Mr. Speaker, there are 47 of us who are fiscally conservative Democrats who want to put an end to the partisan bickering. We are a group of conservative Democrats who quite frankly don't care if it is a Democratic idea or a Republican idea. We want to know if it is a commonsense idea and does it make sense for the people that send us here to be their voice.

   Mr. Speaker, there are 47 Members of the fiscally conservative Democratic Blue Dog Coalition. As you walk the Halls of Congress, it is easy to identify which Members are members of the fiscally conservative Blue Dog Coalition because you will see this poster as you walk the hallways of the Cannon House Office Building, the Longworth House Office Building and the Rayburn House Office Building.

   This poster not only serves as a doormat to Blue Dog Coalition Members of Congress, but also as a daily reminder to Members of Congress on both sides of the aisle and to the American people that our Nation is in debt.

   Today, the U.S. national debt is $9,010,742,245,690. If you divide that enormous number and put it in perspective by every man, woman and child in America, every one of us, our share of the national debt is $29,735. It is what we have coined the phrase ``debt tax,'' and that is one tax that cannot be cut and that is one amount that is not going to fund America's priorities but rather is going to simply pay interest on the national debt and to pay down the national debt.

   I had a constituent from back home in Arkansas in my office today. She said she was in my office a couple of years ago, and everybody's share of the national debt was some $27,000. Again, today it is $29,735. Under this Republican administration, we have seen the largest debt ever in our Nation's history. We have seen the largest deficit ever in our Nation's history.

   Contrast that with the past administration, the Clinton administration. President Clinton was the first Democrat or Republican in 40 years to give us a balanced budget; and yet here we are 7 years later with the largest debt ever in our Nation's history, and as members of the Blue Dog Coalition, we want to restore fiscal discipline and commonsense to our Nation's government.

   That is why there was a lot of talk about the first 100 hours on the House floor in this new Democratic majority, and we accomplished more in the first 100 hours I would dare say than the previous Congress did all together. In fact, I believe we have done more on the floor of the U.S. House of Representatives in the past 9 months than the previous Republican Congresses have done in 9 years.

   Unfortunately, these bills are then sent to the Senate where too many of them remain. But I am proud of the work that we are doing in the House under this new majority. And, Mr. Speaker, we are doing it with fiscal discipline. We are passing these bills, a new vision for America, putting America's priorities where they ought to be, and that is putting our families and children first again. But we are doing it in a sensible and responsible way, a way in which we pay for it.

   One of the first things to happen on the floor in this new Congress was to reinstitute the PAYGO rules. PAYGO is an acronym for ``pay as you go.'' It is what we do at the Ross home in Prescott, Arkansas. It is what most American families do.

   Mr. Speaker, for the past 6 years, a Republican-led Congress and a Republican President gave us the largest debt ever in our Nation's history, the largest deficit year after year. To put it in perspective, to put it in perspective, this President has borrowed more money from foreigners in the past 6 years than the previous 42 Presidents combined.

   We are going to put an end to that, and we did so when we reinstituted the PAYGO rules on the floor of the House of Representatives. Every bill that comes to the floor of the House in this new Democratic Congress must be paid for. Now, some of the Republicans say, oh, that's a disguise to raise taxes. The Republicans now believe that the only way to create new revenue, the only way to pay for a program is to raise taxes. Not so. As conservative Democrats, we know the way you pay for programs is to cut wasteful spending. There are a lot of examples of wasteful spending.

   I have got 8,000 brand-new, fully furnished mobile homes sitting in a cow pasture in Hope, Arkansas, mobile homes purchased by FEMA destined for Hurricane Katrina victims that never quite found their way to the gulf coast. Now FEMA, our government, is spending a quarter of a million dollars a month to warehouse these mobile homes which have created another bureaucracy in and of itself back home in Hope, Arkansas. And they are not doing anyone any good.

