James Maloney: “for the third time in 4 months, the House of Representatives will consider a deeply flawed economic stimulus package. In…”

“for the third time in 4 months, the House of Representatives will consider a deeply flawed economic stimulus package. In January 2001, the nonpartisan Congressional Budget Office projected that the Federal Government would end fiscal year 2002 with a $106 billion surplus. At that time, I advocated a fiscally responsible plan of equally dividing the surplus between tax cuts, paying down our Nation's debt, and investing in important priorities like education and health care. Unfortunately, in June legislation was passed--over my strong objections--that cut taxes more than we could afford. I have long supported tax relief, but it must be in balance with what we can afford in our budget. We are now facing large, multiyear budget deficits that threaten our long-term economic security. Any stimulus bill must be fiscally responsible and provide assistance to families and small businesses experiencing the effects of the recession. The bill we are considering today, as did the previous versions, includes provisions that I strongly support, but these positive elements cannot make up for its fundamental flaws.”