WASHINGTON - House Democratic Whip Steny Hoyer released the following statement regarding the Republican tax scheme that passed the House early this morning:
Since the opening day of this 108th congress, the president and Congressional Republicans have made clear that they have one legislative priority that trumps all others: enacting the largest possible tax cut, with no regard for the consequences.
With no regard for the fact that just two years after enacting the largest tax cut in American history, the GOP has turned a record budget surplus of $236 billion in fiscal 2000 into a record deficit of more than $300 billion this year and deficits as far as the eye can see.
With no regard for the fact that at the same time we debate this bill, the GOP demands the largest debt limit increase in American history.
With no regard for the fact that these GOP tax cuts will steal every dime from the Social Security trust fund, add $1 trillion to the national debt, and pass the costs on to our children.
And with no regard for the fact that the American people face pressing, unmet needs.
Nearly nine million Americans are jobless today. Our economy is stagnating. In response, Democrats proposed an economic growth plan that would jumpstart the economy and create one million new jobs. But you wouldn’t even let us debate it.
Forty-five million Americans have no health insurance – a national disgrace.
Millions of children who are eligible for Head Start have no seat at the table.
And millions of our senior citizens cannot afford the prescription drugs that they need.
This is a defining moment in this Congress. This vote demonstrates our values.
And tonight, the GOP abandons any pretense of fiscal responsibility.
This gimmick-ridden tax bill will cost not $350 billion but $1 trillion. In fact, Republican leaders openly acknowledge that they have every intention of repealing the sunsets in this bill that were included only to mask its true costs.
Tonight, while Democrats fight for the working class, you do the bidding of the Bush class.
America’s millionaires reap an average tax cut of $94,000 under this bill. Families making $40,000 to $50,000 will receive $450.
Tonight, while Democrats fight for an America that achieves the full measure of its promise, the GOP promises only to fight for tax cuts that drive us into deficits and debt.
This is a day the Republican Party and our nation will rue for years to come.