[Congressional Record (Bound Edition), Volume 148 (2002), Part 3]
[House]
[Page 3472]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              THE ECONOMY

  Mr. WELLER. Mr. Speaker, today, we are a Nation at war, we are 
working to build our homeland security, and we are suffering an 
economic recession. I am proud to say that our commander-in-Chief, 
President Bush, has shown strong, resolute leadership in the war 
against terrorism and has been working to build our homeland security 
as well as giving Americans the opportunity to go back to work.
  One thing we must not forget in this war against terrorism is that it 
is not going to begin or end in Afghanistan. The war against terrorism 
could last years, not just months. But also, if we are going to win the 
war against terrorism, we have to recognize that we must get our 
economy moving again.
  As we look back, over 1 year ago when President Bush became 
President, he inherited a weakening economy, an economy that was 
getting weaker by the day; and the President said that we need to give 
Americans more spending money, we need to cut taxes, we need to take 20 
cents out of every dollar of our budget surplus and give that back to 
the American workers to help the economy. Well, that tax cut was signed 
into law in June of this past year, eliminating the marriage tax 
penalty, eliminating the death tax, and lowering taxes for every 
American.
  Economists were telling us by Labor Day that it was working, the 
economy was beginning to be on the rebound. Then, of course, the 
tragedy of September 11 occurred. That terrorist attack on American 
soil cost thousands of Americans their lives; and since September 11, 
the psychological blow on the economy of that terrorist attack has cost 
almost a million Americans their jobs. So we need to get the economy 
moving again. We need to give Americans the opportunity to go back to 
work.
  Now, I am proud to say that House Republicans have fought hard and 
led the way to give Americans the opportunity to go back to work. Four 
times this House of Representatives passed an economic stimulus package 
and economic security legislation, helping those laid off with extended 
unemployment benefits and providing incentives for investment and the 
creation of jobs. We want American workers to be able to go back to 
work. That is our goal. We recognize that in the past decade it was 
investment in jobs that created economic growth.
  I am proud to say that the fourth time was a charm. After this House 
fought month after month, October, November, December, January, and 
just a few weeks ago we passed for the fourth time legislation to give 
Americans help, as well as the opportunity to go back to work. Our 
Democratic friends relented and worked with us in a bipartisan way, and 
we were able to put on the President's desk legislation to help 
American workers, and the President signed it into law.
  With the economic stimulus and security package we have helped 
American workers who have been laid off with extended unemployment 
benefits, and we have also provided incentives for investment and the 
creation of jobs. This legislation will provide an opportunity to give 
businesses who purchase assets an opportunity to write that off quicker 
with something we call 30 percent expensing, or some call bonus 
depreciation. It essentially provides a way to recover the cost of that 
pickup truck or that computer or that piece of telecommunications 
equipment much more quickly.
  The benefit of that is felt when a business buys a pickup truck. 
There is, of course, an auto worker who makes that pickup truck, as 
well as the parts that go in it, and there is a worker who services and 
installs equipment in that pickup truck. There is also a worker who is 
going to operate that pickup truck for that business. That creates jobs 
and rewards investment. And I am proud to say that the 30 percent 
expensing was the centerpiece of our economic stimulus plan in 
rewarding investment.
  The legislation will also help homeland security. Many businesses in 
America felt it was important after September 11 that they make their 
businesses, their plants, their stores, their offices, their places of 
business safer and more secure for their workers, their customers, and 
their visitors; and so their purchase of extra security equipment, 
safety equipment, software and cybersecurity equipment costs money. The 
30 percent expensing will help them recover the cost of investing in 
cybersecurity and surveillance equipment and software and other 
measures to ensure their workplace and business is more safe and secure 
for those who visit or work there.
  We also recognize that many companies this year, because of the 
recession, are losing money. We gave an opportunity for those companies 
that are currently losing money to be able to come up with some 
investment capital to reinvest in jobs within their company, even 
though they are losing money this year, by allowing them to go back 5 
years, to a year they may have made some money, and apply this year's 
loss to that profitable year. They will essentially get a tax refund 
and can then use those dollars to invest in job creation. That is what 
it is all about.
  We want to get this economy moving again, and so that is why we 
wanted to provide investment incentives with 30 percent accelerated 
depreciation as well as giving those companies losing money this year 
the opportunity to carry back this year's loss and come up with 
investment capital.
  I am proud to say this House has acted. We are giving American 
workers the opportunity go back to work, we are helping those 
unemployed; and I am proud to say House Republicans lead the way.

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