|00:00:00||THANK THE GENTLEMAN FOR YIELDING AND JUST NOTE THAT TODAY WE COULD BE DEBATING A JOBS PACKAGE.|
|00:00:06||WE COULD BE DEBATING A COMPREHENSIVE EFFORT TO BALANCE OUR BUDGET.|
|00:00:10||BUT INSTEAD WE'RE FOCUSING ON A BILL TO ENSHRINE FAILED TRICKLEDOWN POLICIES IN OUR ALREADY FLAWED BUDGET PROCESS.|
|00:00:17||NOW LET'S BE CLEAR.|
|00:00:19||THIS BILL IS DESIGNED TO MAKE IT EASIER TO PASS LARGE TAX CUTS WITHOUT HAVING TO FIND REAL SAVINGS IN OUR CURRENT BUDGET.|
|00:00:27||IT RELIES ON THE THOROUGHLY DISCREDITED NOTION THAT TAX CUTS DO NOT ADD TO THE DEFICIT.|
|00:00:33||THAT THEY MAGICALLY PAY FOR THEMSELVES.|
|00:00:37||THIS IS THE HEIGHT OF FISCAL RECKLESSNESS AND EXEMPLIFIES THE OLD ADAGE THAT INSANITY'S DOING THE SAME THING OVER AND OVER AGAIN AND EXPECTING DIFFERENT RESULTS.|
|00:00:47||AFTER ALL, CONGRESS EXPERIMENTED WITH THIS APPROACH WHEN IT PASSED THE REAGAN TAX CUTS AND AGAIN WITH THE GEORGE W.|
|00:00:53||BUSH TAX CUTS AND THE RESULTS WERE SOARING DEFICITS AND WE NOW FIND OURSELVES IN CRIPPLING DEBT, UNABLE TO PAY FOR NEEDED INVESTMENTS IN OUR CRUMBLING INFRASTRUCTURE.|
|00:01:05||UNABLE TO PAY FOR THE NEEDED EDUCATION AND RETRAINING REQUIRED TO MAINTAIN AMERICAN COMPETITIVENESS IN THE EVER-CHANGING GLOBAL ECONOMY.|
|00:01:13||SO I VOTE NO ON THIS TRIED AND FAILED APPROACH.|
|00:01:18||AND I ASK COLLEAGUES TO RETURN TO THE PAY-GO RULES, THE PAY-AS-YOU-GO RULES THAT HELPED LEAD US TO THE BALANCED BUDGETS AND THE ECONOMIC PROSPERITY OF THE 1990'S.|
|00:01:29||AND I YIELD BACK THE BALANCE OF MY TIME.|
Mr. PRICE of North Carolina. Mr. Chairman, I thank the gentleman for yielding and want to note that today we could be debating a jobs package. We could be debating a comprehensive effort to balance our budget. But instead, we're focusing on a bill to enshrine failed ``trickle-down'' policies in our already flawed budget process. [Page: H399] Now, let's be clear: this bill is designed to make it easier to pass large tax cuts without having to find real savings in our current budget. It relies on the thoroughly discredited notion that tax cuts do not add to the deficit, that they magically pay for themselves.
This is the height of fiscal recklessness and exemplifies the old adage that ``insanity is doing the same thing over and over again and expecting different results.'' After all, Congress experimented with this approach when it passed the Reagan tax cuts and again with the George W. Bush tax cuts.
[Time: 14:30] And the results were soaring deficits. We now find ourselves in crippling debt, unable to pay for needed investments in our crumbling infrastructure, unable to pay for the education and retraining required to maintain American competitiveness in the ever changing global economy.
So I'll vote ``no'' on this tried and failed approach. And I ask colleagues to return to the pay-as-you-go rules that helped lead us to the balanced budgets and the economic prosperity of the 1990s.