Mr. Speaker, the proposed administration tax hikes are the largest tax increases in American history. The government spends money that we don't have, 42 cents of every dollar spent is borrowed money.

Now the plan is to hike taxes sky high and how is that going to create those jobs? It has been said "you can't legislate the poor into freedom by legislating the wealthy out of freedom. When the government gives money to one person, the government first has to take that money from somebody else."

"When half the people get the idea that they do not have to work because they think the other half is going to take care of them, and when the working people get the idea it does no good to work because the government is going to take away what they worked for, that discourages all citizens to work."

Obama-nomics is the failed philosophy of more government, more spending, more borrowing and more taxes; and it's a failed philosophy.

And that's just the way it is.