Providing For Consideration Of Senate Amendment To H.R. 4213, Tax Extenders Act Of 2009
Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 1403 and ask for its immediate consideration. Mr. Speaker, for purpose of debate only, I yield the customary 30 minutes to the gentleman from Texas (Mr.…
Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 1403 and ask for its immediate consideration.
Mr. Speaker, for purpose of debate only, I yield the customary 30 minutes to the gentleman from Texas (Mr. Sessions). All time yielded during consideration of the rule is for debate only.
General Leave
I ask unanimous consent that all Members be given 5 legislative days in which to revise and extend their remarks.
I yield myself such time as I may consume.
Mr. Speaker, H. Res. 1403 provides for consideration of the Senate amendment to H.R. 4213. Mr. Speaker, the legislation is like many of the bills that we do. It's the product of many hours of hard work. It's also an effort to strike a balance between extending important life- saving assistance to laid-off workers and investing in smart spending that will help our economy.
A significant portion of the bill would go directly to helping our citizens. We extend unemployment insurance, we invest in summer jobs, fund loans for small businesses, and make bonds available to States. But I am pleased that the bill also cracks down on corporations, closing tax loopholes that have encouraged companies to ship jobs overseas, a thing I have devoutly desired for a number of years.
Unlike the previous administration, we use PAYGO rules here to make sure that new spending, other than emergency spending, is fully paid for. In fact, it's worthy to remind my colleagues that the deficit facing the country was created by the last administration, which financed two wars, a prescription drug plan, and a huge tax cut, all of which was unpaid for, and consequently is responsible for two-thirds of the deficit.
In the recent frenzied back and forth over this bill, it is easy to lose sight of the important steps that Congress has taken up to this point to help right the economy. We passed small business tax relief, expanded the first-time home buyer tax credit, changed the way students apply for loans, funded a Cash for Clunkers program, injected money into the economy, and helped to protect domestic jobs at a critical juncture.
With this vote, we can help families across the country continue the path we set out on last year to help dig the country out of a terrible recession. For small businesses, the backbone of the Nation's economy, and the place where most American workers are employed, we use this bill to ensure them an easier time getting loans. The bill also continues the very successful research and development tax credit, a powerful incentive to creating well-paying jobs.
The measure extends the ongoing recovery by investing in Build America Bonds and Recovery Zone Bonds, making it less expensive for cash-strapped State and local governments to finance the rebuilding of schools and sewers and hospitals and transit projects.
The legislation helps American families with sales tax relief, property tax relief, disaster area tax relief, and college tuition deductions. The bill wisely invests in important energy provisions such as the biodiesel tax credit, while making good on our obligations to black and Native American farmers. Finally, the measure also strengthens the Oil Spill Liability Trust Fund by increasing the amount the oil industry must pay to clean up its disasters.
I also want to pause for a moment to talk about two pieces of legislation that I personally am happy to see in the bill, because I think they'll pay enormous benefits. This bill closes a loophole in the Tax Code that has been used by huge corporations, including publicly regulated utilities. Companies use this loophole to avoid paying millions of dollars in taxes when they spin off a subsidiary. These deals cost taxpayers and they hurt consumers, especially when the company using the loophole is a phone company that wants to get rid of the older telephone lines in small towns and rural areas. With this bill we close that loophole, and we will save taxpayers $260 million over the next 10 years.
On another front, the bill also extends funding for the wool trust fund, which helps to keep thousands of textile and apparel workers around the country employed. I was proud to work on this issue because of the relevance it has to Hickey Freeman, a 100-year-
old company and maker of fine men's suits located in Rochester, New York.
The fund provides funds to makers of wool fabric and yarn producers, as well as sheep growers, to help maintain the domestic production of wool fabric. Too many of our industries in the United States have closed up and moved overseas. I frequently say that we can't be a great power if our entire manufacturing sector moves to other countries and we are obligated to buy from other countries for our very livelihood.
Mr. Speaker, Congress can rightly take great pride in some very historic work on behalf of our constituents this year; but we must remind ourselves that many people are still struggling, and we must do everything in our power to fund the necessary programs that protect the unemployed Americans, help small business, enhance job creation efforts, and keep America on the road to economic recovery.
I urge my colleagues to join me today in voting ``yes'' on the rule and ``yes'' on this bill.
I reserve the balance of my time.
Mr. Speaker, I yield myself such time as I may consume.
