Congressional Budget for the United States Government for Fiscal Year 2008
Floor Speech
CONGRESSIONAL BUDGET FOR THE UNITED STATES GOVERNMENT FOR FISCAL YEAR 2008 -- (Senate - March 23, 2007)
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Mr. SMITH. Mr. President, since the beginning of this Congress, I have heard colleagues on both sides of the aisle, Republicans and Democrats, talk about their determination to reauthorize and fund SCHIP to keep its promise to America's children, especially those with low income. This amendment is the one amendment that proposes a real policy that will raise real dollars so we can take a meaningful step in keeping the promise of SCHIP. It proposes a reasonable increase in the tobacco tax that would provide up to $35 billion to help in this reauthorization, keeping this very important promise to millions of America's children.
I believe this is a defining moment. Put politics aside and do something the American people can be proud of.
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Mr. SMITH. Mr. President, I rise today to express my disappointment with this year's budget resolution. This budget is putting us on a very dangerous path in terms of our economy. A huge tax hike is not the right direction for our country.
The Republican progrowth tax policies that have been implemented over the past few years have had a tremendous impact on our economy. Since August 2003, more than 7.5 million jobs have been created. Our unemployment rate remains low at 4.5 percent--which is well below the 5.1 percent average rate for 2005 and below the average of each of the past four decades. Thanks to our strong economic growth, tax revenues continue to pour in. Tax receipts were up about 12 percent in 2006, on top of 2005's 14.6 percent increase. Receipts have grown another 8 percent so far in fiscal year 2007.
But instead of building on this success, this budget takes us in a completely different direction. The resolution would raise taxes by $900 billion--the largest tax hike in history. This tax increase will have real consequences on American families. An Oregon family of four with $50,000 in earnings will see their taxes go up 132 percent to $3,675 in 2011 if the Republican tax relief is not made permanent, and 15 million seniors would see their taxes increase if current tax policy is not extended.
We are heading in the wrong direction with this budget. Therefore, I will be voting against the budget resolution.
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