Mr. DeFAZIO. Well, after doubling the national debt under the failed leadership of George Bush, the Republicans unveiled their budget alternative yesterday, very appropriately on April 1, April Fool's Day.
Now, there's a pretense that they're going to restore fiscal stability through budget gimmicks, the spending freeze, no matter how great the need, bridges falling down, veterans need services, to educate our kids, budget's frozen. Well, it's frozen, sort of. There is another part that's not. After the smoke and mirrors are put up, their real agenda comes through, which is more tax cuts for the wealthy.
Here's the amazing thing. They're going to eliminate all taxes on capital gains so people who invest for a living don't have to pay taxes. We have had that argument before. But think of it, it's so beautiful. The hedge fund managers, who averaged $260 million each a year last year creating toxic assets that are destroying our economy, claim that their income is carried interest, which is capital gains.
So the hedge fund managers who put our economy in the tank will contribute zero, zero dollars, under the Republican budget alternative to helping repair the damage in America.
