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.

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