[Congressional Record (Bound Edition), Volume 149 (2003), Part 8]
[House]
[Page 10961]
[From the U.S. Government Publishing Office, www.gpo.gov]




             JOBS AND GROWTH PACKAGE WILL STIMULATE ECONOMY

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentlewoman from Florida (Ms. Harris) is recognized for 5 minutes.
  Ms. HARRIS. Mr. Speaker, I remain amazed at revisionist history which 
continues to accompany arguments against this visionary jobs and growth 
package.
  We continue to hear accusations that the President's 2001 economic 
plan has not worked. Against what benchmark are we evaluating the 
success of this policy? President Bush inherited a speculative bubble 
that had burst in the Clinton-Gore recession when this body passed that 
plan. September 11, of course, worsened our economic outlook even more 
dramatically.
  What was the result, then, of the President's 2001 economic plan? A 
potential deep depression became one of the shortest recessions on 
record. The economy is growing again, yet the American people continue 
to fear for their own economic security and for the dreams they nurture 
for their children and grandchildren.
  The recovery remains sluggish, because the temporary nature of the 
2001 tax cuts has restrained businesses from fully returning to the 
investment and growth mode. An unpredictable and ever-changing Federal 
tax policy is inimical to the long-term, predictable model that 
businesses require.
  Thus, this year's job and growth package finishes the job that 
President Bush and Congress began in 2001.

                              {time}  1900

  Mr. Speaker, President Bush's plan to revitalize our economy is 
rooted in values instead of expediency. It reflects his belief that the 
genius of the American people is more powerful than the power of 
government. It follows the principle that indeed the American people 
are far better than Washington bureaucrats when it comes to creating 
jobs and wealth. John F. Kennedy and Ronald Reagan understood the power 
of this idea. They featured tax cuts as the centerpiece of their 
economic agenda, launching two of the longest economic expansions in 
American history. When Ronald Reagan inherited a shattered economy 
wracked by double-digit inflation, 20 percent interest rates, long gas 
lines and stagnant productivity, he turned the conventional economic 
wisdom on its head. At the time, the so-called experts told us that 
high inflation was a necessary evil of a growing economy. They also 
said that the Reagan tax cut plan would not fix the economy; it would 
only worsen it. They were wrong. President Reagan once quipped that 
when a friend of his was invited to a costume party, he actually 
slapped some egg on his face and went as a liberal economist.
  President Bush's plan will rescue us from the economic morass the 
previous administration left behind, just as Ronald Reagan's visionary 
leadership accomplished more than 20 years ago. The jobs and growth 
package Chairman Thomas has proposed includes all of the President's 
priorities, including the acceleration of individual rate cuts, 
marriage penalty relief, an increase in the child tax credit and a 
capital gains and dividend tax cut. Balancing the budget remains a very 
important objective and growing the economy while controlling spending 
is the best way to achieve that goal. I am concerned about deficits, 
but I am much more concerned about making certain that Americans have 
jobs.
  The Federal Government's tax revenues increased after the Reagan tax 
cuts. The deficits of the 1980s occurred because spending outpaced 
revenue. Thus, we must keep spending in check. This tax plan will 
create 1.2 million new jobs for Americans, and we must pass it.

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