Motion To Instruct Conferees On H.R. 1308, Tax Relief, Simplification, And Equity Act Of 2003
Mr. Speaker, I offer a motion to instruct. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, today I am here to introduce a simple, but important, motion before us. My motion calls on Congress to extend expiring middle-…
Mr. Speaker, I offer a motion to instruct.
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, today I am here to introduce a simple, but important, motion before us. My motion calls on Congress to extend expiring middle- and low-income tax cuts set to expire at the end of this year without increasing the deficit. We have seen broad and bipartisan support for extending the middle-class tax cuts. We have also seen bipartisan support for the concept of pay-as-you-go to avoid further increasing the ballooning budget deficits facing our Nation. The motion before us asks the conferees to be sure that Congress achieves both of these goals.
We have already seen a bipartisan proposal from the Senate extending for a year middle-class tax cuts without increasing the deficit. And the Blue Dogs have offered a corresponding bill in the House.
There are some simple solutions to making these cuts budget neutral, and I would suggest that they are relatively noncontroversial, such as closing various tax shelters that are being abused.
Mr. Speaker, we ought to be creating economic stimulus and tax relief while maintaining our long-term economic security. Economists have estimated that the current debt limit will be reached very soon, either this month or in October. This means that the limit on the national debt will have to be raised for the third time in 4 years to more than $8 trillion, effectively forcing our children and our grandchildren to pay our Nation's bills. Tragically, Social Security becomes the victim program of this irresponsible behavior because its surpluses are used to fund the debt.
The Congressional Budget Office has announced that the 2004 deficit will be $422 billion. When the Social Security surplus is excluded, the deficit for 2004 is $574 billion. And we have got projected deficits as far as the eye can see if Congress continues down the path it is on.
So for starters, I think a budget paired with budget enforcement rules would help get us on the right track. Alan Greenspan and many others have called for these deficits to be reined in through pay-as- you-go budget discipline. So if we are going to cut taxes in this fiscal climate, we ought to be doing it either with offsets or spending cuts. I could not in good conscience add more burden to the backs of our children and grandchildren, and this Congress should not have that kind of a conscience as well. Families are spending thousands of dollars each year in debt taxes because the Federal Government has not balanced its books. As deficits grow, so does the burden on taxpayers. Not only is the deficit spending irresponsible, but it is immoral, passing on a legacy of debt to be paid off by our children and our grandchildren.
One of our highest priorities should be to act fiscally responsible with the people's tax dollars. If we are to be responsible and honest with the people, we must honestly confront the cause of these deficits. We cannot continue down the path of increased spending and tax cutting at the same time. This Congress is doing both, and it is burying its head in the sand by expecting no consequences. Soon the debt will be so enormous that it will begin to affect ``the long-term health of our economy,'' not my words but the words of Alan Greenspan. When that day comes, we can be sure that the middle class will shoulder the heaviest burden.
So let us give the middle class some relief from taxes today without making them pay for it in the end.
Lastly, I want to make clear that this motion calls for the extension, not the expiration, of middle-class tax cuts. But there is no free lunch here. These tax cuts will be paid for somehow, whether it is with an offset upfront like we want to do it today or whether it is offset with borrowed money tomorrow. As the Concord Coalition has noted, if we must borrow the money, the cost will even be greater because we have to pay interest on the borrowed money. That is equal to a tax increase on the American people.
All it takes is a couple of hands reaching across the aisle, and we can make a real difference in the lives of the middle- and lower-income families of America. Both Congress and the administration ought to sit down, put everything on the table, and get our economic house in order, not mortgage our future to pay for today.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I yield myself such time as I may consume.
Apparently the gentleman from Arizona, my good friend, has not read our motion to instruct. We want to do the same things about rejuvenating the economic machine that he does. We want to extend the tax cuts. We just want to pay for it. And so I fail to understand the point that he was trying to make.
Mr. Speaker, I yield 5 minutes to the gentleman from Texas (Mr. Stenholm).
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I think most Americans listening to this debate tonight would agree that tax cuts are not appropriate when you have to borrow the money to offer the tax cuts, so this motion that we are offering here tonight prevents that from happening. It simply says we have got to find a way to pay for it, and we are not going to go out and borrow the money. I think everybody at their kitchen table tonight would agree with that philosophy.
Mr. Speaker, I yield 3 minutes to my friend, the gentleman from Florida (Mr. Boyd).
Mr. Speaker, I yield 2 minutes to the gentleman from Texas (Mr. Stenholm).
Mr. Speaker, how much is remaining?