Providing For Consideration Of H.R. 4351, Amt Relief Act Of 2007
Madam Speaker, by direction of the Committee on Rules, I call up House Resolution 861 and ask for its immediate consideration. Madam Speaker, for the purpose of debate only, I yield the customary 30 minutes to the gentleman from Washington…
Madam Speaker, by direction of the Committee on Rules, I call up House Resolution 861 and ask for its immediate consideration.
Madam Speaker, for the purpose of debate only, I yield the customary 30 minutes to the gentleman from Washington (Mr. Hastings). All time yielded during consideration of the rule is for debate only.
General Leave
Madam Speaker, I ask unanimous consent that all Members have 5 legislative days within which to revise and extend their remarks on House Resolution 861.
I yield myself such time as I may consume.
Madam Speaker, House Resolution 861 provides for consideration of H.R. 4351, the Alternative Minimum Tax Relief Act of 2007, under a closed rule. The rule provides for 1 hour of general debate, equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means. The rule waives all points of order against consideration of the bill except for clause 9 and clause 10 of rule XXI. Finally, the rule provides one motion to recommit with or without instructions.
Madam Speaker, the Democratic philosophy is simple: We believe in pay-as-you-go. In other words, we believe that you should live within your financial means. Every family that makes these choices around the kitchen table every month in order to live within its budget understands that simple fact of life. The Federal Government used to understand this, too. In fact, the Clinton administration and the Democratic Congress worked with Republicans on a bipartisan basis and turned decades of exploding budget deficits into 4 straight years of budget surpluses through the use of pay-as-you-go or PAYGO rules in this House.
The use of PAYGO through the 1990s and early 2000s helped lead us to the first Federal budget surpluses in over 30 years at that time, and we saw record economic growth during that period which resulted in the addition of 22 million American jobs. And in that time, America actually began to pay down the national debt to foreign nations. Despite the proven success of PAYGO, President Bush and the Republican Congress abandoned the PAYGO rules in the year 2002, allowing it to expire with no interest in reinstating it.
According to the Bush administration's own numbers, President Bush's policies are on track to increase the Federal debt by over $4 trillion by the year 2008.
It took, Madam Speaker, 41 Presidents combined to accumulate the total of $4 trillion in debt. This means that the debt America incurred over the first 200 plus years of our Nation will be doubled in only 8 years under the Bush administration.
Worse, Madam Speaker, about 80 cents of every dollar of new debt since the year 2001 has been financed by foreign investors, including foreign governments, especially China. This has resulted in 50 percent of our Nation's debt now being owned by the following countries: China, Japan, Saudi Arabia, and Iran.
At the start of the 110th Congress, Democrats provided real choices and a new direction for America. We made good on our commitment to PAYGO and did what 6 years of Republican Congresses before us refused to do: We restored PAYGO rules to make sure that we do not spend more money than we have.
Once again, the Democratic leadership brings to the floor H.R. 4351, the Alternative Minimum Tax Relief Act of 2007, that provides millions of middle-class families with tax cuts to help grow our economy without increasing our national debt. H.R. 4351 prevents 23 million families from being hit by the AMT, and it helps 12 million children by expanding their child tax credit.
The Republicans will surely say that this bill raises taxes, but that is far from the truth. Let me set the record straight right from the beginning. This bill closes tax loopholes that allows a privileged few on Wall Street to pay a lower tax rate on their income than other hardworking Americans, such as school teachers, police officers, firefighters, and our Nation's veterans. This bill stops hedge fund managers from making hundreds of millions of dollars by using offshore tax havens to avoid paying income tax while other middle-class families play by the rules and pay their fair share.
It also prevents multinational companies from shifting their income to offshore entities and from creating sham corporations in tax- friendly jurisdictions to avoid Federal taxation. We would all love not to have to pay our taxes. Why should we allow these big corporations to go offshore to avoid paying their fair share?
It seems only fair that if hardworking American middle-class families play by the rules and pay their fair share that the wealthy and huge multinational corporations that are gaming the system should pay their fair share as well.
Madam Speaker, this Congress has made great strides to get our fiscal house in order. If we want to continue down the path towards fiscal sanity, we must make sure that every piece of legislation that we consider, including this bill, fixing the AMT, complies with the PAYGO rules. The Blue Dogs and the House Democratic leadership are standing strong behind our commitment to fiscal responsibility through PAYGO. I would like to thank Speaker Pelosi, Leader Hoyer and Chairman Rangel for their unwavering commitment to sticking with the PAYGO rules. I would also like to reiterate to the other body that our leadership is committed to abiding by the PAYGO rules and not considering any AMT bill on the House floor that is not fully paid for.
Madam Speaker, the $9.1 trillion debt that our country has irresponsibly racked up, nearly half of which has happened in the last 6 years, must be paid back, and it will be paid back by our children and our grandchildren if not by us. We need to adhere to the old adage that we should provide a better
life for our children than the ones that we found ourselves. Quite simply, we should be investing in our children's future and not borrowing from it.
I strongly urge my colleagues on both sides of the aisle to make the right choice today, to stand by PAYGO today, to stand by PAYGO tomorrow, and support this commonsense legislation.
I reserve the balance of my time.
Madam Speaker, I would like to inquire how much time remains on either side.
