McHenry to Democrats: This is No Way to Run the Country
September 30, 2021 -
Today, the House Financial Services Committee is holding a hearing with Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen, amid Democrats’ push to destroy our economic recovery with their partisan tax-and-spending spree.
Watch Republican Leader Patrick McHenry’s (NC-10) opening remarks here.
Read Republican Leader McHenry’s opening remarks as prepared for delivery:
“Today, the Financial Services Committee is holding its second statutorily required quarterly hearing on the Biden Administration’s pandemic response. The only problem is that this hearing should have happened back in July. You know, during the second quarter of the year.
“But then again, that perfectly encapsulates the incompetence and dysfunction that has come to define the Democratic party’s control of the House, the Senate and the White House.
“Let’s just review briefly:
“The incompetence of the rental assistance program Republicans have highlighted since March has no solution in sight.
“The so-called ‘Biden Agenda’ appears to be on the rocks.
“And Democrats are no closer to raising the debt ceiling ahead of the October 18th deadline than they were in August when it expired.
“What do all of these problems have in common: all were foreseeable. They are known things—not just to Democrats, but to the world.
“And now, markets are taking notice. Our allies, and our adversaries, are watching closely to see what happens next.
“But in the midst of this chaos—thankfully—we have you two.
“The two of you instill confidence in our financial system and—especially in this moment—the credibility of your institutions is deeply connected with you.
“Chairman Powell, your decisive actions helped prevent the worst of the economic impacts of COVID. You were thoughtful, deliberate, and transparent—the antithesis of dangerous. To think otherwise is unmoored from reality. And anyone who would say otherwise, well… I appreciate their courage to speak their truth.
“Chairman Powell, our country will be better off with your continued leadership at the Federal Reserve.
“Secretary Yellen, your experience as Fed Chair and steady hand throughout the financial crisis made you a natural pick to lead the Treasury Department.
“So that’s why I am sorry you are in such an unenviable position.
“Bad strategy and a worse fiscal plan from a Democrat run Washington have consequences.
“Consumer prices continue to rise, businesses can’t find workers, oh, and the U.S. government—because of over-spending—will not be able to pay its bills in a little more than two weeks.
“So, what’s the plan? All I’ve seen from Democrats is a plan to spend more money. $1.9 trillion in March, more than $5 trillion now. And $5 trillion was the compromise. Bernie Sanders and progressives wanted a $6 trillion reconciliation package. President Biden proposed a $6 trillion budget in June, but Democrats couldn’t agree on that either, so here we are.
“To be clear, the Biden Administration’s Treasury Department can’t even keep track of $46 billion for rental assistance, and so how are the American people supposed to trust Democrats with another $5 and a half trillion dollars?
“This isn’t a plan, it’s a heist. The Democrat-run Washington’s tax and spend policies will only make rising prices worse.
“And they are using you, Secretary Yellen, and your credibility to sell its agenda.
“Over the past several weeks you’ve called on Congress to address the debt limit. I couldn’t agree more!
“Yesterday, the House passed a debt ceiling bill that is doomed in the Senate. It was political theater—they know it, we know it, you know it.
“It is theater designed to distract Americans from the fact that Democrats have no idea how to govern.
“They’ve known this deadline was coming. They knew it the day they took control of the Senate. They knew it the day President Biden was sworn into office. And they knew it the day you were confirmed as Treasury Secretary.
“The Democrats have been in charge of our country for nearly a year, and they did nothing. Except spend more money, leaving us further in debt.
“I want to be very clear: the U.S. government is run and controlled by Democrats. It’s defined by dysfunction, incompetence, and fiscal irresponsibility. Late in the game asking republicans to bailout your agenda so you can pass more spending is absurd.
“This is no way to run the country.
“I yield back.”
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