   You want to talk about accountability, I had a tornado a few months ago hit Dumas, Arkansas. They needed 30, that's right, 30 of these mobile homes, while 8,000 of them sat in a cow pasture 2 1/2 hours away in Hope, Arkansas. I called the director of FEMA. He came up with every excuse in the book why he couldn't help these 30 homeless people. He said it wasn't worthy of a declaration for a Federal disaster.

   This tornado devastated this small delta town of 5,000 people. There were 150 homes destroyed or heavily damaged. Over 25 businesses were destroyed. The electrical grid system for the town was destroyed. They went 5 days without electricity. Lots of people were injured. Thank God no one died. And we needed 30 of those mobile homes sent 2 1/2 hours down the road to help these folks. And, instead, the response I got was they weren't worthy of a Federal disaster declaration.

   It took me going on CNN, and, finally, 30 minutes after I was on ``NBC Evening News'' talking about this tragedy, FEMA had a change of heart and decided to let the people of Dumas have these 30 mobile homes to house the homeless who were victims of this tornado.

   This is an example of wasteful spending and this is a symbol of why people are fed up with our government, and it is an example of why we need to restore accountability, accountability to our Nation's government.

   So when I say we are going to pay for our programs in the future, it doesn't mean raise taxes. It means cut wasteful spending, eliminate the programs that do not work so we can fund the programs that do.

From 1789 to 2000, our national debt rose to $5.67 trillion, but by 2010, the total national debt will have increased to $10.88 trillion. This is a doubling of the 211-year debt in just a decade, in just 10 years.

   Interest payments on this debt are one of the fastest growing parts of the Federal budget, and again, the debt tax, D-E-B-T, is one that cannot be repealed, and every man, woman and child in America, your share, our share, my share, your share, Mr. Speaker, of the national debt is $29,735.

   Current national debt, again $9,010,742,245,690 and some change. Some say why do deficits matter; can't y'all just print more money? It doesn't work that way, and besides deficits reduce economic growth.

   Think of the economic good times we had in the 1990s when President Clinton gave us the first balanced budget in 40 years, and look at the economy today. We propped up the economy through much of the last few years through low interest rates and allowing folks to purchase homes that maybe couldn't quite afford it, and now that's coming back to haunt this administration.

   Deficits reduce economic growth. It's time to restore fiscal discipline to our national government. It is time to reduce our debt and deficit so that we can create new jobs and economic opportunities for working families.

   Why do deficits matter? I would argue they burden our children and grandchildren with these last liabilities. For the last 6 years, this Republican Congress and Republican administration has spent money like you wouldn't believe. They have spent money and haven't paid for their spending. They have left it for our children and for our grandchildren. That is simply wrong.

   Growing up at Midway United Methodist Church outside of Prescott, Arkansas, I heard a lot of sermons about being a good steward, and the American people have elected us as Members of Congress to make the weekly trip to our Nation's Capital and be good stewards of their tax money. And that's why I'm proud to help lead and cochair the Blue Dog Coalition, because we're doing our best to demand accountability, to demand fiscal responsibility and to give this Congress a good dose of common sense.

   Why do deficits matter? Because they increase our reliance on foreign lenders. Foreign lenders now own 40 percent of this debt. Much of the rest of it's been borrowed from the Social Security Trust Fund, with absolutely no provision made on how or when it's going to be paid back. That's why, Mr. Speaker, the first bill I filed as a Member of Congress was a bill to tell the politicians in Washington to keep their hands off the Social Security Trust Fund.

   The U.S. is becoming increasingly dependent on foreign lenders. Foreign lenders currently hold a total of about $2.199 trillion of our public debt, and I believe this is every bit as much critical to our national security as anything else. Compare this to only $623.3 billion in foreign holdings back in 1993. So who are these countries? Who are these foreign investors that are funding our government, that for the past 6 years funded tax cuts for folks in this country earning over $400,000 a year, while the rest of us were pretty much left to fend for ourselves?

   Topping off the list, Japan. The United States of America has borrowed $637.4 billion from Japan.

