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Public Statements

Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

Floor Speech

By:
Date:
Location: Washington, DC

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Mr. WU. Mr. Chairman, I rise in strong opposition to the Obama tax bill.

I strongly support middle class tax cuts. I strongly support extending unemployment benefits to Oregon families who are still struggling to find jobs. However, this bill is not balanced. The bill extends tax cuts for millionaires and billionaires for 2 years. Yet unemployment insurance is extended for only 1 year. Why are we providing tax cuts to the very wealthy while literally leaving unemployed Americans out in the cold?

Further, this bill is fiscally irresponsible and, as a result, bad for jobs and bad for our economy. The bill costs over $800 billion over the next 10 years. The bond markets are already reacting to this, interest rates are going up, and this will squelch what anemic job growth we do have.

We should defeat this bill, restore fairness and balance between those who have the most and those who have the least, and cut the cost in length of this tax giveaway to millionaires so that interest rates rise less and job growth can continue. Please defeat this legislation.

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