The Hill Report: Week of June 2 - June 6, 2008
Op-Ed
The Hill Report: Week of June 2 - June 6, 2008
Today, the U.S. Department of Labor announced that unemployment has now risen to 5.5 percent, marking the largest unemployment increase since 1986. While our nation's economy has not reached recession, this unemployment data highlights the economic challenges that some American businesses are facing due to a national economic slowdown, higher taxes, and record-high gas prices.
Tax relief is critical to re-energizing economic growth and providing American companies with additional resources to develop and hire more workers. As you may remember, the tax relief passed by a Republican Congress in 2001 and 2003 enabled families and business to keep more of what they earned, providing additional money to invest, spend, and grow our economy.
However, this important tax relief is set to expire in 2010, and the Democrat Majority in Congress has unveiled no plans to renew it. In fact, this week in Washington the Majority passed the final fiscal year 2009 budget, calling for $683 billion in tax increases over the next five years. Clearly, this irresponsible plan threatens to further burden American families and businesses who are already struggling to make ends meet. By failing to budget for tax relief renewal, the Majority would impose tax increases on over 116 million Americans, leveling average tax increases of $1,800 per household.
Unfortunately for taxpayers, the Majority promotes tax increases as a means to help fund their vast increases in government spending. This addiction to tax-and-spend policies risks not only increasing the tax burden on Americans, but also further deepening our national debt. The runaway spending in this budget would lead to the largest annual increase in the national debt in U.S. history. Additionally, the Majority's budget allows for additional increases in the debt limit without congressional approval.
For these reasons, I voted against the Majority's fiscally irresponsible budget. Instead, I have supported a budget plan that would prevent any tax increases, implement spending control, and provide meaningful reform to rescue financially perilous programs such as Medicare, Medicaid and Social Security. I maintain my commitment to fighting for fiscal responsibility in Congress, and I will continue working with my colleagues to protect our constituents from massive tax hikes and our nation from deficit spending.
A Call for Energy Independence
As the national average price of gasoline hovers near $4 a gallon, today the price of crude oil increased by $11, marking the largest ever one-day increase and underscoring the critical need to access domestic energy resources and promote alternative energy development to set our nation on a path toward real energy independence.
In addition to supporting many alternative and renewable energy initiatives, for years I have supported conservation-friendly exploration in Alaska, the Outer Continental Shelf, and other areas rich with natural energy resources. As I have noted before, responsible drilling in Alaska's 19.6 million-acre Arctic National Wildlife Refuge (ANWR) could produce a million barrels of oil a dayenough for 27 million gallons of gas and diesel. Additionally, there is enough oil in deep waters many miles off our coasts and on federal lands to power more than 60 million cars for 60 years. And the commercialization of the 2 trillion-barrel shale oil resource could enable the U.S. to meet its oil needs for more than two centuries.
In support of energy independence, I have recently signed on as a cosponsor of two important energy bills that outline responsible plans for both domestic energy production and alternative energy development.
First, I have cosponsored the American Energy Independence and Price Reduction Act (H.R. 6107), which allows for environmentally-responsible development of ANWR's oil supply. All federal revenues derived from the corporate tax income and royalties would be used to increase research, efficiency, production and use of cleaner, renewable and alternative energy technologies necessary for long-term energy independence.
Second, I am supporting the No More Excuses Energy Act (H.R. 3089), introduced by my Texas colleague Congressman Mac Thornberry. In addition to opening ANWR to responsible drilling, Congressman Thornberry's bill includes the following initiatives:
Allows tax exempt bonds and federal land access for new refinery construction
Helps reduce green house gas emissions with a tax credit for CO2 captured for marginal oil wells
Extends the Wind Production Tax Credit for 10 years
Lifts the congressional moratoria on drilling in the Outer Continental Shelf
Encourages investment for new nuclear power plants by reducing tax burdens on that industry.
These two bills represent an important starting point for Congress to help increase supply, reduce demand, and consequently bring down the high cost of gasoline. Energy independence has no quick fixes, but together we as Americans can work to reduce our dependence on foreign sources of oil and utilize newer technologies that can provide lasting energy solutions.
News from the 32nd District
One of my greatest honors as a Member of Congress is to support the military service dreams of young men and women from my district. As you know, each year I nominate area students to attend one of our nation's service academies.
Last weekend, I had the privilege of attending commencement ceremonies at the U.S. Military Academy (USMA) in West Point, New York, where nine cadets from my district area graduated as Second Lieutenants. The 2008 USMA graduates from North Texas are Clinton Hail of Richardson, Sheldon Hodges of Dallas, Ashley Jackson of Coppell, Doug Ford Jones of Dallas, John Kircher of Dallas, Jonathan Page of Dallas, Jordan Roach of Coppell, and Phillip Roll of Coppell, and Ky Fehlbaum of Farmers Branch.
Congressman Pete Sessions with Kathleen Hodges of Dallas, Maj. Gen. George W. Casey Jr,
and USMA graduate Sheldon Hodges of Dallas.
I was pleased to join these outstanding graduates and their families in celebrating their achievement of academic, physical training, and military service goals. Their graduation marks their commissioning as active duty soldiers who are dedicated to defending our country through at least five years of military service. I congratulate each of them on their exemplary completion at West Point, and I wish them success and safety in their coming years of service.
Have a good weekend.
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