[Congressional Record (Bound Edition), Volume 149 (2003), Part 10]
[House]
[Page 13537]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        REALITIES OF THE TAX CUT

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentlewoman from Texas (Ms. Jackson-Lee) is recognized for 5 minutes.
  Ms. JACKSON-LEE of Texas. Mr. Speaker, it is interesting, as I follow 
my colleague, I believe that the comments made by so many are so 
accurate on the question of what we are doing in this House and the 
importance of taking care of the people that we have come to be 
responsible for.
  It is really a question of what are the challenges of this body and 
who do we owe our allegiances and responsibilities to in terms of the 
American people. Frankly, I believe that all of the American people 
look to this body to be fair and equitable, and it is interesting that 
we take the time to allegedly address concerns that we believe that 
they are interested in, but leave a lot on the table while much goes 
longing for our attention.
  I would ask this body to look at the conditions that we are in in 
2003 and compare them to conditions over the last almost 15 years or 
so, from 1989 to 2002. Under President Bush, Sr., we see unemployment 
skyrocketing above 8 percent. Under President William Jefferson 
Clinton, in an 8-year term, we can see that the unemployment of this 
Nation, impacting everyone, went down to a bare minimum of under 4 
percent. It means that the economic policies that were generated the 
last 8 years created jobs.
  I am reminded of a very strategic vote in 1993 when we were peaking 
in unemployment, and lo and behold, there was a very vital, strategic 
decision by the Democratic Caucus and President Clinton to make a 
decided vote on behalf of the American people, a budget vote that saw 
the economy skyrocket to success and unemployment go down. Now we find 
ourselves in a predicament, skyrocketing deficit, a budget that does 
not seem to be able to be complied with and unemployment shooting 
through the roof.
  With that backdrop, Mr. Speaker, what did we do before the Memorial 
Day holiday? No, we did not invest in human resources, hospitals and 
clinics, health insurance for all Americans. We did not invest in 
infrastructure, building highways, freeways, roads, enabling our 
railroads, enabling our various modes of transportation, providing 
greater access for the working community of America. We did not create 
jobs by investing in homeland security, even in the backdrop of a Red 
Alert.
  What we did was compress a $550 billion tax cut, which by the way, 
Mr. Speaker, I believe will ultimately result in a $1.6 trillion tax 
cut which makes the deficit soar deeper and deeper downward. No. We 
decided to pass a $350 billion tax cut. That was in name only because, 
as I said, I believe it is really $550 billion and ultimately $1.6 
trillion, in light of skyrocketing unemployment.
  We have argued, of course, that this will generate into some mode of 
opportunities for all Americans, but let me share with my colleagues 
the word of Warren Buffett on that tax cut, as he pointed out that the 
tax cut by the administration, the Bush administration, suggesting that 
it would create jobs, remember I mentioned to my colleagues that we 
have got a skyrocketing unemployment rate, Mr. Buffett, who is the 
richest or second richest in the Nation, he says that the 
administration's tax plan was like a manager saying we are going to 
grow our earnings 20 percent a year. They do not have the faintest 
idea, in my view, of how many jobs this is going to create. How could 
they? Economics is not precise.
  So when Democrats had a tax plan that directly invested in 
infrastructure, health care and homeland security, we knew what kind of 
jobs we would create. We have got a pie-in-the-sky plan. So what do we 
do, Mr. Speaker? We come together. Democrats stand on the floor of the 
House into the wee hours of the morning on Friday preceding the 
Memorial Day holiday, begging for reality, begging for sense to be made 
and saying that the least of those have been left out.
  Of course, we were demagogued, castigated and suggested that this was 
not the time. Well, Mr. Speaker, let me tell my colleagues who we have 
left out, as I mention to my colleagues these numbers very quickly: 
11.9 million children, 6.5 million working couples who qualify for the 
earned income tax and 8.1 million taxpayers.
  Mr. Speaker, we should pass the Rangel-DeLauro-Davis bill that 
provides a minimal child tax credit for these left out souls, and we 
should take away this tax bill that does nothing for a great number of 
Americans who work every day for us.

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