mr. hensarling. the speaker pro tempore: the gentleman is recognized for three minutes. mr. hensarling: i thank the gentleman for yielding. the american people understand that this nation is facing a debt crisis. congress, under control of our friends on the other side of the aisle, the democrats, and seeing the deficit increase almost 10 fold since they took control of congress. we know that president obama has now submitted a budget which will uble the national debt in five year, triple it in 10 from 2008. madam speaker, i serve on the president's fiscal responsibility commission and we have recently heard testimony that when a nation's gross debt equals 90% of its economy, in this case g.d.p., that the needle has hit the red zone. that you can lose economic growth and on average, history tells us you can lose one percentage point a full third, congressional budget office is expecting 3% economic growth, it could be 2%. the united states gross debt is now at 89% of g.d.p. and the american people now know it's either youcut or your children may one day face bankruptcy. spend

mr. hensarling: this should be defeated. i yield back. the speaker pro tempore: the gentleman from massachusetts. mr. frank: i yield one minute to the speaker of the house. the speaker pro tempore: the gentlelady is recognized. pell pell thank you very much, mr. speaker. i thank -- nancy pelosi thank you very much mr. speaker are, mr. speaker -- the speaker: thank you very much, mr. speaker. as i listen to the debate here, i can't help but remember, and i have a vivid memory of it, a couple of years ago, almost two years ago, september 18, a thursday afternoon, we were gathered in our office and had just seen a week and a half proceeding, a week and a half to two weeks preceding that day, some unusual events that related to lehman brothers, merrill lynch and then a.i.g. and the said bailout of a.i.g. i called the secretary of the treasury and said, we're meeting here in my office and wondered if we could be helpful in any way in terms of public policy because what we seemed to see coming out from the executive branch is chaos, different re

mr. hensarling. sorry. the speaker pro tempore: the gentleman is recognized for four minutes. mr. ensarling: thank you, mr. speaker. . speaker, the question before us, with apologi to william shake spafere to bail out or not to bail out, that is the question. the motion to instruct by the ranking member says, no more bailouts. quite simply, it caot be said any other way. unfortunately, whether you're dealing with the house bill or the senate bill, there's still -- there are still firms that are in their view too big to fail. the phrase used is systemically significant, stemically risky, but they are identifying firms for a specific regulatory scheme and in the hou version, as the distinguished chairman of the financial services committee pointed out, has a prefunded bailout fund. in the senate version they drop their prefunded but there's an infinite line of credit that the fdic can draw upon with respect to the treasury. again if you have firms, mr. speaker, that are too big to fail, then you are saying they can't fail, so if they can't fail, then at some point, you're going to ba

mr. hensarling. the speaker pro tempore: mr. hensarling from texas is recognized for three minutes. mr. hensarling: i thank the gentleman for yielding. i was very interested, madam speaker, to hear the gentleman from colorado defend the job statistics under the democratic rule of congress. i don't know too many democrats coming to the floor who want to defend 9.7% unemployment. frankly, it's one of the major reasons that the legislation on the floor ought to be opposed today. madam speaker, it's a job killer. once again we have legislation that will make credit less -- less available and more expensive. let me point out four different aspects of this bill. number one, it creates a permanent wall street bailout authority. if you build it they will come. you build a bailout authority because you expect to bail people out. there's a choice to be had here. republicans believe in the bankruptcy code. there are improvements that need to be made, and unthe leadership of our ranking member, spencer bachus, we introduced that legislation, but our democratic friends prefer bailouts, bailouts over

mr. hensarling votes no. >> mr. garrett votes no. >> lucas no by proxy. >> no, by proxy. >> issa? >> no, by proxy. >> mr. graves? >> no, by proxy. mr. schumererkc, votes aye by proxy. >> what is the tally? >> 20 ayes, 11 nays. >> the house sends you its approval. >> let me congratulate you on a terrific job. we will now vote on the senate side. those in favor aye, those opposed nay. the ayes have it. i will ask the clerk to call the roll. >> mr. chairman? >> aye. >> aye. >> aye, by proxy. >> ye. >> aye, by proxy. >> aye, by proxy. >> mr. shelby? >> no. >> mr. crapo. >> no. >> mr. corker. >> no. >> mr. chambliss. >> no. >> the clerk will report. >> 7 aye, 5 nay. the bill is passed. hank my colleagues. [applause] >> with the votes of the house and senate conferees in favor of passage of the bill, i declare the bill passed and the conference committee is now adjourned. [applause] >> nice to meet you. take care. >> congratulations. >> congratulations. >> we recognize the remendous efforts of staff. it has been nothing quite like this. as is as good as it gets in terms of a legislative

mr. hensarling votes no. >> mr. garrett votes no. >> lucas no by proxy. >> mr. barton? >> no, by proxy. >> mr. smith votes no by proxy. >> issa? >> no, by proxy. >> mr. graves? >> no, by proxy. >> madame clerk, mr. schumer votes aye by proxy. >> mr. schumer votes aye by proxy. >> what is the tally? >> 20 ayes, 11 nays. >> the house sends you its approval. >> let me congratulate you on a terrific job. we will now vote on the senate side. those in favor aye, those opposed nay. the ayes have it. [laughter] i will ask the clerk to call the roll. >> mr. chairman? >> aye. >> mr. johnson? >> aye. >> mr. reed? >> aye. >> mr. schumer. >> aye, by proxy. >> ms. lincoln? >> aye. >> mr. harkin. >> aye, by proxy. >> aye, by proxy. >> mr. shelby? >> no. >> mr. crapo. >> no. >> mr. corker. >> no. >> mr. gregg. >> no. >> mr. chambliss. >> no. >> the clerk will report. >> 7 aye, 5 nay. the bill is passed. >> i thank my colleagues. [applause] >> with the votes of the house and senate conferees in favor of passage of the bill, i declare the bill passed and the conference committee is now a

mrs. capito, messrs. hensarling and garrett of new jersey. from the committee on agriculture for consideration of subtitles a and b of title 1, sections 1303, 1609, 1702, 1703, title 3 except sections 3301 and 3302, sections 4205-c, 4804-b-8-b, 5008 and 7509 of the house bill and section 102 subtitle a of title 1, sections 406, 604-h, title 7, title 8, sections 983, 989-e, 1027-j, 1088-a-8, 1098 and 1099 of the senate amendment and modifications committed to conference, messrs. peterson, boswell and lucas. from the committee on energy and commerce f consideration of sections 3009, 3102-a-2, 4001, 4002, 4101-0118, 4202, 4204 through 4210, 4314, 4401 through 4403, 4410, 4501 through 4509, 4601 through 4606,815, 4901. in that portion of section 8002-a-3 by adds a new stion 313-d to title 13, united states code, of the house bill and that portion of section 502-a-3 which adds a new section 313-d to title 31, united states code, section 722-e, 1001, 1002, 1011 through 1018, 1021 through 1024, 1027 through 1029, 1031 through 1034, 1036, 1037, 1041,