[Congressional Record Volume 141, Number 63 (Wednesday, April 5, 1995)]
[House]
[Page H4187]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           AN AMERICAN DREAM RESTORATION ACT FOR THE WEALTHY

  (Ms. VELAZQUEZ asked and was given permission to address the House 
for 1 minute, and to revise and extend her remarks.)
  Ms. VELAZQUEZ. Mr. Speaker, this week the American people see the 
Contract With America for what it really is, that the centerpiece of 
the Republican agenda, the so-called American Dream Restoration Act, is 
nothing but a massive tax giveaway to the wealthy.

                              {time}  1215

  Last Friday, the Wall Street Journal reported that we give $228 
billion a year in tax breaks and subsidies to large corporations. The 
rest of the country gets crumbs, and then picks up the tab.
  This legislation is really an American dream denial act. In order to 
finance the tax proposals, the Republicans will deny the Republican 
dream to the millions of students that need financial aid to get a 
college education. Elimination of the Stafford loan program will deny 
4.5 million low- and middle-income students college aid; ending Perkins 
loans cuts out another 740,000 students. Seven hundred and fifty 
thousand more college kids will lose their work-study jobs.
  These are the cuts that the Republicans will demand in order to 
finance billions of dollars of tax breaks for the rich. Almost half of 
this tax giveaway goes to the wealthiest 10 percent of the country. 
This is the Republican contract. What is there to celebrate? Please, 
Mr. Speaker, do not forget to include corporate welfare reform in your 
next 100 days.


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