Concurrent Resolution On The Budget For Fiscal Year 2008

Floor Speech

CONCURRENT RESOLUTION ON THE BUDGET FOR FISCAL YEAR 2008 -- (House of Representatives - March 28, 2007)

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Mr. BISHOP of New York. Mr. Chairman, I rise in strong support of this resolution. Our colleagues on the other side of the aisle argue that this budget represents the largest tax increase in history; nothing could be further from the truth. This budget does not increase taxes by a single dime.

Rather, this budget simply extends current law as the President and the then-Republican majority designed with the 2001 and 2003 tax cuts, which expire on December 31, 2010. At that time we will have a decision to make: Whether to renew those tax cuts, and how to pay for them. The era of blank checks for tax cuts is over. Today, we restore fiscal responsibility to the budget process. With respect to entitlement reform, I think many of us would like to hear some acknowledgment from our friends on the other side of the aisle that the $3 trillion in debt that was accumulated on their watch makes dealing with the growing demands on Medicare and Social Security all the more difficult to contend with.

We balance the budget within 5 years and set the table for tax-writing committees to do their job, which first and foremost, should result in repeal of the AMT for middle-income Americans once and for all.

As this budget puts us on the glidepath to fiscal responsibility, it dramatically raises spending levels education, veterans, and health care. These priorities will never be overlooked on our watch.

We reject the President's proposal to cut funding for education by $1.5 billion and eliminate 44 programs. We give college students and their families a chance to succeed by rejecting the President's plan to zero out SEOG, Perkins loans and need-based grants.

Mr. Chairman, I commend the distinguished chairman and his staff for their excellent work, restoring middle-class priorities is accomplished. Fiscal responsibility is achieved. Finally, the fiscal blueprint of America's future reflects our hopes, dreams and the promise of economic prosperity and security in the years ahead.

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