Jim Ryun: “the U.S. economy has shown truly amazing resilience after the many challenges of the last few years, including: a…”

“the U.S. economy has shown truly amazing resilience after the many challenges of the last few years, including: a terrorist attack, war, corporate scandals and recession. In spite of these factors: real GDP growth was 8.2 percent in the 3rd quarter of 2003, the highest pace in two decades, housing starts are at the highest level in 20 years, mortgage rates are the lowest in over 30 years, and payroll employment has increased by 364,000 jobs in the past 6 months. This is good news for every American family. Economic growth is the key to prosperity for everyone. And the Republican budget is the plan that will ensure that these growth trends continue. One way this budget encourages sustained economic growth is by not raising taxes. Under the budget drafted by Chairman Nussle, there will be no reduction in the child tax credit, no increase in the marriage penalty, and no lowering of the income limit for the 10 percent tax bracket. Raising taxes, as the Democrats have proposed, would be a severe blow to the recovering economy and to young families. The Democrats believe that taxes should be raised to pay for more government spending. During the Budget Committee markup the Democrats proposed to increase spending by $28.6 billion next year, paid for by raising taxes by $28.9 billion next year. I ask my colleagues, why do we need more spending and higher taxes? Spending by the Federal Government has reached over $20,000 per household. I find that total staggering.”