[Congressional Record (Bound Edition), Volume 149 (2003), Part 1]
[Senate]
[Pages 548-549]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     EXTENSION OF MORNING BUSINESS

  Mr. DOMENICI. I ask unanimous consent the period for morning business 
be extended until 3:30, with the time equally divided and Senators 
permitted to speak for up to 10 minutes.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The PRESIDING OFFICER. The Senator from Washington.
  Mrs. MURRAY. Madam President, the people of my home State of 
Washington are hurting in every corner of my State. Families are 
concerned about what the future will bring. In the last 2 years alone 
in my home State of Washington, we have faced an earthquake, an energy 
crisis, the bursting of the high tech bubble, the departure of Boeing, 
the loss of thousands of jobs, and now we face a State budget deficit 
of $2.5 billion which could easily translate into major cuts in 
education, health care, and infrastructure.
  For much of the last 2 years, Washington State was ranked either 
first or second in the nation in unemployment rates. We have lost a 
staggering 74,000 jobs in the last 18 months. These are sobering 
numbers. Behind every one of these statistics is a man or a woman who 
is trying to support their family, keep food on the table and a roof 
over their head.
  Throughout our country the economic picture is just as bleak. The 
United States has lost 2.1 million private sector jobs since January of 
2001. Despite the President's mammoth $1.7 trillion tax cut last year, 
the economy is continuing to sputter and Americans are continuing to 
lose their jobs. When the President signed that tax cut he said it 
would ``provide an important boost at an important time for our 
economy.''
  That was 20 months ago, May 16, 2001. What are the results? In 
December alone, 101,000 more Americans lost their jobs through no fault 
of their own. These fellow citizens are now out of work and many now 
are without health care. Health care is the unmentioned but painful 
reality of job loss for many. Since most Americans get their health 
insurance through their only employer, many Americans have also lost 
their health care coverage. In Washington State alone, 156,000 families 
have lost their health care in the last 2 years. That is an increase of 
27.4 percent. Today, a staggering figure of Washingtonians are without 
health insurance. The glimmer of hope should be that we are providing 
good schools and learning opportunities to educate our young people for 
jobs in the future. Unfortunately, the President has proposed cutting 
funds for education at a time when these investments are now more 
important than ever. Everyone in my State would agree we need to get 
this economy back on track. We need to do it right.
  Today, despite the fact that the President's last tax cut has yet to 
create any net new jobs, the administration is pushing another massive 
tax cut under the claim of stimulus.
  Except this time, the Nation is back in deficit spending. According 
to private economists quoted in Friday's Washington Post, the U.S. 
could be facing deficits as high as $350 billion next year. We haven't 
seen deficits that high since the first Bush Administration posted a 
$290 billion deficit in 1992.
  On top of that, we have incredible security needs at home and abroad.
  We have increased needs in spending for defense, for homeland 
security, for border security and health care.
  But this week the White House has proposed an economic plan that will 
blow a hole in the national debt, costing more than $6709 billion over 
10 years. And the interest costs will add billions more.
  I am deeply concerned that the President's plan is a disaster for the 
Federal budget and for our long-term responsibilities to our country to 
promote national security, homeland security, and economic security.
  I thought the Bush plan was billed as an economic stimulus plan to 
get our economy moving. But when I look at this proposed plan I see it 
is heavily titled toward the wealthiest Americans.
  While giving very little to average Americans, the plan give a 
$90,000 tax break to every millionaire, and these are the people least 
likely to need to spend an additional dollar of income and stimulate 
the economy.
  I just don't see how the Bush plan will work. Eliminating the tax on 
dividends won't stimulate the economy in the short term. The total cost 
of the cuts is $670 billion, but less than $100 billion comes in the 
first year--which is when the economy needs it most.
  It overwhelmingly benefits the wealthiest investors while providing 
little for most people in my State who are hurting. And it will do 
long-term fiscal damage with its $670 billion dollar price tag.
  As I see it, the only thing this plan will stimulate is our deficit. 
It will add to the mountain of debt that we are forcing on our children 
to pay back later. It is a trickle-down plan that our President's 
father once called ``Voodoo Economics.''
  I believe that if Congress is going to pass a tax cut, then it should 
be a plan that actually helps the economy and should do four things:
  First, it should actually help the economy get moving again. I agree 
with Senator Baucus's proposals to increase the amount of money small 
businesses can deduct for investment in new equipment, and to enhance 
the bonus depreciation provision in last year's stimulus bill. This 
will actually help businesses create new jobs.
  Second, it should address unemployment benefits. The President and 
his allies finally reversed themselves last week and gave in to the 
urgent need to provide some relief to the folks who need help the most. 
This will help thousands in my State to keep paying the bills until 
jobs are available again.
  Third, it should help Washington State--and all States--deal with 
huge budget problems. The States do not have the luxury of deficit 
spending even if they are hit by what the President calls the trifecta 
of war, recession and national emergency.
  Our States are having to deal with $70 billion in deficits by cutting 
funding for education, health care, transportation and other critical 
needs.
  The people in my State need a safety net now to help get them back on 
their feet, and that safety net relies on states having adequate 
funding. We need to help the States get through this critical time.
  Last, it should not blow an even larger hole in the Federal budget. 
Keeping our military strong, tracking down terrorists, defending our 
homeland, giving our young people a good education, making health care 
more affordable, and building infrastructure are the types of 
priorities that the Bush plan will crowd out.
  I hope that my friends on the other side of the aisle and at the 
other end of Pennsylvania Avenue will listen to the hardworking 
Americans outside the beltway. I hope that they will work with us to 
get a real, responsible and effective stimulus plan to get America's 
economy moving again.
  When my father was called upon during the Second World War, he was 
proud to serve his country. He earned the Purple Heart as one of the 
first G.I.'s to land at Okinawa.
  Today we are engaged in a war on terrorism and on the brink of 
another. But rather than being asked to sacrifice, we are asked how 
much we want our taxes cut.
  I visited Fort Lewis, McChord Air Force Base, and Everett Naval 
Station during the recent break. These young men and women are serving 
our country are working so hard to protect our security. Their families 
are being asked to sacrifice, as these men and women prepare to deploy.
  It is amazing that at the very time we are asking these troops to 
leave their families and head overseas to respond to a foreign crisis, 
we are asking for a tax cut at home that puts our budget in crisis.

[[Page 549]]

  It is hard for me to imagine how a private first class making $16,000 
a year is going to benefit from this tax cut. Yet he--or she--is 
prepared to make the ultimate sacrifice to protect America's national 
security.
  America's defense needs, our homeland security needs, our education 
and health care needs will be jeopardized by the massive new Bush tax 
cut.
  What America needs now is not a plan to stimulate the deficit, but a 
real plan to stimulate our economy and put Americans back to work.
  I yield the floor.
  The PRESIDING OFFICER. The Senator from Michigan.
  Ms. STABENOW. Madam President, I first thank my colleague from 
Washington State for her eloquence, standing up for those working 
Americans, middle class Americans, those on the front lines who are 
being asked to put their lives on the line in defense of our country 
and our freedoms. I appreciate very much her comments and would like to 
associate myself with her comments today.
  Ms. MURRAY. I thank the Senator.

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