Congresswoman Nancy Pelosi

Pelosi: Reckless GOP Tax Plan Will Indebt Our Children for Years to Come

May 9, 2003

 


Washington, D.C. -- House Democratic Leader Nancy Pelosi released the following statement at a news conference this morning on the House Republican Tax Bill:

“Today is a very sad day in our country's history. Today, the Congress of the United States will vote on a reckless and irresponsible tax plan that will undermine opportunity in our country. Instead of investing in our children, we will indebt them for years to come.

“We had hoped there would be another way. We had hoped to be able to offer our Democratic Jobs and Economic Growth Plan, which is fair, fast acting, and fiscally responsible. It would provide tax cuts to all taxpayers, would create one million new jobs this year, and is fully paid for.

“The Republicans know this, so they will not even allow it to be brought up on the floor of the House, the people’s House, for an up or down vote. That is outrageous.

“The debate today is about leadership. Sadly, that leadership is lacking from President Bush and from the Republican Congress. In two years, President Bush and Republicans in Congress have presided over the most dramatic deterioration in our economic health in our nation’s history.

“We have lost 563 jobs for every working hour of every working day since President Bush took office.

“That’s why today is so tragic. We have an opportunity to create jobs and build a strong economy without abandoning our fiscal responsibility. Instead, the irresponsible tax plan the President proposed has not only set a bad example, it has set in motion a feeding frenzy of one-upmanship on tax cuts.

“None of these tax cuts is affordable. They do not create jobs, and they are not fair. And they raid the Social Security Trust Fund and do damage to long-term economic growth.

“We are joined here today by Alexa Richards, who unfortunately lost her job a year ago and has been unable to find work. Alexa Richards is a law school graduate who has been looking for a job for almost a year.

“Her presence here today speaks to the difficulty of the current job market, where law school graduates are not just underemployed, they are unemployed. And her situation demonstrates so clearly why the Republican tax bill is the wrong way to go.

“She does not need a dividend tax cut or a capital gains tax cut; she needs a job.”

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