[Congressional Record (Bound Edition), Volume 158 (2012), Part 12]
[Senate]
[Pages 16168-16169]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              FISCAL CLIFF

  Mr. REID. Mr. President, it has been almost 3 weeks since we all met 
with the President to avert that fiscal cliff we hear so much about. 
Yesterday, after weeks of delay, and as the days dwindle and taxes are 
set to go up for millions of families and businesses, Republicans in 
the House finally showed up at the negotiating table.
  Now we know why they have been holding their cards so close to their 
vests. Their proposal would raise taxes on millions of middle-class 
families. Their plan is to raise $800 billion in revenue by eliminating 
popular tax deductions and credits that would reach deep into the 
pockets of middle-class families. Republicans are so intent on 
protecting low tax rates for millionaires and billionaires, they are 
willing to sacrifice middle-class families' economic security to do so.
  In the first year, unless we do something, middle-class families; 
that is, people making less than $250,000 a year, will get an average 
of $2,200 in additional tax, taxes they will have to pay.
  Their proposal that we received yesterday was short on specifics, but 
we do know from independent analysis that it is impossible to raise 
enough revenue to make a dent in the deficit without using one of two 
things: raising tax rates on the top 2 percent or raising taxes on the 
middle class.
  As my friend, the senior Senator from Missouri, said on the Sunday 
talk shows, the Speaker has to make a decision whether it is more 
important to keep his job or to do something about the economy that is 
in such difficult shape in America. He has to make a choice.
  The nonpartisan Tax Policy Center called it mathematically impossible 
to reduce the deficit and give more tax cuts to the rich without 
harming the middle class. This is the same thing President Clinton 
talked about so often during the campaign, saying to everyone it is 
arithmetic.
  As usual, given the choice between millionaires and billionaires and 
the middle class, Republicans again sided with the wealthy of this 
country. In fact, their plan doesn't just keep rates low for the 
richest 2 percent, it actually lowers them further. The Democrats' plan 
would protect 98 percent of families and 97 percent of small businesses 
from painful tax increases by asking the top 2 percent to pay a little 
bit more to reduce the deficit.
  The Republicans' plan, on the other hand, is more of the same. Not 
only does it balance the budget on the backs of the middle class, it 
voids our promise to seniors with steep cuts to Social Security and 
Medicare, all to pay for even more handouts to the rich.
  At least we now know where they stand. Republicans have sought cover 
by invoking Erskine Bowles' name, but he has disavowed their plan in no 
uncertain terms. We are glad to finally see Republicans joining in the 
negotiating process instead of watching from the sidelines.
  While their proposal may be serious, it is also a nonstarter. They 
know any agreement that raises taxes on the

[[Page 16169]]

middle class in order to protect more unnecessary giveaways to the top 
2 percent is doomed from the start. It will not pass.
  Democrats would not agree to it. President Obama wouldn't sign such a 
bill, and the American people would not support it. That is in all the 
polls that are in at press this morning.
  The American people are tired of budget-busting giveaways to the 
wealthiest few people who have enjoyed growing paychecks and shrinking 
tax bills for more than a decade. The American people want a balanced 
deal. Simple math dictates that a balanced deal must include higher 
taxes on the richest of the rich. Republicans would be wise to keep 
that in mind as negotiations move forward.
  We are willing to compromise, but we also will not consign the middle 
class to higher tax bills while millionaires and billionaires avoid all 
the pain.
  I have been told the leader of the Democrats in the House will file 
today a discharge petition asking the Speaker to bring the bill to the 
floor. All Democratic House Members, as far as I know, every one of 
them will sign this discharge petition.
  We have heard Republicans in the House who are willing to move 
forward. If every Democrat signs this, we will only need about 25 
Republicans to join. The American people should see that picture. With 
25 Republican votes--25 Republican votes--middle-class America would be 
able to rest assured that they will not have a tax increase at the 
first of the year. Twenty-five Republicans is all it would take.

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