[Congressional Record (Bound Edition), Volume 154 (2008), Part 5]
[House]
[Page 5994]
[From the U.S. Government Publishing Office, www.gpo.gov]




                          THE PELOSI RECESSION

  (Mr. PITTS asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. PITTS. Madam Speaker, taxes are a function of spending. If you 
spend more, you must tax more.
  The spending budget we passed previously is predicated on the largest 
tax increase in American history. Tax increases are coming to all 
Americans. Tax increases are on autopilot.
  Without even a vote, tax levels are going to snap back up to the old 
levels, the levels that existed before the 2001 and 2003 tax 
reductions. In other words, doing nothing is doing something.
  One of the reasons for the uncertainty in the market is because 
people know these tax increases are coming. All marginal income tax 
rates will increase, capital gains rates will increase, the marriage 
tax penalty will come back, the child tax credit will decrease, the 
death tax will jump back up to 55 percent. This will hurt the economy.
  The Democratic leaders have blocked free trade with Colombia, they 
have blocked efforts to produce more oil and natural gas resources, 
they have blocked lower taxes. All this will hurt the economy.
  People are beginning to call this the Pelosi recession. Maybe they 
are right.

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