy adviser to the presidential campaign of Sen. John McCain (R-Ariz.) who is now a project director with Newt Gingrich's Center for Health Transformation. Stimulus advocates say the GOP complaints are overheated and generally focus on projects that Republicans dislike for ideological reasons. Chad Stone, chief economist at the liberal-leaning Center on Budget and Policy Priorities, defended the bill. ``The overwhelming bulk of what is in the package is effective and well-designed stimulus,'' he said. Money for high-speed rail ballooned during the stimulus debate, from nothing in the House bill to $2 billion in the Senate version and finally $8 billion in the conference report, which was put together by Reid and other Democratic leaders. Reid spokesman Jon Summers said in a statement that the transportation secretary ``will have complete flexibility as to which program he uses to allocate the funds,'' but he acknowledged that ``the proposed Los Angeles-Las Vegas rail project would be eligible.'' Summers said the rail funding ``was a major priority for President Obama, and Sen. Reid as a conferee supported it.'' One of the biggest targets of GOP complaints was a measure in the Senate version of the bill that did not name a recipient but would have provided $2 billion for ``one or more near zero emissions power plant(s).'' Sen. Tom Coburn (R-Okla.) and other Republicans say the provision was clearly directed at reviving the FutureGen Alliance project, a proposed ``clean coal'' plant in Illinois. Coburn called the item the ``largest earmark in American history,'' but in the end he was able to claim only a partial victory, as the conference bill still contains $1 billion that could be spent on FutureGen. Another $800 million is set aside for other carbon-capture projects, and a clause allows the money to go to projects that use petroleum coke instead of coal. That would probably benefit a company called Hydrogen Energy, which is jointly owned by British Petroleum and the multinational mining company Rio Tinto and has plans to build a power plant in California. A provision introduced by freshman Rep. Larry Kissell (D- N.C.), a former textile industry employee, will require the Transportation Security Administration to purchase uniforms manufactured in the United States; most TSA clothing is currently assembled in Mexico and Honduras from U.S.-made fabric. The cost of the requirement is unclear--the agency spends about $3 million on 12,000 new uniforms each year--but labor and trade groups argue that it will create 21,000 U.S. jobs. ``We view this as a very inexpensive way to create jobs and also stabilize jobs in place,'' said Lloyd Wood of the American Manufacturing Trade Action Coalition.

Mr. PRICE of Georgia

Mr. PRICE of Georgia. I appreciate my friend for yielding. Madam Speaker, you really can't be serious. You can't be serious. This would be humorous if it wasn't so sad. Got this at 11 o'clock last night, over 1,000 pages. What's in it? Have you read it? We found $30 million for mice. Got $30 million for mice. You can't be serious. What a joke. $30 million for mice. Does that create jobs? Imagine what we could do with $30 million, Madam Speaker. Imagine what we could do with $1 trillion, Madam Speaker, if we worked together for real solutions. We understand that people are hurting, but this majority is only interested in paying off and buying political friends like $2 billion for ACORN and $300 million for golf carts for bureaucrats. What a joke. But the American people aren't laughing. This bill is selfish because it robs from future generations. It's irresponsible because it won't work. What a joke. The American people aren't laughing.

Mr. PRICE of Georgia

Mr. PRICE of Georgia. Mr. Speaker, I have a parliamentary inquiry.

Mr. PRICE of Georgia. Mr. Speaker, 2 days ago, the House adopted unanimously a motion to instruct the conferees on H.R. 1 that stipulated that the text of the language of the non-stimulus bill must be available for 48 hours prior to the conferees signing off on the bill. Can the Speaker apprise the House as to the availability of that text at this point?

Mr. PRICE of Georgia. Further inquiry, Mr. Speaker.

Mr. PRICE of Georgia. Mr. Speaker, will the House know the timing for the vote to be scheduled on H.R. 1 and whether or not this text will be available for the 48 hours stipulated in the motion to instruct unanimously adopted by the House?