REPUBLICAN ECONOMIC POLICIES -- (House of Representatives - April 16, 2008)
(Mr. PALLONE asked and was given permission to address the House for 1 minute.)
Mr. PALLONE. Madam Speaker, with bleak news about the economy continuing to mount, it is no surprise that 25 percent of Americans say their economic situation has not improved in the last 5 years, and 31 percent say they have fallen backward. These represent the highest numbers for the Pew Research Center survey since the question was first asked in 1964.
Economic uncertainty within the middle class is a result of President Bush's economic policies. For 6 years, Republicans have offered tax cuts to the wealthy, refused to close corporate tax loopholes, and even defended multi-billion dollar tax subsidies for big oil companies.
House Democrats reject an economic policy that showers billions of dollars on unnecessary tax breaks to corporate interests and to millionaires, while middle-class families are ignored. This year's Democratic budget makes middle class tax relief a priority by calling for the extension of middle-income tax cuts, such as the child tax credit and marriage penalty relief.
Democrats have also been working hard to close corporate tax loopholes and end costly waste, fraud and abuse. Madam Speaker, Democrats are fighting to put the Tax Code back on the side of the working family.