[Congressional Record (Bound Edition), Volume 151 (2005), Part 19]
[House]
[Page 25700]
[From the U.S. Government Publishing Office, www.gpo.gov]




                       THE DEFICIT REDUCTION BILL

  (Mr. BISHOP of New York asked and was given permission to address the 
House for 1 minute.)
  Mr. BISHOP of New York. Mr. Speaker, when explaining budget 
reconciliation to the American people, perhaps the closest thing we can 
compare it to is balancing a checkbook. Unless, of course, we are 
talking about the way Congress balances its books.
  On one side of the ledger, spending cuts ostensibly earmarked for 
rebuilding the gulf coast are in reality set aside for tax cuts, 
despite three consecutive record-breaking deficits and $3 trillion in 
new debt.
  Even after the tax cuts are in place, there won't be anything left in 
the other column to relieve Americans from the misery left in the wake 
of devastating hurricanes.
  Championing tax cuts for the wealthiest Americans by punching holes 
in the safety net is the hallmark of this administration's failed 
economic policies. But it shouldn't be the way we balance our books.
  While millionaires will gain another $19,000 tax break, the typical 
student, already saddled with $17,500 in debt, faces $5,800 in new fees 
and higher interest rates. How can we in good conscience cut student 
loans after the College Board tells us this is the most expensive 
semester ever?
  Common sense tells us: When you are in a hole, stop digging. But we 
are still digging, falling deeper into red ink with this budget, beyond 
what we and future generations of Americans can afford.
  I urge my colleagues to vote against this sham deficit reduction 
bill.

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