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WASHINGTON, D.C.—Congressman Allen Boyd (D-North Florida), a leader of the Blue Dog Coalition, today defended the proven-successful pay-as-you-go (PAYGO) budget rules and spoke out against a tax bill that would add $51 billion in additional borrowing to this year’s federal deficit.
With Congressman Boyd’s strong support, the House of Representatives previously has passed two fiscally responsible versions of Alternative Minimum Tax (AMT) relief, both of which were paid for and complied with PAYGO rules. The most recent version paid for middle class AMT relief by closing a tax loophole for wealthy hedge fund managers who send money to offshore bank accounts to avoid paying taxes.
Both PAYGO-compliant versions of the bill were blocked by the President and Republicans in Congress, forcing the House to pass instead an AMT bill that is not paid for and will add to our $9 trillion national debt. According to the nonpartisan Congressional Budget Office (CBO), by abandoning PAYGO rules, this $51 billion AMT bill will cost an extra $29 billion in interest payments over the next 10 years.
“Those of us in North Florida know that you have to pay your bills. You either pay them today, or you pay them tomorrow with interest,” said Congressman Boyd. “By passing an AMT bill that is not paid for, we are forcing our children and grandchildren to pay $80 billion on a $51 billion price tag. That’s an additional $29 billion in interest payments. I cannot in good conscience put this debt burden on their shoulders.”
“The people of North Florida did not send me to Washington to kick the can down the road and let the next generation deal with our fiscal mess,” Boyd continued. “I refuse to do that. Paying for our priorities is possible, and I will continue to fight in Washington to see that this Congress does the right thing and pays its bills.”
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Below: A letter sent by Congressman Boyd to his colleagues in Congress this week, urging them to stand firm behind their commitment to fiscal responsibility and PAYGO rules.
December 18, 2007
Eisenhower: ‘We cannot mortgage the material assets of our grandchildren’
Dear Colleague,
As the debate continues over whether Congress should comply with pay-as-you-go (PAYGO) budget rules and send the President an Alternative Minimum Tax (AMT) bill that is paid for, we would like to bring your attention to a statement made over forty years ago, which reinforces the fact that paying for our priorities should not be a question, let alone a partisan fight.
“Another factor in maintaining balance involves the element of time. As we peer into society's future, we-you and I, and our government-must avoid the impulse to live only for today, plundering, for our own ease and convenience, the precious resources of tomorrow. We cannot mortgage the material assets of our grandchildren without risking the loss also of their political and spiritual heritage. We want democracy to survive for all generations to come, not to become the insolvent phantom of tomorrow.”
– President Dwight Eisenhower, Farewell Address, January 17, 1961
President Eisenhower’s insightful statement also recognizes the serious consequences of not paying our bills today, the effects of which we are already feeling now after six years of fiscal recklessness. It is the American people, and our nation as a whole, who will suffer if we abandon our pledge of fiscal responsibility and revert back to the days of rampant borrowing and spending.
This week and always, we hope you will keep President Eisenhower’s wise words in mind each time you cast your vote in the House of Representatives. Please join with us to protect 23 million Americans from a tax increase and protect our children and grandchildren from an increased debt burden.
Sincerely,
/s
John Tanner, M.C.
/s
Allen Boyd, M.C.
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