Madam Speaker, standing in our way are those who will be holding the middle class hostage in favor of giving added tax breaks to millionaires and billionaires, even though the bonus tax breaks would add $700 billion to the national debt.
Ninety-eight percent of Americans face a tax increase January 1. For the typical middle class American family, that can mean the loss of $2,000 next year. The Republicans' demands would mean that those making more than $1 million a year would receive an average cut of $100,000 annually, and the middle class would be saddled with $700 billion in new debt to pay for the multi-million dollar tax cuts for billionaires. But that is the exact policy choice congressional Republicans would have us make, citing concerns about the deficit when it comes to American families, but not when it comes to tax cuts for the wealthiest few.