[Congressional Record (Bound Edition), Volume 149 (2003), Part 8]
[House]
[Pages 11120-11121]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     REPUBLICANS TAX IRRESPONSIBLY

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Rhode Island (Mr. Langevin) is recognized for 5 minutes.
  Mr. LANGEVIN. Mr. Speaker, today our Chamber threw away any semblance 
of fiscal responsibility by passing H.R. 2, the Republican tax bill 
that provides more massive tax cuts, while ignoring the needs of the 
majority of

[[Page 11121]]

Americans. Two years ago the administration and Congress were looking 
covetously at a staggering $5.6 trillion cumulative surplus through 
2010. At the time Congress was continually reassured by the 
administration that we could afford an enormous tax cut, ensure the 
solvency of Social Security and Medicare, pay down the national debt, 
fund our domestic priorities and still have a large surplus reserve 
fund to front anticipated emergencies.
  Like many of my colleagues, I cautioned the administration at the 
time that its budget and enormous tax cut were based on unrealistic 
surplus projections that would never materialize. Not surprisingly the 
Congressional Budget Office confirmed that in less than 2 years the 10-
year projected surplus has been erased. While portions of this decline 
are a result of our efforts to defeat terrorism and preserve national 
security both at home and abroad, the depletion of the surplus to date 
was largely caused by the administration's fiscally irresponsible 
policies of 2001.
  What do we get for these tax cuts which were supposed to stimulate 
our economy? Well, we now have the highest unemployment rate in 9 
years. Severe cuts in State budgets and programs and the largest among 
deficit in national debt in our Nation's history. Not content with 
these successes, the Republicans now want more tax cuts largely skewed 
to the wealthiest Americans, the top rate income tax reduction in 
dividend taxation provisions are particularly egregious when 8.8 
million Americans are unemployed, with the average length of 
unemployment now at about 20 weeks. The Republican tax cuts ignore the 
situation of those Americans. Furthermore, our Nation will have to 
borrow to pay for the funds to pay for these tax cuts at a time when 
the United States has a $6.4 trillion national debt and spend $1 
billion per day on interest payments for that debt. In fact, debt 
interest payments are now the third largest expenditure in the Federal 
budget. Money that could instead be used for homeland security, health 
care, prescription drugs for our seniors, or education for our 
children.
  Almost as outrageous as the provisions of the Republican tax plan 
was, the House leadership decision not to allow the Democrats to offer 
their alternative was even more egregious. Our plan was far more 
fiscally responsible, costing only $129 billion in immediate spending, 
and even those costs would be offset for long term economic gains such 
as income taxes from newly employed Americans. The Democratic plan 
would create 1 million new jobs, more than double the estimate for the 
Republican plan. Additionally, it would put money in the pockets of 
families most likely to spend, provide tax relief for businesses most 
likely to invest, and hire and provide direct financial assistance to 
States that are struggling to provide health care and other vital human 
services to their citizens. This financial assistance would forestall 
State tax increases or service cutbacks that would otherwise deepen the 
recession and destroy jobs.
  Mr. Speaker, I am deeply disturbed by the outcome of today's vote, as 
well as the heavy handed tactics used by the Republican leadership that 
denied a debate on our responsible alternative. I will maintain my 
opposition to irresponsible tax and budget policies that are leading 
this Nation down a path that could put the economic survival and 
stability of our Nation in jeopardy.

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