A copy of Schwartz’s prepared speech follows below.

“Mr. Speaker, the budgets crafted by President Bush and the Republican majority do not address the short or long term goals or the values of our nation. It is time for a new direction.

“To meet our nation’s goals of economic security for our families and the security of our homeland, Democrats have offered a real plan.

• “Democrats believe in paying down the debt and maintaining fiscal restraint and discipline;

• “Democrats believe in real investments in life long education – which enables each American to reach their potential and strengthens the long-term financial security of our families and our nation;

• “Democrats believe in budgets that invest in our armed services to defend our homeland and protect the women and men who defend us; and

• “Democrats believe in tax fairness and tax cuts for the middle class. We believe in helping Americans pay for college, buy their first home, and save for retirement. We understand the priorities of everyday Americans.

“The Republican budgets of the last five years have failed to meet these objectives.

“At a time when American families are facing stagnant wages and ever increasing bills for childcare, healthcare, college tuition and gas at the pump – the Republican Congress has failed to address these day-to-day concerns. Instead, they’ve enacted tax cuts for the very wealthy. My constituents want Congress to address their needs, not the wants of a select few. It is clear which side the majority party has chosen.

“Instead of budgeting fairly, the Republicans have relied on smoke-and-mirror, borrow-and-spend gimmicks.  For example:

• They don’t include the war in Iraq and military activities in Afghanistan in their budget;

• They don’t include the massive cost of repealing the estate tax for estates valued at $10 million or more; and

• They don’t include the full costs of the Medicare Part D prescription drug benefit. 

“Despite their efforts to keep these costs hidden, their budget schemes have still added nearly $3.5 trillion to our national debt.

“Mr. Speaker, American families deserve better and they deserve a new direction.

“Instead of making smart investments in America’s future, the Republican budgets have run up massive deficits, and added to our debt. 

“And now today, our national debt is nearly $8.5 trillion.  This means that we spend more on the interest we owe on our debt than our combined investments in education, homeland security, and veterans’ health care.

“The nation’s debt is unsustainable and it is immoral.

“Mr. Speaker, American families deserve better and they deserve a new direction.

“The budget policies of the Bush administration and the Republican Congress leave our nation less secure.  Their schemes rely on borrowing more and more money from foreign investors.  More money, mind you, than the amount borrowed by all of the past American Presidents combined.

“And instead of enhancing our safety at home and bolstering our security abroad, they continue to under-fund important security initiatives at our ports, chemical plants, and along our borders.  This, at the same time they are failing to enact many of the 9/11 Commission’s recommendations, including enabling our police and firefighters to communicate seamlessly.

“Mr. Speaker, American families expect the government to make the necessary investments to keep them safe, and they believe that the American Dream should be available to everyone – not just a select few.  They deserve a new direction.

“Democrats understand that unless we change course, the harmful effects of the Republican's borrow-and-spend budget policies will only continue. 

“Democrats have a plan that makes the tough, fiscally-disciplined choices to restore our budget to balance and to meet our obligations to American families.

“Democrats have a plan that fulfills the basic budgetary principles of living within our means. 

“And Democrats have a plan to reduce wasteful spending, and make smart investments in all Americans that will ensure the nation's current and future fiscal well-being, and the safety, security and the freedoms that make our nation great.

“Mr. Speaker, Americans work every day to meet their obligations to their families, to their communities, and to the nation.  We must honor their commitment and we should not, and cannot, walk away from our obligations to them.

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