[Congressional Record (Bound Edition), Volume 158 (2012), Part 12]
[Senate]
[Pages 16600-16601]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              THE ECONOMY

  Mr. REID. Mr. President, last week the country received more good 
economic news. The private sector created 150,000 jobs--these are new 
jobs--and once again the unemployment rate fell. Unemployment is now at 
its lowest rate since December 2008. While too many families across the 
Nation are still struggling, especially in Nevada, there is no doubt 
our economy is headed in the right direction.
  America is poised for a rebound this year if a few good things 
happen. The last thing we can afford is yet another crisis manufactured 
by Republicans in Congress just as the economy finally gains some 
momentum. If Republicans force a $2,200 tax increase on 98 percent of 
American families and 97 percent of small businesses to protect the 
richest of the rich, the economy will suffer greatly.

[[Page 16601]]

  If Republicans again threaten default on the full faith and credit of 
the United States, the economy will suffer. We have seen the terrible 
impact of these contrived emergencies before. When Republicans 
threatened to shut down the government and force a default on the 
Nation's debt, the economy stumbled and middle-class families were in a 
state of peril. Who paid the price? Middle-class families.
  Republicans face a real difficult choice in Congress. Will they 
cooperate with Democrats and put the country on a path to provide 
certainty for families and investors? As my friend the senior Senator 
from Missouri said, the Speaker has a chance to do some good things, 
but he also has a problem because he has to decide whether he is going 
to work to save his speakership or the country.
  Will they cooperate with Democrats or will they force us to lurch 
from one crisis to the next in 2013 as they did in 2011 and 2012? We 
need long-term solutions, not temporary fixes to problems that dragged 
down the economic recovery over the past 2 years.
  The House should take up the Senate-passed middle-class tax cut which 
provides lasting security for families and businesses making less than 
$250,000 a year. The number of Republicans calling on the Speaker to 
allow a vote to give middle-class families confidence their taxes will 
not go up has grown. Speaker Boehner could end this suspense with just 
one vote.
  Over the weekend, the junior Senator from Tennessee, Mr. Corker, 
joined a number of Senate Republicans and more than one dozen House 
Republicans in calling for that vote. Senator Corker, admitting 
Republicans have little leverage in this faceoff, said: ``I actually am 
beginning to believe that is the best route for us to take.''
  Democrats agree sending the Senate-passed tax cut to President 
Obama's desk is the quickest and most sensible way out of this crisis. 
But avoiding the fiscal cliff is no excuse for Republicans to replace 
this artificial crisis with another one.
  Congress should also pass Senator McConnell's proposal to end 
periodic standoffs over the debt ceiling. His plan would give President 
Obama the authority to avoid default on the Nation's bills without a 
protracted fight. Senate Democrats are ready to vote on the minority 
leader's sensible suggestion at any time, but first Senator McConnell 
needs to stop filibustering his own legislation.
  Right now, Speaker Boehner and Minority Leader McConnell are the only 
ones standing between Congress and compromise. It is time for them to 
prove to American families they are more interested in protecting the 
middle class than pleasing the tea party.

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