May 13, 2004

Another $218 billion on the pile

Dow Jones:

The U.S. House on Thursday approved a $218 billion tax bill to permanently extend the 10% income-tax bracket, a core feature of President George W. Bush’s tax cutting agenda.

Said Hoyer on the House Floor:

“Mr. Speaker, as much as my friends on the Republican side want to create the impression that they are the only ones that support tax cuts, let’s make it clear again this week: Democrats support extending and increasing the 10 percent tax bracket.

“But the truth is, the majority has no plan for this legislation to become law.  It has not been included it in its budget proposal.  In fact, the last I heard about budget negotiations, the Republicans only plan to extend this part of the tax code for another year.  This tax bill, the third of the four that my friends on the other side have told us they will put on the Floor, without a budget, without a spending plan for the country, is another wasted opportunity for a simpler tax code. 

[...]

America, don’t read his lips; watch your back - because this debt that the Republican party is heaping upon the country will come back to haunt us.  Fulfilling our responsibility means not only cutting taxes but making sure that such tax cuts are paid for.

“In sharp contrast to this Republican bill, the Democratic substitute is paid for.  I urge my colleagues to support the Democratic substitute.”


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