[Congressional Record Volume 152, Number 58 (Friday, May 12, 2006)]
[Extensions of Remarks]
[Page E813]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      CONFERENCE REPORT ON H.R. 4297, TAX INCREASE PREVENTION AND 
                       RECONCILIATION ACT OF 2005

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                               speech of

                           HON. CHET EDWARDS

                                of texas

                    in the house of representatives

                        Wednesday, May 10, 2006

  Mr. EDWARDS. Mr. Speaker, I rise today to speak out on our nation's 
dire fiscal situation. How can it be that at a time of war, when we are 
cutting $735 million from the defense health care budget and facing the 
largest deficits in our Nation's history and an $8.3 trillion national 
debt, this Congress decides to prioritize million dollar tax breaks to 
Big Oil Company CEOs instead?
  Because of the tax cut legislation passed out of the House, the 
former CEO of Exxon Mobil, Lee Raymond, will take home an extra $2.5 
million dollars in dividend income each year on top of his $400 million 
retirement package and the $144,000 he made each day when he was Exxon 
Mobil's CEO. Tell me how that is possibly fair to the middle class 
worker who is paying $3 a gallon to fill up his car, or to the student 
who has to find a third job in order to pay off her student loans. The 
truth is it isn't fair, Mr. Speaker, and Americans everywhere know it.
  The average middle class family could not afford to buy one meal for 
their family with the money they will save from this tax cut, but Lee 
Raymond gets $2.5 million?
  I urge my colleagues to take a serious look at our nation's fiscal 
priorities as we continue down this road of fiscal irresponsibility. We 
owe it to our children and grandchildren, to leave them a legacy of 
economic stability, not one of debts and deficits. We should show them 
that we care about their future by not squandering away more money we 
don't have to pay for irresponsible tax cuts benefiting only Big Oil 
Company CEOs like Lee Raymond.
  It's past time to focus on the true priorities of the American 
people.

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