[Congressional Record Volume 140, Number 137 (Tuesday, September 27, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: September 27, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
 THE REPUBLICAN CONTRACT, BACK TO THE REAGAN-BUSH ERA, WITH BENEFITS, 
                          ONLY FOR THE WEALTHY

  The SPEAKER pro tempore. Under the Speaker's announced policy of 
February 11, 1994, and June 10, 1994, the gentleman from Illinois [Mr. 
Durbin] is recognized during morning business for 4 minutes.
  Mr. DURBIN. Mr. Speaker, my Republican friends are convinced America 
has short-term memory loss. Today 300 Republican Congressmen and 
candidates are being herded on the House steps to piously sign a pledge 
to return us to those thrilling days of yesteryear, the Reagan-Bush 
era.
  Republicans are convinced that America has forgotten that Ronald 
Reagan and George Bush also promised us a balanced budget and never 
delivered one, not one, in 12 years. Under the Reagan-Bush regime, the 
supply-side folks added $2 trillion to the national debt. Today the 
Gingrich gang promises us more of the same; More national debt, tax 
cuts for the wealthy, and a full-scale assault on Social Security, 
Medicare, and critical Government programs.
  Republicans just cannot keep their hands off of Social Security and 
Medicare. Every American who counts on Social Security should view the 
Gingrich Republican contract as nothing less than a threat to cut 
Social Security benefits from 20 to 30 percent. My seniors at home, 
struggling to pay their bills for the necessities of life, food, 
utilities, and prescription drugs, should see the Republican contract 
for what it is: Not a helping hand, but a threat to their future.
  Mr. Speaker, those of us paying into Social Security should recognize 
if the Republicans have their way, the Federal Government will not be 
able to keep its promise to today's generation of workers to make sure 
that we have our retirement benefits. America does not need that, and 
America does not want it.
  However, the Gingrich contract does create some winners. The same 
gang of fat cats and millionaires who profited from the Reagan-Bush 
trickle-down economics will be elbowing their way in front of working 
families again if the Republicans have their way.
  The Republicans are very specific when it comes to tax breaks for the 
rich. In fact, they have not been this specific since they pleaded with 
us to read their lips. Even a Wall Street Journal columnist last week 
noted: ``The Republican contract is loaded with goodies for high income 
taxpayers.''
  Consider this family tax break. Who would be against a family tax 
break? Consider the fine print in the contract. This $500 Republican 
tax break goes to families making over $150,000 a year income, but not 
to families making $20,000 a year. Does that make sense?
  The Republican tax breaks on capital gains, 70 percent of the tax 
breaks go to people making over $100,000 a year. Are these the folks 
who need a helping hand? The folks I represent who need a helping hand 
go to work each day and make a heck of a lot less than that.
  The Republicans may not be right, but they are consistent. Time and 
again, they dream up breaks for the wealthy at the expense of working 
families.
  More than anything, the Republicans are convinced that the Americans 
have forgotten the economic mess which Ronald Reagan and George bush 
left behind. I the 4 years of George Bush's Presidency, in those 4 
years we had the slowest economic growth in American in 50 years. In 
the 4 years of George Bush's Presidency, we had the slowest job 
creation in American since World War II.
  That is why the former President is now living in Texas, rather than 
at 1600 Pennsylvania Avenue. The Americans knew it and they wanted no 
part of it. The Republicans on the steps today want us to return to 
that era.
  The one that really gets me the most, I think the biggest joke in 
this Republican contract, is the shameless endorsement of term limits. 
Watch the news tonight. The five Republican leaders who will stand out 
there and take the pledge for term limits have served a total of 68 
years in Congress, five of them for 68 years, and they are for term 
limits? Do they think America has forgotten how to count? Honestly.
  These leaders ought to take into consideration the fact that this 
country is moving forward. Our deficit is coming down for 3 straight 
years, the first time since Harry Truman. Jobs are being created. We 
will hear a lot about the Republican contract, but when you read the 
fine print, you will realize this contract is a loser for America.

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