I've heard the phrase all my life, as you have, of ``taken out of context.'' Let me assure anybody who wants to know about that, no reporter has ever said to me, Do you think your backroom deals are going to hold up? And if anyone were to ever say that to me--and I hope to keep that record intact--believe you me, I would not laugh and
say, We're Democrats. I do recall saying to somebody yesterday with pride that we are Democrats, and I am proud that we are Democrats. We are the people who are trying to take care of the people without jobs in this country and to make the climate right to create more.
Now, before I yield to my next speaker, I want to let Members know that I will be offering an amendment to the rule at the end of the debate. The amendment makes three changes to the text that has been posted on the Rules Committee Web site since Thursday, May 20. It strikes two sections from the House amendment--section 511, section 516--and it changes the effective date and the carried interest provision making it effective on December 31, 2010, instead of the date of enactment.
The amendment provides for a separate vote on section 523, which is the SGR, the so-called doc fix, and a vote on the remainder of the modified House amendment. This does not add money, Mr. Speaker. It subtracts it.
I am pleased to yield 2 minutes to the gentleman from New Jersey (Mr. Pallone).
Mr. Speaker, I yield 2 minutes to the gentleman from New Jersey (Mr. Andrews).
(Mr. ANDREWS asked and was given permission to revise and extend his remarks.)
I yield the gentleman 1 additional minute.
Mr. Speaker, I yield 2 minutes to the gentlewoman from California (Ms. Chu).
Mr. Speaker, I yield myself 30 seconds to quote from the Dallas Morning News for my colleague, Mr. Sessions:
``Texas employers expanded nonfarm payrolls by 32,500 jobs in April, the Texas Workforce Commission said Friday. That's the State's fourth straight month of job gains.
``The State has now gained 91,600 jobs in the first 4 months of the year.''
Houston Business Journal this morning: ``As the U.S. economy expanded for a third consecutive quarter, Texas posted some of the strongest numbers in the country.''
Mr. Speaker, I yield myself another 10 seconds.
``Unemployment remained at 8.2 percent, giving Texas the lowest rate amongst large States, while existing home sales in the State grew in the first quarter by 16 percent compared to the same time a year ago.''
And I would like to put these into the Record.
[From the Houston Business Journal,
May 28, 2010]
SigmaBleyzer: Texas Leading Economic Recovery
(By Casey Wooten)
As the U.S. economy expanded for a third consecutive
quarter, Texas posted some of the strongest numbers in the
country, according to Houston-based private equity firm
SigmaBleyzer LLC.
The Texas Business Cycle Index, which tracks movements in
employment and GDP, increased for the third straight month.
Texas non-durable manufacturing also grew by 2.1 percent
and 1.7 percent in 2008 and 2009, versus negative 3 percent
and negative 5.6 percent nationwide.
``Strong foreign demand for U.S. goods is also driving
improvements in industrial production,'' the report said.
Moreover, higher oil prices supported a nearly 10 percent
growth in the Texas mining industry in March 2010 compared to
the same month a year before.
Unemployment remained at 8.2 percent, giving Texas the
lowest rate among large states, while existing home sales in
the state grew in the first quarter by 16 percent compared to
the same time a year ago.
U.S. GDP grew at an annualized rate of 3.2 percent for the
quarter while Texas GDP grew at about 2 percent, but didn't
drop as much compared to the rest of the nation during the
lows of the recession.
Mr. Speaker, I yield 2 minutes to Ms. Jackson Lee, who is also from Texas and I hope will give us good news.
I yield the gentlewoman an additional 30 seconds.
Mr. Speaker, I am pleased to yield 3 minutes to the gentleman from Michigan (Mr. Levin), the chair of the Committee on Ways and Means.
(Mr. LEVIN asked and was given permission to revise and extend his remarks.)
I yield the gentleman 2 additional minutes.
I yield the gentleman from Michigan an additional 30 seconds.
Mr. Speaker, I am pleased to yield 2 minutes to the gentleman from New Jersey (Mr. Andrews).
Mr. Speaker, I am pleased to yield 1 minute to the gentleman from New Jersey (Mr. Andrews) to refute the notion that all new hires in the United States are census takers.
I yield 30 seconds to the gentlewoman from Texas (Ms. Jackson Lee).
Mr. Speaker, in a moment I will be offering an amendment to this rule. I want to briefly explain the amendment. It is very simple. It strikes two sections from the House amendment printed in the Rules Committee report.
No. 1: It strikes section 511, the COBRA extension.
No. 2: It strikes section 516, the State Medicaid Assistance, or
Mr. Speaker, I have an amendment to the rule at the desk.
Mr. Speaker, I urge a ``yes'' vote on the rule.
I yield back the balance of my time, and I move the previous question on the amendment and on the resolution.