[Congressional Record Volume 151, Number 168 (Thursday, December 22, 2005)]
[Extensions of Remarks]
[Pages E2638-E2639]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      CONFERENCE REPORT ON S. 1932, DEFICIT REDUCTION ACT OF 2005

                                 ______
                                 

                               speech of

                        HON. CAROLYN B. MALONEY

                              of new york

                    in the house of representatives

                       Sunday, December 18, 2005

  Ms. MALONEY. Mr. Speaker, this administration, in concert with this 
Congress under this leadership, has given us five years of record debt 
and deficits. It seems that with each new month comes a new dubious 
record--just last week we learned that the trade deficit for October 
hit another all-time high.
  This reckless fiscal policy has come on the heels of the thriving 
economy of the 1990s, when we showed that government can be fiscally 
disciplined and compassionate to our neighbors most in need at the same 
time.
  That time and that economic philosophy is a distant memory, having 
given way to misguided priorities. Now, instead of fundamentally 
changing the economic approach that

[[Page E2639]]

turned record surpluses into record deficits and that has floated us 
down a river of red ink, we have the bill that is before us. It gives 
no real help to our debt and deficits, and it targets programs that 
need help the most.
  By cutting less than one half of one percent of the projected $14.3 
trillion in federal spending over the next five years, we are not 
returning to fiscal sanity, as supporters of this bill claim.
  And despite what some on the other side of the aisle might think, 
slashing programs that help low-income Americans and our seniors stay 
healthy and help our young go to college is not sound policy. A $12.7 
billion cut to student loans will not help educate Americans. A $6.9 
billion cut in Medicaid and the State Children's Health Insurance 
Program will not keep low-income Americans healthy. And a $6.4 billion 
cut in Medicare is not beneficial to the well-being of our nation's 
seniors.
  Instead, this bill shows a lack of compassion and a lack of vision 
for the long-term health and productivity of our Nation. It would be 
more beneficial if we returned to the sound, balanced-budget vision 
that guided us through the prosperous '90s.
  I urge my colleagues to vote ``no'' on this uncompassionate bill and 
to instead focus on a revision of our economic direction.

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