   Number two, China. The United States of America has borrowed $346.5 billion from Communist China.

   The United Kingdom. The United States of America has borrowed $223.5 billion from the UK.

   OPEC, and we wonder why gasoline is so high. The United States of America has borrowed $97.1 billion from OPEC.

   Korea. $67.7 billion is the amount of debt that the United States of America has accumulated with Korea.

   Taiwan, $63.2 billion. The United States of America has borrowed $63.2 billion from Taiwan.

   One of the founders of the Blue Dogs, JOHN TANNER from Tennessee, put it best when he said, if China decides to invade Taiwan, we'll have to borrow more money from China to defend Taiwan. That's crazy.

   It is crazy that we borrowed and continue to borrow all this money from foreigners. And as members of the Democratic Blue Dog Coalition and this new Democratic Congress, we're saying enough is enough, and we're trying to restore fiscal discipline, common sense through the passage of the PAYGO rules, pay-as-you-go.

   If a Member of Congress has an idea and it's worthy of being funded, that's fine and dandy, but don't borrow the money from Taiwan or China or OPEC. Show us how you're going to pay for it. That's the new rules of the House of Representatives, and those are the rules that were in place back in the late 1990s when we saw the first balanced budget in this Nation in 40 years, a balanced budget that continued from 1998 through 2000.

   The Caribbean Banking Centers. The United States of America has borrowed $63.6 billion from the Caribbean Banking Centers.

   Hong Kong. The United States of America has borrowed $51 billion from Hong Kong.

   Germany, $52.1 billion. The United States of America has borrowed $52.1 billion from Germany.

   And rounding out the top 10 list of foreigners that the United States of America under this Republican administration has borrowed money from to fund our government and tax cuts for those earning over $400,000 a year, and this one will surprise a lot of people, Mexico. Yes, the United States of America has borrowed $38.2 billion from Mexico to help fund this debt which, as of today, is $9,010,742,245,690 and some change.

   That's what the Blue Dog Coalition is all about. We're about trying to restore fiscal discipline and common sense to our national government, and I'm proud of our Blue Dog members. We're 47 members strong. There's 47 of us that are not afraid to come to Washington and take a stand for common sense, for fiscal discipline and to restore accountability to our government.

Well, we talk about the debt and the deficit. Another thing that's important to point out, Mr. Speaker, is our Nation's been borrowing about a billion dollars a

   day, but before we borrow a billion dollars today, we're going to spend a half a billion, with a B, a half a billion dollars of your tax money paying interest on the debt we've already got, and until we get our fiscal house in order, we will not be able to meet America's priorities.

   What do I mean by that? Interest payments on debt dwarf other priority. 2008 budget authority in billions. The red indicates the amount of money we're spending of your tax money paying interest on the national debt. And until we get our fiscal house in order, we can't stop those interest payments, which means many of America's priorities are going unmet because so much of our tax money, Mr. Speaker, is going to pay interest on the national debt.

   The red indicates the amount of money in the fiscal year 2008 budget as presented by the President that's going to pay interest on the national debt. Now, we say we love our children. We say that we want them to have a world-class education. We say that we want our children to be competitive in this 21st century global economy. We say one thing; we do another. Look at the light blue. That's how much we spend educating our children compared to the red, which is the amount of money we spend paying interest on the national debt.

   Veterans, and we're creating a new generation of veterans in Iraq and Afghanistan tonight, and it's time that our country did right by our veterans. It's time that our Nation, the United States of America, honored our veterans and kept our promises to them, and yet in the President's budget for 2008, the green, that's how much we're investing in veterans health care and veterans programs. And again, contrast that to the red. Look at the amount of money we're spending paying interest on the national debt. Contrast that to the green box, the amount of money we're spending taking care of our veterans.

