President Clings to Ill-Conceived Tax Plan Even as Republicans Balk and Economy Flounders

For Immediate Release:

April 15, 2003

Contact:Stacey Farnen
202-225-3130

WASHINGTON, DC -- House Democratic Whip Steny H. Hoyer (MD) released the following statement regarding President Bush's comments in the Rose Garden today promoting his tax plan:

"While the President continues to tout the lion’s share of his ill-conceived tax plan, the American people and even many Republicans in Congress are balking. And why shouldn't they? They have been spun by this same old supply-side song before, and it has an unhappy ending.

"Two years ago, the President promised us that his $1.7 trillion tax cut would strengthen our wavering economy, while still balancing the budget, paying down the national debt, establishing a prescription drug benefit for seniors and strengthening Social Security.

"By any measure, 'Bushonomics' has been an abysmal failure. Since President Bush took office, 2.5 million Americans have lost their jobs, the number of Americans without health insurance has risen by 4 million, about $1 trillion worth of corporate assets has been foreclosed on, and 2 million Americans have slid backward from the middle class into poverty. Our budget surpluses are history; our hard-won prosperity has been squandered. The federal government is expected to run a record deficit of up to $400 billion this year, and the national debt is spiraling upward again.

"Everyone in America, it seems, understands that we need an economic program that jump-starts our economy and creates jobs. Everyone, that is, except the President and his economic handlers, who cling to the failed voodoo economics of the past.

"House Democrats have a pro-active, responsible economic stimulus plan that would create 1 million jobs by providing tax cuts for individuals and businesses, an extension of unemployment benefits and aid to state governments, which face record budget deficits. While Republicans have rejected our plan, Democrats will continue to fight for policies that turn our economy around and lay the foundation for future prosperity."

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