Political Quotes

“this amendment will preserve the current recoupment requirements eliminated by H.R. 1670. Recoupment will allow the Federal Government to continue to recover that portion of the over $30 billion in annual research and development costs that would otherwise be lost when foreign governments purchase our weapons. The opponents of the Maloney amendment argue that recoupment fees raise the price of U.S. weapons and make them uncompetitive on the international market, but the facts indicate otherwise. According to the Congressional Research Service, the United States secured over 70 percent of all arms sales worldwide in 1993, and sold $12.8 billion of arms through foreign military sales in 1994. This hardly seems like an industry in need of more Federal assistance. Moreover, at a time when we are considering severe cuts in Medicare and Medicaid, and the reduction in student loans and welfare benefits, how can we justify a massive new direct subsidy to the arms industry, which currently has 70 percent of all arms sales worldwide? Eliminating recoupment fees also makes absolutely no sense in view of our current budget deficit. Over the past 5 years, foreign governments have paid nearly $1 billion in recoupment fees to the U.S. Treasury. Over the next 5 years, recoupment fees are expected to again amount to $1 billion. If we are serious about deficit reduction, the bill's provision eliminating recoupment fees is the wrong way to go.”