Congresswoman Sheila Jackson Lee made the following statement following today's Leadership meeting at the White House on the fiscal cliff:
"I understand today's Congressional Leadership meeting at the White House was a very constructive meeting. I hope the Leaders and the President recognized that every person in America understands that we must reach agreement.
"I understand that Speaker Boehner spoke about a framework going into next year. House Democrats are now focusing on how we send a message of confidence to consumers and to the markets in the short run.
"We should show some milestones of success so that confidence can build as we reach our solution because if we do not reach an agreement, not only will we miss the opportunity for doing something good for our economy and lifting the experience and confidence in our country, we will have an economic downturn that must be avoided. We understand our responsibility there.
"Our tax code must be reformed with an egalitarian mindset and with the achievable objectives of simplicity so that taxpayers understand what's expected, fairness to the tune that similarly situated taxpayers are treated the same, and not have the tax code be a hindrance to their economic activities, the concept of efficiency.
"I appreciate that many of our U.S. multinationals are urging adoption of a territorial tax system, something done most recently by Great Britain and Japan, but we must be mindful of proposals which lack base-broadening features, particularly when the notion of lower corporate tax rates is being considered.
"Lastly, the federal budget is a moral document. How can we in good conscience even debate whether so-called "entitlement reform" should be part of "fiscal cliff" discussions? Why not have a debate about "transfer-pricing' reform, or review the Subpart F "active financing' and "look-through' exceptions?
"I am prepared to stand in the gap to protect Social Security, Medicare, and Medicaid. President Obama has called for $1.6 trillion in new revenue over ten years as part of a deficit-reduction package---this is a realistic goal and we must set-off on that path--the American people are counting on us.
"We understand that it has to be about cuts, it has to be about revenue, it has to be about growth, it has to be about the future. So as we cut investments and as we talk about revenue, we have to do it in a way that promotes growth and supports the future."