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American Jobs And Closing Tax Loopholes Act Of 2010

Floor Speech

Location: Washington, DC


Mr. GREGG. Madam President, I rise to congratulate the Senator from South Dakota for his amendment. This is a responsible way to approach this issue.

The amendment to the bill that is before us, offered by the Democratic leadership, adds $50 billion to the deficit; that is $50 billion to the debt. That is $50 billion our kids have to pay so we can spend money today on politically attractive things. On top of that, the bill, as proposed, has some onerous tax policy in it which will significantly contract economic activity in this country by taxing people at ordinary income for activity which has historically been taxed at a capital gains rate, thus forcing people to be less incentivized to go out there and be productive and create jobs. It is poor tax policy.

So the Senator from South Dakota has come up with a proposal, which is the way we should be governing now, which is to pay today for the things we want to spend on today. We are facing a $1.4 trillion deficit--$1.4 trillion--this year. Next year, we are facing an equally large deficit. Under the President's budget and the budget of the Democratic leadership, we are talking a $1 trillion deficit for as far as the eye can see. The debt of this country is going to double in 5 years under the President's and the Democratic budget--double. It is going to triple in 10 years. A child born at the beginning of the Obama administration arrived in our Nation with an $89,000 debt--$89,000. By the time my colleagues on the other side of the aisle get finished, should the President be reelected, under the terms of his budget that child is going to have a $200,000 debt to pay. Why? Because we keep getting bills like this: $50 billion here, $100 billion here, $25 billion here; money being spent without being paid for and, therefore, being added to the deficit and to the debt. It is totally wrong. It is unfair. It is unfair that one generation should do this to another generation, and it is certainly not responsible government.

We had a big debate in this Chamber about 2 months ago now about how responsible the other side of the aisle was going to be on spending. They called it pay-go. It should have been called fraud-go because as a very practical matter, that is what it has become. This bill games the pay-go rules of the Democratic leadership to the tune of $50 billion by declaring it an emergency on items that are not emergencies, that we know exist and that have been spent on now for quite a while. Since that bill was passed, that pay-go bill, which allegedly was going to require this Congress to pay for all the money it was going to spend, the other side of the aisle has brought forward, or is in the process of bringing forward, $200 billion of spending which is not paid for--$200 billion in spending which will be added to the deficit and to the debt. That is totally irresponsible.

So the Senator from South Dakota has it right, as he so often does. He has said: Let's do this responsibly. If we are going to spend this money, if we are going to put forward these extenders, if we are going to spend this money on these different social initiatives, let's pay for them because they benefit us today and we shouldn't pass the bill for them on to our children tomorrow, next year, and 10 years from now. This is responsible budgeting.

I congratulate the Senator from South Dakota, and I look forward with enthusiasm to finally voting for a bill around here that is paid for, which is what we should be doing every day instead of spending money we don't have and passing those bills on to our kids.

I yield the floor.


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