OFFICE OF THE MAJORITY LEADER

TRANSCRIPT

Statement on Alternative Minimum Tax “Patch”
December 19, 2007

I THANK THE DISTINGUISHED CHAIRMAN. WHAT AN IRONIC ARGUMENT MY FRIEND FROM WISCONSIN MAKES. WE SAID WE WERE GOING TO HAVE A PAY-GO RULE. WE HAVE VOTED CONSISTENTLY FOR PAY-GO. WE HAVE PAID FOR THAT WHICH WE HAVE BOUGHT WITH 80% CUTS AND 20% INCREASES IN REVENUES. WHAT AN IRONIC ARGUMENT HE MAKES THAT SOMEHOW NOW WE'RE NOT FOLLOWING THAT BECAUSE NOBODY ON THIS FLOOR BELIEVES THAT $-- THAT 19 OR -- THAT 19 MILLION OR 23 MILLION WILL HAVE THE ALTERNATIVE MINIMUM TAX. YOU DIDN'T CHANGE IT. YOU WERE IN CHARGE FOR SIX YEARS. IRONIC BECAUSE THE ONLY REASON WE HAVE TO DO THIS TONIGHT IN THIS FASHION AND NOT ASK THE WEALTHIEST IN AMERICA -- I DON'T MEAN PEOPLE MAKING $10 MILLION. I DON'T MEAN PEOPLE MAKING $100 MILLION, BUT PEOPLE MAKING $500 MILLION A YEAR DON'T HAVE TO PAY THEIR FAIR SHARE. THAT'S WHAT THIS IS ABOUT. THAT'S WHAT WE HAVE BEEN FORCED TO THIS DAY ON THIS FLOOR AND IN THAT OTHER BODY. BECAUSE WHAT IS HAPPENING IS WHAT TRADITIONALLY HAPPENS. THE WEALTHIEST AND MOST POWERFUL IN AMERICA ARE PROTECTED ON THIS FLOOR FOR PAYING THEIR FAIR SHARE. THIS IS NOT ABOUT CLASS WARFARE. THIS IS ABOUT ONCE AGAIN SAYING TO THE MIDDLE CLASS, WE'RE NOT HERE TO PROTECT YOU. WE'RE HERE TO PROTECT THE WEALTHIEST IN AMERICA FROM PAYING THEIR FAIR SHARE, WHICH IS WHAT PAY-GO IS ALL ABOUT. MY YOUNG FRIEND SAYS THAT THE ECONOMY IS IN TROUBLE. THE DEMOCRATS HAVE NOT BEEN ABLE TO PASS ONE THING IN THE LAST SEVEN YEARS TO IMPACT THIS ECONOMY. NOT ONE. IT'S ALL ON YOUR WATCH, I SAY TO MY FRIENDS. ALL ON YOUR WATCH. AND YOU TOLD US IN 2001 AND 2003, IF WE PASSED YOUR ECONOMIC PROGRAM AND CONTINUED TO FOLLOW THAT THE ECONOMY WOULD GROW AND EXPAND. AND NOW YOU SAY IT IS CONTRACTING AND IN TROUBLE. I AGREE, IT IS. WHY? BECAUSE YOUR ECONOMIC PROGRAM IS A FAILED PROGRAM. IT TOOK US FROM $5.6 TRILLION OF SURPLUS, FOUR BUDGET SURPLUS YEARS IN A ROW AND HAS TAKEN US DEEPLY INTO DEBT. AND DEFICIT. AND, YES, FACING RECESSION IN THE EYE BECAUSE YOUR ECONOMIC PROGRAM IS A FAILED POLICY. AND I'M ANGRY ABOUT IT. WHY AM I ANGRY ABOUT IT? BECAUSE I HAVE A GREAT GRANDDAUGHTER WHO IS 13 MONTHS OLD. I HAVE A GRANDDAUGHTER WHO'S 5 YEARS OF AGE, JUST STARTING KINDERGARTEN. AND I HAVE ANOTHER GRANDDAUGHTER WHO'S 21, AND SHE HAS A DAUGHTER. AND I AM WORRIED ABOUT CONTINUING TO PURSUE THIS PATH OF DEBT, PILED ON DEBT PILED ON DEBT PILED ON DEBT. THE ONLY REASON THIS BILL IS NOT PAID FOR IS BECAUSE REPUBLICANS IN LOCKSTEP ALMOST IN BOTH BODIES HAVE PRECLUDED US FROM PAYING FOR THIS, WHICH EVERYBODY WANTS TO DO. AND THAT IS TO RELIEVE THE TAX