[Congressional Record (Bound Edition), Volume 155 (2009), Part 6]
[House]
[Page 7593]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              {time}  1230
                        FISCAL YEAR 2010 BUDGET

  (Mr. CONNOLLY of Virginia asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. CONNOLLY of Virginia. Mr. Speaker, I rise today to address the 
President's fiscal year 2010 budget proposal. We are in a crucial time 
in our Nation's history. According to a recent CNN poll, 45 percent of 
Americans believe that another Great Depression is likely.
  The President's budget represents a bold strike to revitalize the 
economy and provides a path to future economic stability and 
prosperity. The proposal is a good start.
  There are, however, areas that require further refinement. The 
suggestion to limit itemized deductions will have negative unintended 
consequences. As charitable donations become scarcer in these trying 
times, signaling an intent to limit their tax-deductible value may 
further impair charitable giving at precisely the time we need more.
  Capping the mortgage interest deduction will cause unintended 
discouragement for homeownership at precisely the time we need to 
stabilize home values. We also must consider increasing the $250,000 
income cap for raising tax brackets. In my district, with one of the 
highest costs of living and one of the highest percentages of dual 
incomes, the proposed level would be a difficult imposition. 
Additionally, we must ensure pay parity between civilian and military 
government employees as we ask more of the civilian workforce.
  Overall, I expect the proposed budget to be worked out over the next 
few weeks in the Budget Committee.

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