Political Quotes

“I thank Mr. Hastings for yielding me the time. Mr. Speaker, this debate is not about support for the R&D credit. Democrats have a long track record of supporting the R&D tax credit. Indeed, I have often been the author of legislation to strengthen it. This debate, purely and simply, is about fiscal responsibility, about taking one tax provision and making it permanent without paying one dime for it. When former Chairman Camp unveiled a tax reform proposal last year, he undertook a comprehensive consideration of the more than 50 tax provisions that expired at the end of last year, but in a fiscally responsible manner. {time} 1315 This bill does just the opposite. It continues a helter-skelter approach toward tax extenders, without any regard whatsoever for paying the hundreds of billions of dollars they cost to make them permanent. Last year, Ways and Means Republicans passed 14 permanent extensions at a cost of $825 billion. They went nowhere because the President has made clear his opposition to this approach. With this bill, this year's price tag has reached $586.3 billion. It is particularly glaring that the majority is passing unpaid-for tax cuts the very same week that they once again put off a long-term extension of highway funding because they are unable to find a revenue stream. There is no lack of support for the R&D credit among us Democrats. It is the approach Republicans are taking that we oppose and strongly so.…”