[Congressional Record (Bound Edition), Volume 147 (2001), Part 3]
[House]
[Page 4105]
[From the U.S. Government Publishing Office, www.gpo.gov]



                      ON THE ECONOMY AND TAX CUTS

  (Mr. PITTS asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. PITTS. Mr. Speaker, over the last 6 months, we have seen some 
major changes in our economy. We lost 94,000 manufacturing jobs just in 
February. Overall economic growth slowed to just 1.1 percent in the 
fourth quarter of last year. In the quarter before that, the growth was 
5.6 percent. I do not need to remind anyone how far down the stock 
market has gone. Clearly, we need to take action. Some in this body are 
claiming that even by talking about the slowdown in the economy, we are 
pushing the country into recession. But we need to have a sensible 
discussion about what needs to be done to breathe new life into the 
American economy. This is too important to make it political.
  Yesterday's cut in interest rates will help, but we need tax cuts as 
well. Only by getting more money into the hands of the people who spend 
can we get our economy going again. Let us pass the President's tax 
relief package. In fact, let us even make it bigger and retroactive. 
And let us do it now.

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