Statement ● *End of Year Extenders
For Immediate Release: 
May 1, 2014
Contact Info: 

Stephanie Young, 202-225-3130

WASHINGTON, DC – In today's colloquy with Majority Leader Eric Cantor, Democratic Whip Steny H. Hoyer (MD) discussed legislation to extend the research and development tax credit, expected on the House Floor next week. Permanently extending the R&D tax credit is part of House Democrats' Make It In America agenda, but the bill coming to the Floor next week is unpaid for. Whip Hoyer also urged House Republicans to bring comprehensive immigration reform legislation to the Floor.  Below are excerpts of the colloquy and links to the video.

Watch video. 

On the Research and Development Tax Credit

“As the gentleman knows, we have an agenda, which I talked to him about briefly, we call Make It In America, which is essentially about growing manufacturing, encouraging manufacturers to return to the United States, and encouraging people when they want to go into manufacturing to do so here in America. Not only will that provide for a made in America label all over the world, but it will also provide the kind of middle-class jobs and opportunities that we need. Part of that agenda, I will tell my friend, is to make permanent the research and development tax credit. [The Republican] bill does that. [It] also costs somewhere in the neighborhood of $150 billion, maybe a little less, over 10 years. It is unpaid for. The series of bills that were passed by the Ways and Means Committee will cost $310 billion. They are also unpaid for… I preach relatively regularly that one of the things that we need to do for the business community and for America is to get ourselves on a fiscally sustainable path. Mr. Camp offered a comprehensive piece of legislation, Mr. Leader, as you know, which I think is an honest effort, but it also made hard choices. It made hard choices not to increase the deficit and therefore provided offsets for tax cuts. I think that is absolutely essential for us to do.”

“This bill that we will consider next week, which is a proposition I think most of us support, and that is giving businesses the assurance that the research and development tax credit will in fact be available not only for one year but for a series of years, in this case I believe 10 years. But what the business community doesn’t need and what America doesn't need is making the deficit worse. As a matter of fact, Mr. Leader, your party talks a lot about bringing the deficit down. This goes in exactly the opposite direction, and I think that's lamentable. I said $150 billion. It's actually $155 billion over 10 years. I would hope that the party that is demanding that unemployment insurance be paid for, that is demanding that the Sustainable Growth Rate be paid for, and that any change in the sequester be paid for ought to have consistency and not add $155 billion to our deficit in a vote next week on something that I think we're all for. And it is easy, Mr. Leader, as you well know to vote for tax cuts. Easy. It takes no courage whatsoever… what is hard to do is to pay for the policies you adopt. This bill does not do that. This bill makes the deficit worse, exacerbates the confidence that Americans have in their fiscal responsibility of their country, and puts us in a worse place.”

On Paying for the R&D Tax Credit with Deficit-Reducing Immigration Reform

“I want to suggest to you that there is a way to pay for it. There is a way to pay for the other extenders that the Committee wants and that is by passing a comprehensive immigration bill. Mr. Boehner indicated that that was not being done because it was tough and people didn't want to do tough things... Mr. Boehner now says he was kidding when he said that. My view is he was deadly serious, and the reason that we're considering this bill next week is because it's easy to do. The reason we're not considering comprehensive immigration reform is because it's difficult to do, but comprehensive immigration reform would pay for all of the tax cuts that are being proposed in these six extenders… In fact, CBO says if we pass comprehensive immigration reform it will mean $200 billion [in deficit reduction] for the next 10 years and $900 billion over the next 20 years.”


Watch video.

On Immigration Reform

“Mr. Speaker, the fundamental problem is not my way or the highway, it's no way. The Republican Judiciary Committee has passed out a number of immigration reform bills. The Homeland Security Committee headed by a Republican Chairman has passed out an immigration reform bill dealing with border security. None of those bills have been brought to the Floor. It's not a question about liking the Senate bill or trusting the President of the United States. Everybody agrees, Mr. Speaker, the immigration system is broken. But there's no way, no bill, no option that's been brought to this Floor to fix that system, to respond to what everybody agrees is a broken system of immigration…  [Republicans] don't have to take our bill. They don't have to take the Senate bill. But Mr. Speaker, the American people deserve to have a bill on the Floor to fix a broken system. It's not a question of whether they trust the President – it's whether or not they trust the word of the House of Representatives that it can work its will. I would hope that we could work our will on this issue. It's important for the American people.”