[Congressional Record Volume 143, Number 90 (Tuesday, June 24, 1997)]
[House]
[Page H4225]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           DEFICIT REDUCTION

  The SPEAKER pro tempore. Under the Speaker's announced policy of 
January 21, 1997, the gentleman from Michigan [Mr. Stupak] is 
recognized during morning hour debates for 3 minutes.
  Mr. STUPAK. Mr. Speaker, when I first got here back in 1993, it was 
August of 1993, the Democratic President and the Democratic House put 
forth a deficit reduction plan. At that time we did not receive any 
votes from our friends on the other side of the aisle. We received no 
Republican votes.
  Mr. Speaker, that deficit reduction plan that we passed in 1993 has 
worked. The deficit of this country was 290-some billion dollars. We 
are now down to $67 billion. We are on the verge of finally balancing 
this budget. Many of us feel, since we are so close to balancing this 
budget, that there should be no tax breaks until we actually balance 
the budget. Unfortunately, because of agreements made, we are going to 
have a balanced balance agreement, at least we have a blueprint, and 
now we can see the problems developing in that blueprint. Now we have 
two tax bills. One would give huge breaks to the wealthiest 5 percent 
of this country while working families struggle to make ends meet.
  Mr. Speaker, underneath this 5-year balanced budget plan we have one 
bill for entitlement reform and one bill for tax breaks. But if we are 
going to give tax breaks, they must be limited, they must be targeted, 
and they must benefit families. Unfortunately, the GOP tax plan 
benefits the wealthiest 5 percent of this country. By that I mean those 
people who make more than $250,000 a year.
  On Monday, Mr. Speaker, the New York Times warned that the GOP plan 
would, and I quote, ``Shower tax cuts on the Nation's wealthiest 
families.'' But as conservative political commentator Kevin Phillips, 
who worked in the Reagan White House, warned last week, he said that 
the Republicans are determined, quote, ``to slash the capital gains 
tax, the estate tax, the corporate alternative minimum tax, and some 
other provisions important to those people who write campaign checks.'' 
He said that on the Morning Edition of National Public Radio on June 
19.
  Last Sunday, this past Sunday, President Clinton urged Republicans 
instead to work with Democrats and pass a tax bill that, quote, ``meets 
the real needs of middle-class families providing help for education, 
for child rearing, and for buying and selling a home. That is the kind 
of targeted tax relief we should have.''
  Unfortunately, Mr. Speaker, the Republican tax bill has and will have 
a devastating impact on working families. This week we are probably 
going to have this debate even more on the House floor. This week the 
Center for Budget and Policy Priorities finds that the combined GOP tax 
bill and budget bill gives a $27,000 a year annual windfall to the top 
1 percent of this country. The top 1 percent gets a $27,000 windfall, 
and the bottom 20 percent of American families will lose, will lose, 
Mr. Speaker, $63 under the Republican tax plan.

                          ____________________