TANNER ON HOUSE FLOOR:
'WHEN WILL THE BORROWING STOP?'

Defends Common-Sense 'Pay as You Go' Rule

Watch Tanner's Floor Speech

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.

“No political leadership in the history of this country has done what these people have done at the White House and here in the Congress in the last six years,” Tanner said Wednesday in House floor debate. “When [members of the minority party] say they oppose raising taxes, let me tell you, people: They have placed the largest adjustable-rate mortgage on the American people in the history of humankind.

“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 8^th 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.

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Contact: Randy Ford, 202.225.4714