[Congressional Record (Bound Edition), Volume 149 (2003), Part 16]
[House]
[Page 22203]
[From the U.S. Government Publishing Office, www.gpo.gov]




                       WE NEED TARGETED TAX CUTS

  (Mr. RYAN of Ohio asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. RYAN of Ohio. Mr. Speaker, we lost another one. WCI Steel, 
Incorporated, in Warren, Ohio, filed Chapter 11 bankruptcy just 
yesterday, one of the last major steel mills in the old ``steel 
valley'' that ran through Ohio and Western Pennsylvania. 1,740 workers 
are just going to hope they get a paycheck on Thursday. They have been 
bleeding cash for the last 3 years. Losses in 10 of its last 11 
quarters produced $163.6 million in red ink.
  The ultimate irony, this happened just a few days within the 
anniversary of 1977 when the closing of Youngstown Sheet and Tube's 
Campbell Works that wiped out nearly 5,000 jobs in one day.
  This has been going on since 1977. It is time for this country to 
adopt a manufacturing policy that is going to start creating jobs back 
in the good old U.S. of A, not tax cuts for the top 1 percent but 
targeted tax cuts to allow investment here in the United States of 
America.
  It is not going to happen with smoke and mirrors. It is not going to 
happen with the press conference. We are getting our clock cleaned by 
China, and it is time the United States wakes up just before it is too 
late.

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