[Congressional Record Volume 154, Number 10 (Wednesday, January 23, 2008)]
[House]
[Page H432]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           ECONOMIC STIMULUS

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Pennsylvania (Mr. English) is recognized for 5 minutes.
  Mr. ENGLISH of Pennsylvania. Madam Speaker, the current subprime 
housing crisis, coupled with volatile energy prices, rising costs in 
health care and looming tax increases, among others, have put our 
country on the dark path of economic slowdown. And although not yet a 
technical recession, it certainly feels like a recession in the 
communities that I represent in western Pennsylvania.
  Clearly, America's hardworking families and employers are feeling the 
crunch from the slowing economy.
  While there's a growing consensus in Washington that Congress needs 
to take action on a stimulus package to stave off further economic 
challenges, an agreement on how to proceed remains very elusive.
  In addition to recently participating in a Joint Economic Committee 
hearing on the state of the economy, I've met with half a dozen 
respected economists, and I strongly believe that unless Congress acts 
swiftly on a stimulus package that will inject money into the American 
economy and incentivize job creation, middle class America will be 
forced to bear the brunt of our country's economic instability.
  To be clear, now is not the time for politics as usual. We need to 
unite to enact sound stimulus legislation that, among other things, 
will benefit both wage earners and job creators, will encourage 
investment in good paying jobs, and will put more money back into the 
pockets of working families.
  Now, how can Congress achieve these goals on a bipartisan basis? In 
my view, Madam Speaker, the single best way to help struggling 
employers in this climate, while providing a jumpstart to the economy, 
is to allow companies to quickly recapture the money they invest in 
capital.
  Congress should step up to the plate today to create incentives for 
American employers to invest in new equipment, to revive bonus 
depreciation to boost employer's capital, and to work to enact common-
sense policies that will curb the reach of the corporate alternative 
minimum tax at exactly the time when its reach is most devastating, 
during economic downturns.
  At the same time, Congress must explore ways in which we can mitigate 
the impact of a sluggish economy on low and moderate income families 
that are now facing new and severe economic uncertainty.
  By extending unemployment benefits, rolling the income tax on 
unemployment benefits back, and increasing the child tax credit and 
providing a significant tax rebate for middle-class families, Congress 
can ensure that every American has access to the financial resources 
they need to weather this pending economic storm.
  While I've outlined a stimulus plan that will create an environment 
for job growth, reform how we tax American employers and improve UC 
benefits for the long-term unemployed, Congress must be vigilant in 
crafting a pro-growth plan that will not disturb the government's 
fiscal balance.
  I believe frankly we need to avoid absurd PAYGO rhetoric which, 
coupled with a liberal budget requiring tax increases, now seems to be 
hobbling action on the other side of the aisle.
  Over the past year, some of my friends on the other side of the aisle 
have insisted on a budget that would impose substantial tax increases 
on a struggling American economy.
  These Herbert Hoover Democrats have used the labels of tax reform and 
revenue neutrality as a carnival mask to conceal a policy of higher 
taxes and higher spending, essentially placing a higher percentage of 
the American economy under government control, and this at a time when 
the economy is vulnerable, facing slower economic growth.
  Instead of setting new priorities, the new majority has chosen to 
throw priority setting to the wind and have undermined the benefits of 
the very tax policies that have grown the economy and helped America's 
middle class.
  At the time of economic hardship, when Americans are struggling to 
make ends meet, it would be inconceivable to place additional, 
unnecessary tax burdens on the backs of middle class America.
  Madam Speaker, time is of the essence. Putting the economy back on a 
growth path must be a top priority for Washington. Congress must move 
on a bipartisan basis to enact a stimulus package that is swift, 
significant and effective.
  We need to set aside sterile politics of class warfare and embrace 
strong pro-growth tax policies that will help benefit everyone by 
reinvigorating the American economy.

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