Tax Cuts Come only at Cost of Record-Shattering Deficits
Mr. Speaker, House Resolution 685 is an alternative to the Republican
leadership's failed economic policies. Unbalanced priorities, escalating
spending, and three rounds of tax cuts have led to the highest budget deficits
in history while shortchanging our children, seniors, and our troops and
veterans. Before ``borrowing'' from the Social Security trust fund, this year's
deficit is expected to total $638 billion.
This resolution is a small but significant step to reverse the unfortunate
trend of the last three years. By limiting tax reductions for those earning over
$1 million annually, we can help fund promises this Congress made to the
American public, to make our country safer, improve our schools, and provide
real healthcare benefits to those who need it the most.