[Congressional Record Volume 147, Number 144 (Thursday, October 25, 2001)]
[Extensions of Remarks]
[Page E1926]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               ECONOMIC SECURITY AND RECOVERY ACT OF 2001

                                 ______
                                 

                               speech of

                            HON. BARBARA LEE

                             of california

                    in the house of representatives

                      Wednesday, October 24, 2001

  Ms. LEE. Mr. Speaker, I rise today in strong opposition to the 
Republican economic stimulus plan and in favor of the Democratic 
substitute, which will truly help those workers affected by this 
recession.
  September 11th changed the world. As we respond to the economic 
uncertainty, there is no way that we should allow special interests to 
use this moment to push and solidify their corporate welfare agenda. 
Paying off special interest contributors does not stimulate the economy 
and does not ensure the safety of our country.
  An economic stimulus plan should target those who need it the most. 
Creating jobs, creating economic development activities stimulates the 
economy. Providing fair unemployment and health care benefits to those 
who have lost their jobs creates economic stability and is the right 
thing to do. The wrong thing to do is to provide $70 billion in 
corporate tax cuts and only $2 billion in benefits to workers who have 
lost their jobs and their health care, which is what the GOP economic 
stimulus package does. In fact, a full two-thirds of the GOP economic 
stimulus bill goes to profitable businesses and not to workers affected 
by the recession.
  Let me give just a few examples of the huge corporate tax breaks in 
this bill. The repeal of the alternative minimum tax for businesses, 
which was passed in 1986 to ensure that companies could not get out of 
paying income taxes by using deductions, is not only repealed in the 
GOP economic stimulus bill, but it is retroactive, allowing businesses 
to deduct this tax all the way back to 1986! This ridiculous repeal 
would cost over $25 billion, with huge amounts of this benefit going to 
a select few corporations. For example, IBM would get over $1 billion 
in tax breaks just from this provision. General Motors and General 
Electric would each get hundreds of millions of dollars in tax breaks.
  At the same time, the GOP barely spends any money at all on 
unemployment assistance. The amount that IBM would receive through the 
AMT tax break is the same amount that the GOP would spend on 
unemployment assistance for laid-off workers. So one corporation 
benefits the same as all the millions of workers who have lost their 
jobs? This makes no sense.
  So today, I join with my colleagues to oppose this irresponsible tax 
cut, the so-called ``economic stimulus'' bill, and to support a real, 
responsible economic stimulus plan offered by the Democrats.

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