mr. quigley. mr. quigley: i pledge allegiance to the flag of the united states of america and to the republic for which it stands, one nation under god, indivisible, with liberty and justice for all. the speaker pro tempore: the chair will entertain up to five requests for one-minute speeches on each side. for what purpose does the gentlelady from north carolina rise? ms. foxx: i ask permission to address the house for one minute, mr. speaker. the speaker pro tempore: the gentlewoman is recognized. ms. foxx: thank you, mr. speaker. if our nation's debt crisis has taught us anything it's that we need a permanent fiscal solution to keep america the permanent land of the free for our children and grandchildren. there's only way to bind congress and that is a constitutional amendment requiring us to balance a budget. ordinary spending cuts and pledges to slash the deficit are no longer sufficient. washington went on a record spending binge in the last two years and left americans in an economic hangover. n

mr. quigley. mr. quigley: i pledge allegiance to the flag of the united states of america and to the republic for which it stands, one nation, under god, indivisible, with liberty and justice for all. the speaker: the chair will entertain up to 15 one-minute requests. for what purpose does the gentleman from virginia rise? >> ask unanimous consent to address the house for one minute. revise and extend my remarks. the speaker: without objection. >> mr. speaker, our friends and neighbors are hurting. last week the department of labor told us that the unemployment rate has climbed to 9.2%. that's unacceptable. this number reflects in part the policies of an administration that is embracing bureaucracy and red tape more than entrepreneurship and common sense. let me give you a local example. a respected developer in my district, he's got a job creating project that is ready to go and has the full support of the city of virginia beach which has already invested millions of dollars in infrastructure improvem

mr. quigley of illinois. the chair: pursuant to house resolution 358, the gentleman from illinois and a member opposed each will control five minutes. mr. quigley: the underlying bill requires that when a financial stability oversight council meets to deliberate on a cfpb ruling, those meetings would be open to the public. my amendment takes that one step further and will require that the meeting be live-streamed over the internet. if we are concerned about transparency and openness, it makes sense that the entire american public have access to these meetings, not just people in one city. this is important for both supporters and critics of the cfpb. if a cfpb ruling is challenged, americans should be able to observe the proceedings. my amendment would do just that. it makes the proceedings more open, more transparent and accessible. transparency would help ensure all parties, banks and consumers get a fair hearing. it's important in terms of regaining the public trust, especially in these times. aaccording t

mr. quigley. >> thank you, mr. chairman. >> mr. quigley, i'm sorry. i didn't see you in the last round. >> no problem. thank you, mr. chairman. good morning, ms. warren. >> good morning. >> you know, mr. chairman, as to mr. cooper's comments, i think it's appropriate occasionally to catch ourselves at these hearings and ask ourselves if we are maintaining the proper decorum and respect. i'm reminded as a veteran about 200 criminal trials that cross-examination can be contentious but there's a respect due to the court as there is respect due here in our witnesses. now, it is incumbent on our witnesses to answer questions succinctly and forth rightly. if they are not doing it it's fair for the member to push them along. respectfully suggest that they have pushed the envelope on that and appear to be disrespectful to the process and to our witnesses so i think mr. cooper's point is well taken. if we could all move in that direction we would be a better body overall. ms. warren, salaries of your employees have been discussed, and i recognize they don't nec

mr. quigley, for five minutes. mr. quigley: thank you, mr. speaker. fellow citizens, we cannot escape history. we of this congress and this administration will be remembered in spite of ourselves. no personal significance or incision shall spare one or another of us. the fiery trial through which we pass will write us down in either honor or dishonor to the latest generation. even we here hold the power and bear the responsibility. we shall nobly save or lose the last best hope of earth. lincoln, of course, was talking about a state of the nation in peril on december 1 in his address to congress in 1862. but if this nation had not this kind of leadership of that magnitude, who knows where we would be today. they faced terrible consequences, and yet still had the extraordinary foresight and fortitude to charge ahead. today we, too, face consequences. we face consequences of international economic impact, environment and ecological destruction. we consider this week, of course, a debt limit crisis that has brought out the best and worst amongst men and

mr. quigley, for five minutes. mr. quigley: thank you, mr. speaker. mr. speaker, an american president once wrote a letter to the senate majority leader urging him to raise the debt ceiling. the president wrote, "the consequences of a serious prospect of default for the united states is impossible to predict and awesome to contemplate. denegation of the full credit of the united states would have substantial impact on the domestic financial markets and on the value of the dollar in exchange markets." that president's name was ronald reagan and the year was 1983. he closes under the senate majority leader howard baker saying, the risks, the costs, the incalculable damage leads me to one conclusion, the congress must pass this legislation before congress adjourns. watching the house floor 28 years later, he could be forgiven for being surprised reagan would ever say such a thing. that's because the reagan who gets referenced on the floor here is a myth while the reagan who wrote to howard a bigger urging pragmatism was a man. the real ronald reagan once sai