BURDEN ON THOSE WHO ARE CONFRONTED WITH A TAX THAT EVERYBODY AGREES WAS NOT MEANT FOR THEM. IT WAS MEANT FOR THE WEALTHY. SO WHO'S BEING PROTECTED BY THIS? THE WEALTHY. WHOM THIS TAX WAS INTENDED TO HIT. SO WHEN YOU GET UP HERE AND TELL ME THAT, OH, NOBODY INTENDED THE FAX? THAT'S CORRECT. BUT THE PEOPLE YOU ARE PROTECTING IS THE PEOPLE THAT IT WAS SPECIFICALLY INTENDED TO IMPACT, TO PAY THEIR FAIR SHARE. NOT TO RUN OFF-SHORE AND NOT PAY TAXES, NOT TO HAVE THEIR TAXES COMPUTED AT 15% WHILE ALL OF US PAY 35%. THAT'S WHAT THIS IS ABOUT. LADIES AND GENTLEMEN OF THIS HOUSE, WHAT WE DO TONIGHT I WILL NOT SUPPORT IF WE DO IT. I HAVE A LOT OF PEOPLE WHO LIVE IN MY DISTRICT WHO WILL BE CONFRONTED WITH THE ALTERNATIVE MINIMUM TAX. I DON'T WANT THEM CONFRONTED ABOUT THE ALTERNATIVE MINIMUM TAX. BUT IF WE ARE GOING TO CONTINUE TO BUY, IF WE'RE GOING TO DO WHAT WE WILL DO LATER TONIGHT, PART OF THE $196.4 BILLION THAT YOU'RE SPENDING OF THE LEGACY OF THOSE CHILDREN THAT I JUST MENTIONED OF MINE, WHAT YOU'RE NOT GOING TO PAY FOR, AND YOU SAID THIS ENTERPRISE WAS GOING TO COST $60 BILLION. THIS ADMINISTRATION HAS BEEN A FAILED ADMINISTRATION ECONOMICALLY AND A FAILED ADMINISTRATION FISCALLY. BUT YOU CONTINUE TO PURSUE THESE POLICIES, AND WE'RE FORCED TODAY TO RECOGNIZE THAT WE DON'T HAVE THE VOTES TO PURSUE THE PAY-AS-YOU-GO PRINCIPLE THAT WE ADOPTED IN A BIPARTISAN FASHION IN 1990. WE REAFFIRMED WITH MANY OF YOU VOTING FOR IT IN 1997, AND WHAT YOU ABANDONED IN 2001. AND DEEP DEFICITS AND NOW ECONOMIC RECESSION FACING US IS THE RESULT. I DON'T URGE MY COLLEAGUES TO VOTE FOR THIS BILL, AS I USUALLY DO, WHEN WE BRING SOMETHING TO THE FLOOR. THIS IS ON SUSPENSION, NOT BECAUSE WE BELIEVE, IN MY OPINION, MANY OF US THAT THIS IS GOOD POLICY BUT BECAUSE WE ARE FACED WITH TWO STARK ALTERNATIVES. A PRESIDENT WHO WILL VETO PAYING FOR THINGS THAT WE BUY, A PRESIDENT THAT WILL VETO THIS BILL IF IT'S PAID FOR, RESPONSIBLE FISCAL POLICY, AND A SENATE THAT WILL NOT VOTE WITH US, AND, FRANKLY, HOUSE REPUBLICANS WHO WON'T VOTE FOR THIS BUT WE CAN PASS IT HERE AS WE DID TWICE, TWICE WE HAVE PASSED THIS AND WE HAVE PAID FOR IT. THIS IS A SAD DAY FOR AMERICA. IT'S A SAD DAY FOR THOSE THREE GRANDCHILDREN AND MY GREAT GRANDDAUGHTER, 13 MONTHS OF AGE, ON WHOM WE WILL PILE AN ADDITIONAL $80 BILLION OF DEBT WITH THIS VOTE TONIGHT IF IT PASSES. $50-SOME-ODD BILLION IN INTEREST THAT WILL FOLLOW. SHE HAS TO PAY FOR IT. WE OUGHT TO PAY OUR BILLS. WE TALK ABOUT PERSONAL RESPONSIBILITY. WE OUGHT TO HAVE THE PERSONAL RESPONSIBILITY IN THIS GENERATION TO PAY FOR WHAT WE BUY. I REGRET THIS DAY AND THIS BILL. I YIELD BACK THE BALANCE OF MY TIME.