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Public Statements

Providing for Consideration of Senate Amendment to House Amendment to Senate Amendment to H.R. 4853, Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

Floor Speech

By:
Date:
Location: Washington, DC

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Mr. LYNCH. I thank the gentleman for yielding.

Mr. Speaker, just to remind Members where we are in this debate, we are about to debate and take up a measure that would, number one, preserve the tax cuts for the wealthiest 2 percent of Americans while we have a $1.3 trillion deficit in the current year. We would also, if this bill were to pass, create a tax exemption for estates of up to $10 million. That is for 6,600 individuals, which brings to mind, I will paraphrase Winston Churchill who said, it has been some time since so many have been asked to do so much for so few--and with no legitimate reason, I might add.

We are also talking about raiding the Social Security trust fund for the next 2 years, a total of $111 billion, and increasing the deficit by about $1 trillion, which will require us to exceed the national debt limit. So in April or May of next year, with this bill passing, we will definitely exceed the current $14 trillion debt limit that the country has.

I had a fair opportunity to negotiate contracts when I was an ironworker; and one thing I learned, and it applies to this agreement with the Republican Senate, there's a big difference between compromise and surrender.

What this bill represents is a complete surrender of Democratic principles and standing up for working people and making them carry an undue burden under this new tax law.

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