[Congressional Record Volume 153, Number 152 (Tuesday, October 9, 2007)]
[House]
[Pages H11374-H11375]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              THE ECONOMY

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentlewoman from North Carolina (Ms. Foxx) is recognized for 5 minutes.
  Ms. FOXX. Mr. Speaker, the last few days have brought terrific news 
for American workers and taxpayers. Today, the markets closed at new 
record highs. The Dow Jones Industrial Average closed at 14,164; the 
S&P at 1,565.
  Last week the Bureau of Labor Statistics released new jobs figures: 
110,000 jobs created in September. September 2007, is the 49th 
consecutive month of job growth, setting a new record for the longest 
uninterrupted expansion of the U.S. labor market. Since August 2003, 
our economy has created more than 8.1 million jobs, and the 
unemployment rate remains low at 4.7 percent.
  We also learned last week that the nonpartisan Congressional Budget 
Office said the Federal deficit came in at $161 billion for the just-
completed fiscal year, down significantly from last year's deficit of 
$248 billion.
  The Wall Street Journal editorial board noted today that ``since 2004 
deficit spending has tumbled by $251 billion, which is one of the most 
rapid 3-year declines in U.S. history. The deficit as a share of the 
economy is down to 1.2 percent or about half the average of the last 50 
years.'' A deficit at 1.2 percent share of the economy. In the words of 
the Associated Press, ``The fiscal picture is the best it's been since 
2001.''
  Taken together, this shows the American economy remains strong, a 
strength derived from the hard work of the American people and 
Republican pro-growth, low-tax policies.
  But as sure as the sun is going to rise in the morning and set in the 
evening, House Democrats are going to do their best to jeopardize our 
economic growth through higher taxes and spending increases. The Wall 
Street Journal warned this morning that the Democrat ``Congress is 
already gearing up to splurge again, with its $35 billion expansion in 
the children's health program, a $286 billion 5-year farm bill, $23 
billion in water projects, and $22 billion more in non-defense 
discretionary spending. Combine this blowout with slowing revenue 
growth due to the housing recession, and the deficit may not fall again 
in 2008. This is all the more reason for President Bush to finally use 
his veto pen on spending bills.''

[[Page H11375]]

  And that's just spending. Democrats continue to treat higher tax as a 
cure-all. Frustrated by their inability to choke of funds for our 
troops in harm's way, last week top Democrats on the Appropriations 
Committee proposed a $150 billion war tax. This is just the latest. 
Consider some of the recent Democrat tax hike proposals:
  A 50 cent increase per gallon of Federal gas tax hike from the Energy 
and Commerce Committee chairman. A 5-cent increase per gallon of 
Federal gas tax hike from the Transportation Committee chairman. A 
massive $392.5 billion tax increase on middle-class families in their 
fiscal year 2008 budget. More than $15 billion in new energy taxes 
passed in July that will raise gasoline prices on consumers. A $7.5 
billion tax increase in their farm bill which threatens 5.1 million 
American jobs and greater investment in the U.S.
  It seems every time they propose to raise taxes, the deficit falls to 
historic lows. Each time they refuse to rein in spending, job creation 
breaks a new record. Each time they refuse to live up to their promise 
of fiscal responsibility, the stock market closes at record highs.
  That's bad news for Democrats and terrific news for the American 
people.
  Let's support the Republican policies that have made this success 
possible and let us see it continue.

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