Kaptur Statement on Latest Trade Deficit Numbers

KAPTUR STATEMENT ON LATEST TRADE DEFICIT NUMBERS
Dec 14, 2005

H.R. 4405 will correct imbalanced trading relationships

WASHINGTON, D.C. - Congresswoman Marcy Kaptur (OH-9) released the following statement on the latest record trade deficit numbers released today by the Commerce Department. Kaptur has introduced the Balancing Trade Act of 2005 (H.R. 4405) which will require action on the part of the President when America faces deficits like we see today. It would mandate that the President take action to correct these imbalanced trading relationships with any nation where our deficit with them would equal $10 billion for 3 consecutive years. The statement follows:

"The record-breaking hemorrhage of America's good jobs continues unabated as evidenced by the latest trade deficit figures released today. The trade deficit set yet another new record in October, running at an annual rate of $718 billion; that's 100 billion more than last year's imbalance. Every billion dollars in deficit equals more than 10,000 jobs lost. At the same time, the U.S. becomes more and more beholden to foreign interests who are financing this net deficit.

"I've introduced a bill, the Balancing Trade Act of 2005, which will require the President to take action when America faces deficits like we see today. In order to correct accounts that are seriously in the red, someone has to go back and look at the books. It is a responsible approach, one that the executive branch should be taking and one that is long overdue.

"Every single year, after every trade agreement gets signed, the red ink gets deeper and deeper. A deficit like this stifles real economic growth and it will not take long to reach a trillion dollars."

http://www.kaptur.house.gov/PressRelease.aspx?NewsID=1460