[Congressional Record (Bound Edition), Volume 156 (2010), Part 2] [House] [Page 1597] [From the U.S. Government Publishing Office, www.gpo.gov]TOO MUCH GOVERNMENT SPENDING (Mr. GARRETT of New Jersey asked and was given permission to address the House for 1 minute.) Mr. GARRETT of New Jersey. Mr. Speaker, the other side of the aisle has been calling for even more misguided government spending despite the fact that they have controlled this House for the last 3 years, with massive spending in the past. Hasn't the American public spoken loud and clear that the Federal Government is just spending too much and trying to do too much, and that they want us to start cutting spending here? You know, the consequences of governments spending too much money are apparent around the world. Over in Greece, with potential default, they are only the tip of the iceberg. You have Italy and Spain also showing serious concerns as well. But here at home over the last 3 years we now see, because of the Democrat leadership of the House, $1.6 trillion deficits without any serious commitment whatsoever about trying to cut spending. And what is the result of that? Well, Moody's is now saying that there is a real possibility that the U.S. may lose its AAA rating. Think about that for a moment. Serious people are beginning to whisper that if things don't change here, the U.S. may actually default on its debts in the coming years and do serious damage to our economy and weaken it and cause higher interest rates. You know, throughout the last year we have talked a lot about spotting systemic risk in our economy. Well, there is one major risk in it right now, our mammoth Federal deficit and ever-increasing debt. Washington and the Democrat majority leadership must get serious about addressing this fast. ____________________