   And homeland security, ``homeland security,'' a new word, a new buzzword since 9/11. Oh, we feel safe. We go through the airports and we take off our shoes and we do all that stuff to then board a plane where half the belly of the plane is filled oftentimes with freight that remains totally unchecked. All the containers entering our ports, very few are checked. ``Homeland security'' is a nice buzzword, but look at the amount of money we're investing in homeland security and protecting the citizens of this country and keeping America safe. Look at the amount of money in the President's budget for homeland security contrasted with the red box. Purple box, homeland security; red box, the amount of money the President proposed that we spend simply paying interest on the national debt.

   This does not reflect my priorities, Mr. Speaker, and I can assure you that the President's budget does not reflect the priorities of this new Democratic Congress. It is time that we put families and children first again. We do that by investing in our children, ensuring they receive a world-class education. We do that by honoring our veterans, including a new generation of veterans coming home from Iraq and Afghanistan, and we do that by protecting our homeland. We do that by protecting our homeland.

   Mr. Speaker, there's a lot of talk about Iraq and what we should or should not do. I voted to go to Iraq. Most Members of this Chamber, both Democrat and Republican, did, and we went there, we were told, because of weapons of mass destruction. They no longer have weapons of mass destruction. We'll save that debate for another evening, Mr. Speaker, about whether they ever did or not, but we were told that they had weapons of mass destruction and they were never found, which, at best, our intelligence in this country failed us.

   And I can assure you, Mr. Speaker, there's not a more difficult decision that Members of Congress are forced to make than whether or not to send our men and women in uniform into harm's way, and when we're asked to make these decisions, we've got to know our intelligence is right. Our intelligence failed us in the decisions we had to make leading up to this war in Iraq.

   I've got a brother-in-law. He's been in the Iraq region several times. He's in his, I don't know, 19th year in the United States Air Force. My first cousin is an officer in Iraq. He was in Iraq when his wife gave birth to their first child. He's back in Iraq. He's there for a year and a half, and he will be there when his wife gives birth to their third child. He's not complaining. He's proud to serve his country. He does whatever's asked of him. That's what our men and women in uniform do.

   But this war has not only affected my family. It's affected everybody's family. Just in the last month, I've had to make three telephone calls to wives and mothers in my district who have lost a loved one in Iraq, including one just an hour or so ago before coming to the House floor. We can never do enough for those families. We can never do enough to honor and remember those who have served our Nation in Iraq and Afghanistan and all over this world.

   But at some point we've got to ask ourselves, I mean, we went there because of weapons of mass destruction. We said that we would stay until Saddam was overthrown; we did. Then we were told we would stay until he was captured; he was. Then we were told that we would stay until he was tried and executed; we did. And then we were told we needed to stay until the new Iraqi Government was in place and they had open and free elections; and they did.

   Mr. Speaker, we continue to move the goal post on our troops. We continue to redefine what our ultimate victory is. And I'm here to tell you, Mr. Speaker, if our ultimate victory is convincing the folks of Iraq to live like we do, we will be there for the rest of my life.

   It's time for a new direction in Iraq, and I bring this up because we're spending some $16 million an hour of your tax money, Mr. Speaker, $16 million an hour in Iraq.  think we should demand accountability for how that money is being spent, and I think we should demand a new direction. I think we owe that to our men and women in uniform.

   Well, I am very delighted to be joined this evening by some of my Blue Dog colleagues as we discuss the Blue Dogs. I have kind of set the stage, by explaining the debt, why it matters, how we have gotten into the mess we are in and what we are trying to do as conservative Democrats to fix it. We are not just talking about it; we have legislation to accomplish it. In the Iraq war, we have H.R. 97, the demand accountability on how your tax money is being spent in Iraq. We talked about that on the floor of the House many times.

   Tonight, some of the things I want to talk about is the Blue Dog fiscal accountability package, taking the next steps to restore fiscal accountability to our Nation's government. We have the Fiscal Honesty and Accountability Act, we have the balanced budget amendment, and we have a resolution strengthening the budget process; and we will talk about these in more detail as the evening goes on.

   But at this moment, I would like to yield to my friend from Tennessee, fellow Blue Dog member, LINCOLN DAVIS.