[Congressional Record Volume 160, Number 70 (Friday, May 9, 2014)]
[House]
[Pages H4019-H4020]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              TAX CREDITS

  (Mr. HOYER asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. HOYER. Mr. Speaker, in just a few short minutes, we will 
demonstrate whether this House does or does not have fiscal 
responsibility.
  We ought to extend the research and development tax credit to help 
businesses invest in innovation--and we ought to do it permanently. But 
Republicans are asking us to do so without paying for it, which would 
add $155 billion to the deficit. Once again, they are ignoring fiscal 
responsibility when it comes to tax cuts.
  In 1981, 2001, and 2003, Republicans passed tax cuts without paying 
for them, and the outcome every time was predictable--an increase in 
our debt.

[[Page H4020]]

Under President Reagan, it was a 189 percent increase. He could have 
vetoed any spending bill. Under President George W. Bush, there was an 
86 percent increase in the national debt.
  Economists agree that tax cuts do not pay for themselves. In 2010, 
former Reagan budget director David Stockman said this:

       This debt explosion has resulted not from big spending by 
     the Democrats but instead the Republican Party's embrace 
     about three decades ago of the insidious doctrine that 
     deficits don't matter if they result from tax cuts.

  USA Today says:

       House action on ``tax extenders'' forfeits credibility on 
     deficits and national debt.

  They are right.
  Vote ``no.''

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