mr. quigley, for five minutes. >> thank you, mr. chairman. >> i apologize, there's several meetings going on so to ask a question that's been asked, i apologize. special agent mcmahon, was it your intention to go back and get these weapons? after this all took place. people left these stores, your intent was to go back and get all these weapons, correct? >> our intention was to prove they were doing something illegally when they bought those weapons, and that's easier said than done. proving that someone is a strong purchaser means you have to prove that the day they came in to fill out that form, that they lied when they answered one of the questions. and proving that, we have to prove that they knowingly lied when they filled out that form. so, once we determine someone is a strong purchaser we want to get the weapons that they are responsible for as quickly as possible. >> did you believe you could get these weapons back? >> again, i think our problem with this case is proven that a violation occurred in the u.s., and then determ

mr. quigley for five minutes. >> thank you, mr. chairman. i apologize. they're several things going on.o if i ask a question that's been answered i apologize, but perhaps it is most obvious, special agent mcmahon, was it your intention to go back and get these weapons? after the assault took place? for the stars at guns? your intention was to go and get all these weapons, correct? >> our intention was to prove they were doing and they know picolinate that this weapons and that's easier said than done. proving someone is a straw purchaser may have to prove the day they came in to fill out the form that they lied when they answered one of the questions. and we have to prove that they knowingly invited when they filled out that form. so once we've we have determined some undersea purchaser, we want to get the weapons they are responsible for as quick as possible. >> did you believe you could get weapons back it that was the case regardless of where it went? >> again, our problem with this case is proving a violation occurred in the u.s. and then determining how those weapons were being tra

mr. quigley for the balance of my time. >> thank you, thank you mr. chairman and professor warren. with due respect i fear that this hearing is focused on issues which detract from the obvious task at hand, helping professor warren and others in our attempts to avoid another economic catastrophe caused in large part by unregulated greed. on one hand we are trying to balance things here and we are balancing an unknown entity. the greatest economic downturn since the depression caused by this lack of regulation and concerns about what an agency is going to do who is full of facts doesn't go into place until later this month. so if we balance that i think the american public recognizes the real concern out there is what we have gone through, what we are still experiencing because of those problems and how to face them rather than some extraordinary concern about an agency which really hasn't done anything yet. to challenge those concerns that we have faced so far. like any agency, the cfpb needs vigilant oversight from congress but we should not obstruct the agency from carrying out t

mr. quigley: thank you, mr. speaker. fellow citizens, we cannot escape history, said lincoln in an address to congress in 1862. we of this congress and this administration, we will be remembered in spite of ourselves. no personal significance or insignificance can spare one or another of us. we, even we here hold the power and bear the responsibility. lincoln didn't say that one side of the battle lay a democratic victory and on the other side a republican defeat or vice versa. lincoln didn't say that this was a victory achieved without great compromise. lincoln didn't say if you do things my way, with my party, we'll win this one. he told the story of a nation that faced terrible consequences and yet had the extraordinary foresight and fortitude to charge ahead toward a victory that includes compromises. we shall nobly save or meanly lose the last best hope of earth , his warning stands today. thank you and i yield back. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from

mr. quigley: this was assured by former treasury secretary paulson who said that inaction is simply not an option. i agree. and believe that raising the debt ceiling must be accompanied by deficit reduction. also by cutting spending, but also by elimb hit thatting some unnecessary -- eliminating some unnecessary tax breaks. there are those who say there are no unnecessary tax breaks. let me just give you one. if your neighbor guys -- buys a car and pays interest on the loan to buy that car, that interest is not tax deductible. if your other neighbor buys aat and pays interest -- buys a yacht and pay interests to buy that, that interest is tax deductible. when we're borrowing 40 cents for every dollar, we have to ask ourselves if those tax breaks are really worth it. if we're starting from scratch, would we really give yacht owners an extra tax break? thank you and i yield back. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from michigan rise? >> request permission to address the house for one minute. the speaker pro tempore: the gentleman is

mr. quigley for five minutes. >> thank you, mr. chairman. i apologize. they're several things going on. i ask a question that's been answered i apologize, but perhaps it is most obvious, special agent mcmahon, was it your intention to go back and get these weapons? after the assault took place? for the stars at guns? your intention was to go and get all these weapons, correct? >> our intention was to prove they were doing and they know picolinate that this weapons and that's easier said than done. proving someone is a straw purchaser may have to prove the day they came in to fill out the form that they lied when they answered one of the questions. and we have to prove that they knowingly invited when they filled out that form. so once we've we have determined some undersea purchaser, we want to get the weapons they are responsible for as quick as possible. >> did you believe you could get weapons back it that was the case regardless of where it went? >> again, our problem with this case is proving a violation occurred in the u.s. and then determining how those weapons were being transpo