Federal Aviation Administration Extension Act of 2010
Floor Speech
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Mr. DURBIN. Mr. President, it has been my honor to serve on President Obama's deficit commission, a commission chaired by former White House
Chief of Staff Erskine Bowles and former U.S. Senator from Wyoming Alan Simpson. For 10 months, we met and considered all of the possibilities for us to move toward a more stable fiscal picture in America. Our goal was simple: to reduce Federal spending, reduce the deficit by $4 trillion over 10 years. It took us 10 months to come up with a proposal, and yesterday 11 out of the 18 members of the commission voted in favor, as I did. I had my reservations about some of their provisions, but I did not quarrel with the goal.
Unless we are serious about budget deficit reduction, America's economy will be in peril. Borrowing 40 cents out of every dollar we spend and borrowing it from countries such as China, which, as a result, have leverage on the U.S. economy, is something we should not ever accept as normal. It is abnormal and dangerous.
I left that commission hearing yesterday, voting to cut $4 trillion over 10 years, to come to the floor of the Senate, where the Republican side of the aisle, the Republican Senate leader, Mitch McConnell, has a proposal for tax cuts over the next 10 years of $4 trillion. What a coincidence. All of the pain that would be inflicted on the American people and our economy from the deficit commission proposal to reach the goal of moving toward budget balance and sensible budgeting would be completely wiped away by the Republican tax cut proposal.
That is why this debate is so critical.
I fully support the amendment being offered by Senator Baucus of Montana, as chairman of the Senate Finance Committee, an amendment which says: We will have tax cuts, but we will do it sparingly because we need to, not only to help middle-class families but to help this economy. The Baucus proposal would cost us, over 10 years, $1.5 trillion. It is a huge sum of money. But it is a sum of money we should invest at this moment because of the reports we received yesterday that the unemployment rate in America continues to rise, that our economy is fragile, that this recession is serious, and we need to move to breathe life into this economy as quickly as possible for workers and small businesses all across the United States.
That is why I support the Baucus proposal. That is why President Obama supports it. That is why it is a sensible way to go. And that is why the Republican position--calling for expanding our deficit, calling for expanding tax cuts to the wealthiest Americans--the Republican position is indefensible, indefensible not just among Democrats and Independents but even in their own political party.
A recent CBS poll showed more than 50 percent of Republicans across America reject the Senate Republican position calling for tax breaks for millionaires. When we add those who say to just extend the tax breaks for those making $250,000 or less or don't extend any tax breaks, the Republican position is rejected by Republicans across America. Why? Because they can add and subtract, and they understand that to give a tax break to the wealthiest people in America at this moment in history is foolish and reckless. Yet that is the position of the Republican Party and a definition of their values.
I might also add, to think that the Republicans could stand before us and argue that we should give tax breaks to those making over $1 million a year--let me quantify those tax breaks. The average tax break for a person making $1 million a year, under the Republican proposal, is $100,000 a year--$100,000 a year. That is what they are prepared to ask for and then turn around and argue it does not add to the deficit, which it clearly does--some $700 billion--and then argue we cannot extend unemployment benefits because it might add to the deficit.
So on one hand, giving help to those who do not need it, did not ask for it, and, frankly, will not help our economy when they receive it, is acceptable to Republicans. But turning around to help 127,000 unemployed people in Illinois who will lose their unemployment insurance this month--Merry Christmas, they lose their unemployment insurance--40,000 people in Missouri who will lose their unemployment benefits this month, this holiday season, and over 30,000 people who will lose it in the State of Iowa, to cut off those unemployment benefits, the Republicans say: Tough luck. That is the way it has to go. We have to be very careful about the way we spend money. Tax breaks for the wealthy, no unemployment insurance for those who struggle is an unacceptable position for America's economy and America's future.
This is a clear choice. I support the Baucus amendment: help middle-income families, reduce the deficit. Do not reward those who have done so well in our economy, have not asked for a tax break, do not need it, and only add to our Nation's deficit. As part of the proposal from Senator Baucus: provide unemployment benefits for those in America who have lost their jobs through no fault of their own and deserve a helping hand in this holiday season.
I yield the floor.
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