Concurrent Resolution on the Budget for Fiscal Year 2008

Floor Speech

CONCURRENT RESOLUTION ON THE BUDGET FOR FISCAL YEAR 2008

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Mr. DAVIS of Illinois. Madam Speaker, I rise in strong support of the CBC budget and feel extremely proud to do so. This budget raises revenue by rescinding the tax cuts for the top two income tax rates. It rescinds the capital gains and divided tax cuts, eliminates the phase out and repeal of PEP (personal exemption phase out) and PEASE, (which makes more wealthy income subject to taxation). It eliminates corporate tax incentives for offshoring jobs, closes corporate tax loopholes, abusive tax shelters and methods of tax avoidance and closes the tax gap. The CBC budget is balanced in FY12 and in fact creates a surplus of $141 billion dollars.

The CBC Budget provides adequate resources to deal with the shortage of nurses in this country by providing training resources, it protects Hospital Graduate Medical Education and increases funding for the National Family Caregivers Support Services Program by $8 million dollars. The CBC budget shifts some of the resource allocation from the military industrial complex, to domestic spending to deal more appropriately and realistically with domestic needs. It is a rational, logical common-sense budget which prioritizes peace and economic development rather than war and military action.

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Mr. DAVIS of Illinois. Madam Chairman, I rise in strong support of the Progressive Caucus budget and I do so for a number of good reasons.

First off, all budgets are a way of assessing need and determining priorities and when one takes a serious look at the Progressive Caucus budget it:

(1) Projects complete U.S. military redeployment out of Iraq during 2007, saving at least $187 billion dollars over the next 2 years.

(2) You should not spend money if you do not have it, therefore the Progressive Caucus budget repeals the Bush tax cuts for the wealthiest 1 percent of taxpayers due to expire in 2010 saving at least $348 billion dollars.

(3) It fully funds NCLB and IDEA and improves teacher corp and job training.

(4) It adequately funds Medicare and Medicaid so that more Americans can have access to affordable quality healthcare.

(5) This budget helps to rebuild America's communities by substantially increasing funding for community development block grants, community policing, and clean up of underground storage tanks.

Madam Chairman, this is a budget I can take home to any constituent and they will say, right on.

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