WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) delivered a morning hour speech today in opposition to House Republicans' unpaid-for legislation to permanently extend the research and development tax credit, which would add $155 billion to the deficit. Below are his remarks and a link to the video:
Click here for a link to the video.
“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 and we ought to do it permanently. 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 says ‘House action on tax extenders forfeits credibility on deficits and debt.’ They are right. Vote no."