Pelosi: Bush's Failed Economic Policies Are Mortgaging Our Children's Future

Pelosi: Bush's Failed Economic Policies Are Mortgaging Our Children's Future

House Democratic Leader Nancy Pelosi released the following statement today on President Bush's remarks on the economy this morning at a press conference at the White House:

"While President Bush continues to trumpet his so-called ‘economic achievements,' the Bush Administration confirmed today that the budget deficit for 2006 will be one of the largest in our nation's history. President Bush's failed economic policies have resulted in budgets are drastically out of balance and a skyrocketing debt. Budget deficits translate into higher interest rates, which mean that mortgages cost more, credit-card debt grows, and student loans cost more.

"The Bush tax cuts for the super rich have added trillions to the national debt and are mortgaging our children's future.

"Democrats know how to restore fiscal discipline with tough policies of pay-as-you-go budgeting, no new deficit spending. Democrats support middle-income tax cuts that spur economic growth. We support long-term solutions to protect middle-class taxpayers from the Alternative Minimum Tax; middle-income tax cuts to make health care more accessible and retirement more secure; a reformed child tax credit so that our tax code does not disadvantage working families that are struggling the most; and a modernized and permanent research and development tax credit to create the high-paying jobs of the future.

"Democrats propose a New Direction to provide real tax help to hard-pressed families, which will inject demand into our economy, spur economic growth that will produce jobs, and reduce the deficit, and we will do it in a fiscally responsible way."

http://democraticleader.house.gov/press/releases.cfm?pressReleaseID=1864