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Providing for Consideration of H.R. 2576, Modifying Income Calculation for Health Care Programs, and Providing for Consideration of H.R. 674, 3% Withholding Repeal and Job Creation Act

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Date:
Location: Washington, DC

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Mr. KEATING. Mr. Speaker, I hope the previous question is defeated so I can offer an amendment, along with my colleagues Mr. Levin and Mr. Bishop, to really correct something that, frankly, is outrageous. It's not only outrageous, but it is exhibit A of what's wrong with this Congress.

The underlying bill to do away with the 3 percent withholding, I've met with my local business people, had discussions, and this is a great opportunity for bipartisan efforts to help create some jobs and help small businesses go forward. We're actually in agreement with something that's going to do all those things; and I'm proud to support that, and I'm proud to reach across the aisle and support that.

But I have got to tell you, you just can't mess things up more than you're messing things up here, because the offset that was taken by the majority party is a tax on people that have Social Security and Medicaid. Why are you doing that when you're trying to get people some economic benefits through businesses, and really an effort that we both should be applauded for working together on.

The amendment that I'm going to offer is going to correct that. It's going to correct it in a way that makes perfect sense and is exhibit A about what can be right about this Congress. We're going to take away that oil subsidy that in the next several years is going to amount to $43.6 billion in a windfall to our richest, most profitable companies that don't need it. Incidentally, 93 percent of that windfall goes to preferred stock buy-backs and CEO remuneration that is not necessary.

So we have something we agree on. We have something that's going to be a benefit and that's going to create jobs and help small businesses. Now, we can go one of two ways in terms of paying for that.

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Mr. KEATING. We can have an additional tax on the Medicaid and Social Security recipients, or we can continue to reward the CEOs and Big Oil. That's not a tough choice.

So I hope that the previous question is defeated so we can offer something that makes sense. It's time for this Congress to get it right. We have a chance to do it, and I hope we will.

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