One Minute Statement

Hon. Tim Bishop

September 28, 2005

 Mr. Speaker, yesterday the Chairman of the Council of Economic Advisors, Ben Bernanke, said:

“Every effort needs to be made to try and offset the cost of Katrina and Rita by reductions in other government programs.”

He suggested following through with eliminating or severely cutting 154 health care, education and infrastructure priorities – as proposed in the President’s budget – in order to meet his goal of cutting the deficit in half in five years. 

What would these cuts entail?  $4.3 billion cut from the Education Department’s budget and $2 billion from the HHS budget – just to name a few. 

But what didn’t Mr. Bernanke suggest might help this President reach his deficit reduction goals?  Any hint that rolling back tax cuts for the wealthiest Americans who earn over $400,000 – or scaling back the estate tax cut, which has no impact on 98% of American families. 

Mr. Bernanke went on to say:

 “The impact of high energy prices on the U.S. economy appears to be relatively modest.” 

Tell that to American families who are taking money out of their homes, retirement savings and college funds – in order to pay for historic gas prices.

Describing the impact of gas prices as “relatively modest ” is an insulting and drastic understatement.

Mr. Speaker, it’s imperative we find ways to pay for the hurricane damage.  But we can’t afford to hold sacred the tax cuts for the wealthiest Americans at the expense of the values, priorities or needs of middle-class Americans. They deserve better.

I yield back.

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