Anna Eshoo: “Today we are living up to the promise we made at the beginning of the new Congress to bring discipline to the federal…”

“Today we are living up to the promise we made at the beginning of the new Congress to bring discipline to the federal budget. By passing this Resolution, we will take an important step toward balancing our nation's budget, begin generating a budget surplus by 2012, and provide resources for critical undertakings in our country. It's been a long time since we've talked about budget surpluses. Back in 2001, a $5.6 trillion surplus was projected by 2011. In two short years, that surplus disappeared and instead $2.8 trillion was added to the national debt. It now stands today at more than $8.8 trillion. Today we're turning the corner by upholding the principle of pay-as-you-go. Any new spending has to be offset by cuts to other parts of the budget and new tax cuts must be paid for. This budget addresses several important national priorities: It provides relief to the middle-class from the Alternative Minimum Tax (AMT) which is causing an increasing number of Americans to absorb a higher tax burden, as well as imposing an enormous paperwork burden on taxpayers who must determine whether or not they have to pay this tax. In my Congressional District, 11 percent of taxpayers are subject to the AMT. On average, they pay $8,000 in additional taxes each year because of it.”