Home Page |
Press Releases | ||
December 19, 2007 TANNER
ON HOUSE FLOOR: Defends Common-Sense 'Pay as You Go' Rule U.S. Rep. John Tanner told the House of Representatives Wednesday that continued borrowing to pay for today’s federal spending amounts to “the largest adjustable-rate mortgage in the history of humankind.” Tanner was speaking against a tax bill that would add $50 billion in additional borrowing to this year’s federal deficit. With Tanner’s support, the House had previously passed two fiscally responsible, “pay as you go” versions of the alternative minimum tax relief, which will help 23 million American taxpayers. The most recent version paid for middle class AMT relief by closing a tax loophole for hedge fund managers who send money to off-shore bank accounts. President Bush and Republicans in Congress blocked both of the fiscally responsible versions of the bill, forcing the House to instead pass an unpaid-for bill that will add to the $9.17 trillion federal debt. “In the last 72 months, this country has borrowed more money in a shorter period of time than ever in its history. We are presently borrowing from foreigners a little over $20 million an hour. “When in the name of all that is holy are you going to stop? We are trying to pay our bill, and you won't let us; the Republicans in the Senate won't let us. When you place a $50 billion debt on every man, woman and child in this country to protect less than 10,000 people who are exploiting a tax loophole – and that's exactly what's happening here – when in the name of all that's holy are you going to quit? When China forecloses us?” Tanner represents Tennessee’s 8th Congressional district in West and Middle Tennessee. A founding member of the fiscally responsible Blue Dog Democrats, he serves on the Ways and Means Committee, on the Committee on Foreign Affairs and as chairman of the U.S. House delegation to the NATO Parliamentary Assembly. # # # Contact: Randy Ford, 202.225.4714
|
|||
Biography | Committees | Constituent Services | Contact Information | District Information | Legislation | Press Releases |