[Congressional Record (Bound Edition), Volume 158 (2012), Part 13]
[House]
[Page 18425]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              {time}  0910
                             MIDNIGHT MAGIC

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Oregon (Mr. DeFazio) for 5 minutes.
  Mr. DeFAZIO. All but those in total denial--and there is a lot of 
that inside the D.C. Beltway--would admit that we need a combination of 
increased revenues, taxes--the gentleman before me disagrees--and 
spending cuts to restore fiscal stability. Especially with a still-weak 
economy, we don't need blanket tax increases that would hit the 
hardworking families of the middle class, and we don't need brain-dead, 
across-the-board spending cuts that mete out the same percentage cuts 
to wasteful and unneeded programs and high-functioning essential 
programs. We can do better, and the American people deserve better.
  In that spirit, I offer the following ideas. Pick one of the numbers 
floating out there. Let's restore the Clinton-era tax rates on income 
over $250,000, $400,000, $450,000. They are bargaining out there. 
Whatever. We are restoring the Clinton-era tax rates. We're not going 
back to Eisenhower. We're talking about Clinton-era tax rates for 
income above that level.
  Restore the same Clinton-era tax rates on unearned income when there 
were a lot more productive investments out there, delay the across-the-
board cuts for 30 days, give the new Congress a chance to make smarter, 
targeted cuts of equal value, and fix the Medicare reimbursement so 
that seniors aren't threatened in the middle of the month from not 
being able to get medical care, and extend unemployment. Come on, don't 
be cruel to people who can't find jobs and want to find them, although 
some on that side deny they're looking for work.
  It's not the specifics really that I want to talk about here. It's 
the procedure. That's what will solve this because this is Washington. 
It's not about reality.
  Now, here it is: the midnight magic plan. We begin debate at 10 p.m. 
For the first 2 hours, everybody can go to their usual corners. The 
Republicans could decry the increased taxes on job creators, on income 
over $250,000 or $400,000 or $450,000. The Republicans could stay true 
to their pledge to Grover Norquist to never, ever raise taxes for any 
purpose, never. Democrats could say it's not enough; it doesn't restore 
tax fairness. We could have the usual debate for 2 hours. At midnight 
we stop, sing ``Auld Lang Syne,'' come together a little bit, and then 
the midnight magic.
  Now, the same bill is cutting taxes for 98 percent of the working 
people in the United States of America, the Democrats would have 
protected Social Security and Medicare, and both sides get a chance 
over 30 days to legislate--God forbid we should legislate around here--
targeted cuts instead of the meat-axe approach to cutting spending. I 
think that's the best we can do for the American people. We 
transmogrify this bill with the magic of midnight from one that 
increases taxes on the job creators--income over $250,000 or $450,000--
to one that actually gives tax cuts to 98 percent of America, something 
both sides can go home and brag about.
  No cliff.

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