OFFICE OF THE MAJORITY LEADER

TRANSCRIPT

Discussing Tax Extenders Bill on House Floor
September 25, 2008

... I YIELD BACK TO MY GENTLEMAN FROM TEXAS. THE SPEAKER PRO TEMPORE: THE GENTLEMAN FROM NEW YORK. MR. ARCURI: I YIELD TO THE DISTINGUISHED MAJORITY LEADER, ONE MINUTE. 7 THE SPEAKER PRO TEMPORE: THE MAJORITY LEADER, THE GENTLEMAN FROM MARYLAND, IS RECOGNIZED. MR. HOYER: I THANK THE GENTLEMAN FOR YIELDING. I RISE IN STRONG SUPPORT OF THIS RULE AND STRONG SUPPORT OF THIS BILL. I WANT TO SAY TO MY FRIEND I'M MINDFUL OF THE ISSUE HE RAISES. I THINK THAT OUGHT TO BE ADDRESSED. I CERTAINLY WILL LOOK FORWARD TO WORKLING WITH HIM AND OTHERS IN ADDRESSING THIS AS WE MOVE ALONG. AND BEFORE HOPEFULLY WE LEAVE HERE BECAUSE HE'S -- HE MAKES A GOOD POINT. I SUPPORT THIS BILL FOR TWO REASONS. FIRST BECAUSE IT PROVIDES ESSENTIAL TAX RELIEF TO AMERICAN FAMILIES AND BUSINESSES AND SECONDLY JUST AS IMPORTANTLY BECAUSE IT IS PAID FOR. THE TAX CREDIT EXTENDS BY THIS BILL ARE SOME OF THE MOST NECESSARY THAT SUPPORT RENEWABLE ENERGY AND ENERGY EFFICIENCY. BUSINESS AND POLITICAL LOORDS AGREE THIS SUMMER ONE STATE GOVERNORS SENT US -- 51 STATE GOVERNORS SENT US A LETTER WHICH READ IN PART, I QUOTE, EXTENDING TAX INCENTIVES FOR ENERGY EFFICIENCY AND CONSERVATION WILL SLOW THE GROWTH OF FUTURE ENERGY NEEDS, MINIMIZE RATEPAYERS COST, AND LESSEN POTENTIAL ENVIRONMENTAL IMPACTS. IT MAY NOT END THE PAIN OF A $4 GALLON GAS IN THE SHORT TERM, BUT THOSE TECHNOLOGIES WHICH THIS BILL HELPS TO SUPPORT ARE THE ONLY LONG-TERM SOLUTIONS TO OUR ENERGY CRUNCH. IN THE MEANTIME ALTERNATIVE ENERGY TAX CREDITS WILL CREATE TENS OF THOUSANDS OF AMERICAN JOBS. WE MUST PASS THIS LEGISLATION. NOW, I WAS PROUD OF THE FACT THAT THE HOUSE PASSED A BILL EXPANDING DOMESTIC PRODUCTION OF OIL JUST THIS MONTH. A COUNTRY THAT CONTROLS LESS THAN 3% OF THE WORLD'S OIL SUPPLY, WHILE USING MORE THAN A QUARTER CANNOT DRILL ITS WAY OUT OF THE FUNDAMENTAL PROBLEM. BOONE PICKENS HAS MADE THAT CLEAR TO ALL OF US. THAT IS WHY I'M GLAD TO SEE THE HOUSE CONSIDERER FARSIGHTED LEGISLATION LIKE THIS. BUT I DON'T JUST SUPPORT THE GOALS OF THIS BILL. I SUPPORT IT BECAUSE ITS TAX CREDITS ARE NOT FINANCED BY EVEN MORE DEBT. WE ARE GOING TO INCUR A LOT OF DEBT. WE ARE GOING TO INCUR A LOT OF DEBT IN THIS WEEK. WE DID SO YESTERDAY. ALMOST ALL OF THE MEMBERS OF THIS HOUSE VOTED TO SO-CALLED FIX THE ALTERNATIVE MINIMUM TAX. I VOTED AGAINST THAT. I VOTED AGAINST IT BECAUSE IT WASN'T PAID FOR. THE MEANS USED TO PAY FOR THIS LEGISLATION ARE NOT CONTROVERSIAL. THEY INCLUDE PROVISIONS TO CLOSE THE LOOPHOLE THAT ALLOWS HEDGE FUND MANAGERS AND OTHER HIGH-INCOME CORPORATE COMPEBTIFFS TO DEFER TAXES TO OFFSHORE TAX SAVINGS. WHAT DOES THAT MEAN? THE REST PAY MORE. A LARGE MAJORITY OF THE BUSINESS COMMUNITY AGREES WE SHOULD CLOSE THAT LOOPHOLE. SO THE MAJORITIES IN THE HOUSE AND SENATE. ONLY A REPUBLICAN MINORITY IN THE SENATE FRANKLY IS PUTTING HIGH INCOME TAX LOOPHOLES ABOVE FISCAL SANITY. THEY ARE INSISTING INSTEAD WE PAY FOR THIS BILL WITH BORROWED MONEY. I UNDERSTAND THAT BIND. THE BIND THAT PRESENTS FOR PRINCIPLELED -- PRINCIPLED SENATE DEMOCRATS. BUT FISCAL RESPONSIBLE IS NOT SOMETHING WE CAN COMPROMISE ON. ESPECIALLY NOW. WE HAVE A CRISIS. THIS ECONOMY IS IN THE WORSE SHAPE IT'S BEEN IN HALF A CENTURY. NOTWITHSTANDING THE PROTESTATIONS THAT WERE MADE IN 2001 AND 2003 AND 2004 AND 2005 AND 2006 ABOUT HOW GOOD THIS ECONOMY WAS IN AND THE FACT THE TAX AND ECONOMIC POLICIES PURSUED BY THIS ADMINISTRATION WERE MAKING OUR ECONOMY GROW AND EXPAND AND CREATE JOBS. THE FACT OF THE MATTER IS WE HAVE LOST JOBS THIS YEAR. 500,000. BILL CLINTON IN THE SAME PERIOD OF TIME IN HIS ADMINISTRATION CREATED 1.4 MILLION. THAT'S A NET TURN AROUND OF TWO MILLION JOBS. BUT FISCAL RESPONSIBILITY IS NOT SOMETHING WE CAN COMPROMISE ON, ESPECIALLY NOW. IN CRISIS WE NEED TO ACT. BUT IN TIME OF FINANCIAL CRISIS BROUGHT ON IN PART BY MASSIVE FISCAL IRRESPONSIBILITY AND REGULATORY NEGLIGENT -- NEGLECT, MR. SPEAKER, NO MATTER HOW MUCH WE VALUE THIS EXTENDERS BILL IT IS SIMPLY WRONG TO PAY FOR IT BY ONCE MORE WHIPPING OUT THE NATIONAL CREDIT CARD. WE DON'T NEED TO DO THAT. WE HAVE NOT DONE IT. I HOPE MY COLLEAGUES ON BOTH SIDES OF THE AISLE WILL SUPPORT THIS BILL. THEY SUPPORT THE POLICIES. ALL WE ARE ASKING IS TO PAY FOR IT. AND THE PAY-FORS IN THIS BILL ARE NOT CONTROVERSIAL. THAT IS THE KIND EVER THINKING THAT SWUNG THE CLINTON SURPLUS DEEP INTO RECORD DEBT UNDER PRESIDENT BUSH. LED TO MORE FOREIGN BORROWING BY THIS ADMINISTRATION THAN BY THE FIRST 42 ADMINISTRATIONS ...