Hoyer: Let’s Extend Research & Development Tax Credit In a Fiscally Responsible Way

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“Mr. Speaker, in just a few short minutes, we will demonstrate whether this House does or does not have fiscal responsibility. We ought to extend the research and development tax credit to help businesses invest in innovation. But Republicans are asking us to do so without paying for it, which would add $155 billion to the deficit.  Once again they are ignoring fiscal responsibility when it comes to tax cuts.

“In 1981, 2001, and 2003, Republicans passed tax cuts without paying for them, and the outcome every time was predictable: an increase in our debt. Under President Reagan, 189%.  Under President Bush, 86% increase in the national debt.

“Economists agree that tax cuts do not pay for themselves. In 2010, former Reagan budget director David Stockman said this: ‘This debt explosion has resulted not from big spending by the Democrats but instead the Republican Party’s embrace, about three decades ago, of the insidious doctrine that deficits don’t matter if they result from tax cuts.’

“[USA Today’s May 8 editorial:] ‘House action on tax extenders forfeits credibility on deficits and debt.’  They are right.  Vote no.