[Congressional Record Volume 149, Number 71 (Tuesday, May 13, 2003)]
[Extensions of Remarks]
[Page E942]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             JOBS AND GROWTH RECONCILIATION TAX ACT OF 2003

                                 ______
                                 

                               speech of

                           HON. BOB ETHERIDGE

                           of north carolina

                    in the house of representatives

                         Tuesday, May 13, 2003

  Mr. ETHERIDGE. Mr. Speaker, I rise today in strong opposition to the 
Republican bill that will increase our national debt by hundreds of 
billions of dollars but will produce no stimulus for our economy.
  In my state of North Carolina, people are hurting. As a result of 
this Administration's tax policies, more than 128,900 workers have lost 
their jobs in the past two years. We desperately need a fiscally 
responsible plan to jump-start our economy, pay down the debt, invest 
in our people and produce economic growth for long-term prosperity. 
Unfortunately, this Republican bill will blow a hole in the federal 
budget, drive up interest rates, eliminate millions of jobs and leave 
our children and grandchildren with a massive national debt to pay off.
  It's really very simple. The first step to get out of a hole is to 
quit digging. The national debt today is $6.4 Trillion. This bill would 
continue to add to that national debt as far as the eye can see. We can 
do better.
  I join my Democratic colleagues in support of the ``Rebuilding 
America Through Jobs Act.'' This fiscally responsible bill will provide 
real help to those who have lost their jobs, help families weather this 
economic storm and jump-start the economy to create new jobs and 
generate greater prosperity for all Americans.
  Specifically, the Democratic bill will continue and expand extended 
unemployment benefits (that expire on May 31) for nine months, 
providing 26 weeks of federal benefits for dislocated workers. It 
expands the work opportunity tax credit to give up to $2400 credit to 
employers for hiring long-term unemployed workers. It increases the 
child tax credit to $800 in 2003 and expands the number of families 
receiving the child credit. It accelerates marriage penalty relief and 
the widening of the 10 percent tax-rate bracket to allow more taxpayers 
to pay at the lowest rate.
  The Democratic bill provides $18 billion in assistance to the states 
for Medicaid and provides $26 billion for homeland security, 
transportation infrastructure and education. It expands to $75,000 for 
two years the amount of new investments small businesses can deduct 
from their taxes, allows all firms an accelerated bonus depreciation of 
50 percent for 12 months and reduces the corporate tax rate by 3.5 
percentage points. And the Democratic bill maintains fiscal 
responsibility by suspending future tax cuts for the richest people in 
this country.
  In conclusion Mr. Speaker, I urge my colleagues to defeat the debt-
laden Republican bill and pass a real economic stimulus package for the 
American people.

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