Mr. Chairman, we must reduce our nation's dependence on foreign oil. And while I believe our nation needs a comprehensive energy policy as a matter of national security, we also have an obligation to ensure that this need is met in a manner that does not jeopardize our financial security. This bill takes a balanced approach to meeting our nation's energy security needs. But, it fails to pay for any of these proposals, which have a cost of $18.8 billion.

H.R. 6 contains numerous provisions that I have supported in the past and will continue to support in the future under fiscally responsible circumstances. In fact, H.R. 6 includes a provision based upon a bill that I introduced during the last three Congresses that would extend the section 29 tax credit for the production of unconventional fuels such as coalbed methane. My version of this legislation [H.R. 1331] was modified and included in the Ways and Means portion of H.R. 6. I have worked for months to ensure H.R. 1331's inclusion in a comprehensive energy measure. And, while I would like to be able to vote for this provision, I cannot in good conscience support final passage of a bill that includes $18.8 billion in tax expenditures that are not offset with comparable spending reductions. This is fiscally irresponsible. Such action threatens to spend money from both the Social Security and Medicare Trust funds on which the seniors in my district rely.

Further, as a member of the House Renewable Energy Caucus, I have supported measures to encourage and increase the use of renewable and alternative energy sources. This bill includes tax incentives for energy efficiency programs and renewable energy sources such as wind and solar production that I would like to vote for, and I would support if these incentives were paid for and handled in a fiscally responsible manner. As well, H.R. 6 contains tax incentives for domestic production from marginal wells that I have supported in the past that would increase our national energy supply. As a co-chair of the Biofuels Fuels Caucus, I also support the renewable fuels standard which I have promoted to decrease our dependency on foreign oil, help U.S. farmers and protect the environment.

I cannot, however, support provisions in this legislation that do nothing to safeguard electricity consumers from unscrupulous utility companies that abuse market power and manipulate electricity prices. Rather than holding these electricity companies accountable, this bill would weaken consumer protections regarding electricity. I also find it impossible to support provisions that would protect former U.S. corporations that moved offshore to tax havens in order to avoid U.S. income taxes. This legislation continues tax benefits to companies that have already moved offshore.

I also support many aspects of Representative John Dingell’s electricity title substitute, and would have supported it had it been an amendment. As a substitute to the title rather than an amendment, however, it strikes many useful and important provisions in the electricity title without providing any alternate.

Last night, the House considered the conference report on the budget resolution which increases deficits and debt and passes these pressures onto future generations. Instead of developing a sound fiscal strategy to face the challenges that will come with the increased risks from terrorism and the impending retirement of the baby boom generation, the budget will result in over $3 trillion in additional debt that creates a long-term “debt-tax” for working American families.

If Congress adopts this new policy of borrow and spend it not only endangers the Medicare and Social Security surpluses, it places us back on the road to deficit spending. We must not travel down this road again.

It is time we made some tough choices. This Congress made a commitment to the American people that we would not vote to spend one single penny of the Medicare and Social Security Trust Funds. We must honor that commitment. Spending restraint, fiscal responsibility, and honoring our commitments do not come about by good intentions, but by resolute actions.

Today, I reluctantly vote against this energy package because it fails to provide any offsets to pay for its provisions. This is a particularly difficult vote for me because this bill contains a proposal I authored, as well as many other good provisions.

In an effort to honor our commitments to ensure financial responsibility, I will adhere to the levels in the budget resolution enacted by a majority of this Congress. I will oppose any efforts that reduce revenues without offsets.

The expenditures contained in H.R. 6 are not accounted for in the budget resolution and, despite the sound energy policy this bill promotes, it busts the budget and threatens the Social Security and Medicare Trust funds. I urge my colleagues to honor their commitment to preserve this country's fiscal integrity; I urge my colleagues to either find a way to pay for these tax cuts or to vote no on H.R. 6.