Madam Speaker, at this time I would like to yield 2\1/4\ minutes to Mr. Costa from California, who has been a champion of the PAYGO rules and fiscal responsibility since the day he walked into these hallowed Halls.
Madam Speaker, I would like to thank my colleague from California for his eloquent comments and say I agree with him wholeheartedly.
Madam Speaker, at this time I would like to yield 1\1/2\ minutes to the gentleman from Oregon (Mr. Blumenauer), a member of the Committee on Ways and Means.
Madam Speaker, I yield 15 seconds to the gentleman from Oregon (Mr. Blumenauer).
Madam Speaker, I yield 1 minute to the gentleman from Tennessee (Mr. Cooper), a former cochair of the Blue Dog Coalition and a great Member of this House who is committed to fiscal responsibility.
Madam Speaker, at this time I would like to yield 2 minutes to the gentleman from Florida (Mr. Boyd), the Chair of the Blue Dog Coalition and someone for the last 11 years who has fought hard on this particular issue to bring fiscal sanity back to our country.
Madam Speaker, the gentleman who just spoke talks about malarkey. I would say that his side of the aisle should know about malarkey after they raised the Federal deficit over $4 trillion in the last 6 years.
I would now like to yield 1 minute to the gentlewoman from California (Ms. Harman), a member of the Blue Dog Coalition and an absolute fighter on behalf of fiscal responsibility in this House.
Madam Speaker, at this time I would like to yield 2 minutes to the gentleman from Wisconsin, the distinguished chairman of the Appropriations Committee, and an absolute champion on this issue, Mr. Obey.
Madam Speaker, at this time I would like to inquire how much time either side has remaining.
Madam Speaker, at this time I would like to yield 1\1/2\ minutes to my friend, the gentlelady from Connecticut, Ms. Rosa DeLauro.
Madam Speaker, I have the distinct honor to yield 1 minute to a member of the Rules Committee and a member of the Blue Dog Coalition, the gentleman from New York (Mr. Arcuri).
Madam Speaker, I yield 2 minutes to the gentleman from Texas, a member of the Committee on Ways and Means and the Budget Committee, a distinguished member of this body, Mr. Doggett.
Madam Speaker, how much time do we have available to us?
Madam Speaker, I yield 1 minute to the gentlewoman from Arizona (Ms. Giffords).
Madam Speaker, I yield 4 minutes to the gentleman from Tennessee, a member of the Ways and Means Committee, a founding member of the Blue Dog Coalition and absolute champion on the issue of fiscal responsibility and making sure that this House returns to fiscal sanity, Mr. Tanner.
(Mr. TANNER asked and was given permission to revise and extend his remarks.)
Mr. Speaker, I would like to inquire from the gentleman from Washington if he has any remaining speakers.
Mr. Speaker, I am the last speaker on my side and so I would like to yield to the gentleman from Washington.
Mr. Speaker, the Republicans have said that this bill raises taxes, but that's far from the truth. Let me again, as I did in my opening, set the record straight. This bill closes tax loopholes that allow a privileged few on Wall Street to pay a lower tax rate on their income than the average hardworking American does on their income. That includes school teachers, police officers, firefighters, our Nation's veterans, and, frankly, even us privileged that are able to serve here as Members of Congress.
Mr. Speaker, the Republicans need to make a choice today. Are they going to stand with tax cheats and hedge fund managers, or are they going to stand with the 23 million hardworking Americans who will be affected by this policy?
Mr. Speaker, the House of Representatives is united in our commitment to fiscal discipline and ensuring that government lives within its means. The Democratic Congress pledged to exercise spending restraint and to stop shouldering our country's needs on the backs of our children and grandchildren. We strongly urge the other body, Democrats and Republicans, to have the courage and good sense to keep the promise they made to the American people to be good stewards of their taxpayer dollars. We can't pick and choose when we comply with PAYGO rules if we want to reverse the irresponsible fiscal policy of the Bush administration and the prior Republican Congresses.
By restoring budget discipline and getting back on the path to budget surpluses, we ensure America is economically strong and that we are not beholden to foreign nations such as China, Japan, Iran and Saudi Arabia whom we are borrowing this money from; that we are protecting our Social Security and Medicare programs; and that paying down the national debt is not a burden that we are going to put on the backs of our children and generations to come.
With this, Mr. Speaker, I urge a ``yes'' vote on the rule and a ``yes'' vote on the previous question.
The material previously referred to by Mr. Hastings of Washington is as follows:
Amendments to H. Res. 861 Offered by Mr. Hastings of Washington
(1) In section 1, insert ``and any amendment thereto''
after ``ordered on the bill''.
(2) In section 1. strike ``and (2) one motion to
recommit'', and insert:
``(2) the amendment printed in section 3, if offered by
Representative Hastings of Washington or his designee, which
shall he in order without intervention of an point of order
(except those arising under clause 10 of rule XXI) or demand
for division of the question, shall he considered as read,
and shall be separately debatable for one hour equally
divided and controlled by the proponent and an opponent; and
(3) one motion to recommit with or without instructions''.
(3) At the end of the resolution, add the following:
Sec. 3. The amendment referred to in section 1 is as
follows:
``At the end of the bill add the following new section:
Mr. Speaker, I yield back the balance of my time, and I move the previous question on the resolution.