[Congressional Record Volume 155, Number 56 (Thursday, April 2, 2009)]
[House]
[Page H4400]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         THE REPUBLICAN BUDGET

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute.)
  Mr. DeFAZIO. Well, after doubling the national debt under the failed 
leadership of George Bush, the Republicans unveiled their budget 
alternative yesterday, very appropriately on April 1, April Fool's Day.
  Now, there's a pretense that they're going to restore fiscal 
stability through budget gimmicks, the spending freeze, no matter how 
great the need, bridges falling down, veterans need services, to 
educate our kids, budget's frozen. Well, it's frozen, sort of. There is 
another part that's not. After the smoke and mirrors are put up, their 
real agenda comes through, which is more tax cuts for the wealthy.
  Here's the amazing thing. They're going to eliminate all taxes on 
capital gains so people who invest for a living don't have to pay 
taxes. We have had that argument before. But think of it, it's so 
beautiful. The hedge fund managers, who averaged $260 million each a 
year last year creating toxic assets that are destroying our economy, 
claim that their income is carried interest, which is capital gains.
  So the hedge fund managers who put our economy in the tank will 
contribute zero, zero dollars, under the Republican budget alternative 
to helping repair the damage in America.
  Good work, guys. April fools.

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