[Congressional Record Volume 152, Number 55 (Tuesday, May 9, 2006)]
[House]
[Pages H2184-H2185]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        THE DEBT AND THE DEFICIT

  The SPEAKER pro tempore. Pursuant to the order of the House of 
January 31, 2006, the gentleman from Oregon (Mr. DeFazio) is recognized 
during morning hour debates for 5 minutes.
  Mr. DeFAZIO. Well, it is going to be a big week for America and a big 
week for Republicans in the House. The long-delayed budget is going to 
be adopted. It is estimated that if this budget is adopted, the deficit 
will be about $500 billion next year. That means they are going to 
borrow more than $1.4 billion a day to run the government. But don't 
worry, some of it is off the books. They are borrowing all of the 
Social Security surplus, $193 billion, which is supposed to go to pay 
for future benefits in the trust fund but they are going to borrow and 
spend that. So they are going to really say, oh, the deficit is only 
$300 billion, that's all we're borrowing from China and Japan and other 
foreign investors. But we are also borrowing and spending all the 
Social Security trust fund. So a $500 billion, half a trillion dollar 
deficit, borrowing

[[Page H2185]]

$1.4 billion a day, the party of fiscal responsibility and small 
government.
  In the meantime, they are cutting programs important to the middle 
class. Student financial aid. Hey, those kids have got to pay higher 
interest on their loans and their parents, too, because we're in 
trouble financially. At the same time, this week they are going to pass 
a $70 billion extension of tax cuts which favor investors over workers.
  Why do the Republicans hate people who work for wages and salaries so 
much? That is a question that begs answering around here. Because 
investors who can clip coupons off their stocks pay a lower rate of 
taxes to the Federal Government than a policeman, a fireman or a 
teacher. And that is the way the Republicans say it should be. Those 
who are lucky enough to inherit or otherwise able to invest for a 
living, they shouldn't pay taxes like those suckers who work for salary 
and wages.
  What contempt they are showing for the people of America. They are 
not only cutting the programs essential to them, borrowing in their 
name, handing them the bill, now they are borrowing money to give to 
rich investors which the middle class will have to pay for, because in 
the Republicans' world only the middle class pays taxes.
  The tax cuts they are proposing this week to extend will give an 
average cut of $20 to the middle fifth of taxpayers, those who average 
$36,000 a year. But for the lucky winners, the top 1 percent, average 
income $5.3 million, they will save $82,415. Or if you could put it 
another way, the person who earns $36,000 will be obligated and their 
kids will be obligated to borrow $82,415 to give to that wealthy 
investor because we don't have a surplus to give taxes away to those 
folks. They say, Oh, don't worry. These tax cuts pay for themselves.
  Oh, okay. If that is true, why on page 121, buried almost 
indecipherably in their budget, 151 pages long, page 121, the 
Republicans for the fifth time in 5 years are increasing the debt limit 
of the United States without discussion on the floor of the House or a 
vote? They are going to increase it by $653 billion.
  Let's see. If the tax cuts pay for themselves, why would they have to 
increase the debt limit of the United States for the fifth time in 5 
years in a stealth fashion like this? That is underhanded.
  When President Bush took office, we had a borrowing limit of $5.95 
trillion, $6 trillion. When their budget passes this week, it is going 
to be $9.62 trillion. Not bad. Up 60 percent in 5 years. The party of 
small government and fiscal responsibility has indebted the United 
States, increased the debt by more than 60 percent in 5 short years. 
They have amassed more foreign debt than all of the administrations 
that preceded them since the beginning of the Republic. So we are not 
only borrowing against our future, borrowing against Social Security, 
handing a bill to the middle class, we are also indebting the country 
to foreign holders of debt, particularly China, Japan and others.
  What a great vision they have for America. The wealthy will live on 
their estates behind big walls with private security. They will send 
their kids to private schools in private limousines, they will ride 
their private jets to private resorts, and then the rest of us can mow 
their lawns and carry their golf clubs and wait on their tables. And 
there won't be much left for the rest of us.
  They can't afford a decent bill for homeland security. They can't 
afford money for cops, police, fire, public education, but we can 
afford more tax cuts for the wealthiest among us because the investors 
are the important people to the Republicans. They are also their big 
contributors.

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