WASHINGTON, DC – House Majority Leader Steny Hoyer (MD) released the following statement today after President Bush and Administration officials touted the enactment of the President’s first-term tax agenda:
“The Administration’s focus today on tax cuts that are not due to expire for another two years shows again how they are out of touch with Americans' daily struggle to deal with the consequences of the President’s failed economic program – anemic job growth, decreasing household incomes, exploding costs of gas, food, health care and college, record foreclosure rates, and rising poverty.
“It is no wonder that the American people – including increasing numbers of Republicans – have lost confidence in this Administration, and now see that a major legacy of this President will be a mountain of deficit and debt.
“The fact is, this Administration has pursued the most fiscally irresponsible economic policies in American history. The projected 10-year budget surplus of $5.6 trillion that George W. Bush inherited when he took office has been turned into more than $3.5 trillion in additional debt.
“What is most disconcerting is that Senator McCain – originally a foe of the Bush Administration’s irresponsible tax cuts – has now become its biggest champion, thus promising a third term for the Bush economic program. Democrats reject these irresponsible policies. That is why our Congressional budget specifically supports tax relief for middle-class families while also bringing our budget back to balance.”