[Congressional Record (Bound Edition), Volume 147 (2001), Part 15]
[Extensions of Remarks]
[Page 21152]
[From the U.S. Government Publishing Office, www.gpo.gov]



               ECONOMIC SECURITY AND RECOVERY ACT OF 2001

                                 ______
                                 

                               speech of

                         HON. JERRY F. COSTELLO

                              of illinois

                    in the house of representatives

                      Wednesday, October 24, 2001

  Mr. COSTELLO. Mr. Speaker, I rise today in strong opposition to H.R. 
3090. This is simply the wrong way to approach a short term economic 
stimulus bill. It is not temporary, and instead of addressing the needs 
of laid off workers, the Republican bill is a give away to the 
wealthiest Americans and corporations. Even Treasury Secretary O'Neill 
has said the bill is misguided. The country would be much better served 
by considering the comprehensive aviation security bill I introduced 
with other Democrats on the Transportation and Infrastructure 
Committee. This should have been one of our top priorities in the days 
after September 11, but six weeks later we have not seen floor action.
  There are numerous problems with the Republican bill, but I am 
particularly troubled by a provision that will allow multi-national 
corporations to avoid paying U.S. taxes by taking profits out of this 
country. How does this stimulate our economy? Some of the business 
provisions in this bill are retroactive all the way back to 1986. In 
addition, the Republicans provide no immediate federal support for 
unemployment insurance or health care benefits for laid off workers, 
but instead make benefits dependent on later actions by the states. We 
need to get money directly to middle and low-income workers to get that 
money back into the economy.
  Mr. Speaker, I urge my colleagues to reject this outrageous 
Republican bill, and then let us move quickly to consider aviation 
security legislation. We have already waited far too long.

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