Tax Increase Prevention Act of 2007

Floor Speech

TAX INCREASE PREVENTION ACT OF 2007 -- (House of Representatives - December 19, 2007)

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Mr. COSTA. Madam Speaker, I rise to urge the House to defeat the rule as well as the AMT fix bill.

Legislation before us violates the promises we made to American people in January. We knew in January that complying with PAYGO would not be easy, but up until today, we've fulfilled our commitment.

In passing this legislation, we are merely again borrowing from China to pay for a short-term fix that needs a long-term solution. This administration has run up $5.6 trillion in debt over the last 6 years of irresponsible fiscal policy. How much debt passed on to our children is enough? Enough is enough.

PAYGO was to be one of the most important reforms we pledged, and today we are now becoming part of that problem by adding to the already $30,000 in federal debt for every man, woman and child in our country.

For decades, Republicans have preached the gospel of fiscal discipline and balanced budgets. When and how has that notion gotten lost? We should stay here until New Year's if we have to in order to find a way to offset the less revenue that will be going to the Treasury.

I support fixing the AMT problem, both in the short run and long term, but the issue is whether we are responsible or irresponsible legislators.

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