The House Committee on Financial Services held a markup of its portion of Democrats’ partisan $3.6 trillion spending package that would fundamentally restructure Americans’ relationship with the federal government. Democrats’ tax-and-spending spree would be disastrous for our economic recovery—leading to sluggish growth, weak job creation, and further consumer price increases.
Watch Republican Leader Patrick McHenry’s opening remarks here.
Read Republican Leader McHenry’s opening remarks as prepared for delivery:
“Thank you, Madam Chair.
“Today we’re marking up our Committee’s portion of the $3.6 trillion reconciliation monstrosity. This package has been described by the New York Times as a bill that, quote ‘would touch virtually every American, at every point in life, from conception to old age.’
“That is breath-taking.
“At a time when economic indicators are flashing red, Democrats are preparing to jam through the largest spending bill we have ever seen.
“I understand my colleagues across the aisle don’t want to hear from Republicans about the debt and deficit, so let me read what Democratic Senator Joe Manchin had to say just two weeks ago:
“‘Over the past 18 months, we’ve spent more than $5 trillion responding to the coronavirus pandemic. Now Democrat congressional leaders propose to pass the largest single spending bill in history with no regard to rising inflation, crippling debt, or the inevitability of future crises.’
“I ask unanimous consent to enter his op-ed into the record.
“Madam Chair, the unemployment rate stands at 5.2 percent. There are 10.9 million unfilled jobs.
“Hiring has slowed and layoffs have increased.
“The annual growth rate of wholesale prices is now higher than it was in 2010. And in August, we saw the largest increase in these prices, on an annual basis, on record.
“To say we are in choppy economic waters is a massive understatement.
“And in the face of all this data, all the growing concern among families about how they are going to pay bills and put food on the table – Democrats want to tax and spend at a level never seen before.
“The economic ignorance of my Democrat colleagues is stunning.
“On Friday, we discussed the serious housing crisis facing renters and property owners. We heard about how this committee has been leading the charge on solutions.
“Well, where are your solutions? They’re not in this bill. What changed since Friday? I thought it was a crisis?
“While Republicans have been calling for solutions since May, Democrats can’t find space among the $330 billion it wants to spend on expanding federal housing programs to solve this problem? You can’t be serious.
“Instead of addressing the rental crisis in this reconciliation package, Democrats have decided to move a separate bill – one that has no support in the Senate and has no hope of becoming law.
“But I’ll give you an opportunity to fix that. In fact, I’ll offer it twice. First, to your reconciliation bill–it fits within our instruction and complies with the reconciliation rules.
“And if you can’t find a way to accept it in a bill, we’ve been told is certain to become law, I’ll give you yet another opportunity to accept it as an amendment to your misguided, stand-alone ERA bill.
“Let’s see if my colleagues on the other side can cast a vote that matches their rhetoric.
“Let me close by saying this.
“You know this version of reconciliation won’t become law. I know it won’t become law. Even Democratic Senators have said they don’t support it. It’s going to be rewritten dozens of times behind closed doors as Democrats desperately search for enough votes to secure passage.
“Look, I get it. When you have the political leverage, you use it. But just look at what’s happening in our country. We are just now starting to emerge from this pandemic and our economic recovery could not be more fragile.
“Passing this bill is a mistake and it’s the American people who will pay the price.
“Republicans will offer several amendments today to rein in some of these bill’s worst elements. I hope you all consider the damage that would be done if you once again go it alone.
“I yield back.”