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OCTOBER 6, 2006 
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TO FLOOR SPEECHES "Bring Back Pay-As-You-Go Budget Rules" "Mr. Speaker, when President Bush took office, our Nation had a $5.6 trillion surplus. President Bush said that the surplus proved taxes were too high and called for cutting taxes on the richest Americans. Then he said because the economy was doing badly, we had to stimulate the economy by cutting taxes on the richest Americans. The richest Americans, President Bush said, would sleep in and spend the afternoon watching soap operas instead of creating jobs for other Americans, unless they got a generous tax cut. Now President Bush and Congressional Republicans say that the same tax rates on the richest Americans in effect when we had a surplus would now cause the deficit to worsen. Mr. Speaker, the Republican fondness for cutting taxes on the richest Americans has nothing to do with job creation or stimulating the economy or reducing the deficit. The tax cuts on the richest Americans has resulted in turning a $5.6 trillion surplus into a $4 trillion deficit, pushing interest rates up, stagnating savings rates, and dragging the economy down. My colleagues, Mr. Hensarling and Mr. McHenry, were correct in their remarks a few minutes ago: this Republican Congress has absolutely no discipline on the spending side. But neither do they have any discipline on the tax side. Mr. Speaker, pay-as-you-go budget rules worked in the 1990s to control the deficit and kept Congress from working on economic fantasies. It is time to bring those rules back. Mr. Speaker, congratulations Hurricanes." . . . |
    
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