in opposition to the president's freshly cut
“President Obama has announced a deal on tax cuts for millionaires with Senate Republicans that will cost average Americans dearly. The Republican demands to extend tax cuts on income above $250,000 a year and to lower taxes on estates over $10 million will add $250 billion over two years to the federal budget deficit. Just think what we could do with $250 billion – we could put it towards our burgeoning deficit, we could fully fund a COLA for seniors for 2 years, we could extend unemployment benefits for an additional 18 months, and still have $100 billion left over to defray the federal deficit or we could take that $100 billion and spend it on transportation and infrastructure investments and put millions of Americans back to work in the private sector in the construction, engineering, manufacturing and related industries. This is a bad deal for the American people. The President has allowed himself to be blackmailed by the Senate Republicans and I will not support it. Compromise requires give and take, but once, again, the middle class gave and the millionaires took.”
Dear Madam Speaker,
We oppose acceding to Republican demands to extend the Bush tax cuts to millionaires and billionaires for two reasons.
First, it is fiscally irresponsible. Adding $700 billion to our national debt, as this proposal would do, handcuffs our ability to offer a balanced plan to achieve fiscal stability without a punishing effect on our current commitments, including Social Security and Medicare.
Second, it is grossly unfair. This proposal will hurt, not help, the majority of Americans in the middle class and those working hard to get there. Even as Republicans seek to add $700 billion to our national debt, they oppose extending unemployment benefits to workers and resist COLA increases to seniors.
Without a doubt, the very same people who support this addition to our debt will oppose raising the debt ceiling to pay for it.
We support extending tax cuts in full to 98 percent of American taxpayers, as the President initially proposed. He should not back down. Nor should we.
Member of Congress