Barney Frank: “Good afternoon. First I would like to thank Congressman Gephardt not just for his kind words of support today but for…”

“Good afternoon. First I would like to thank Congressman Gephardt not just for his kind words of support today but for the support he has shown for HUD over these many years. I think the great turnout you see here today of Congress people from across the country reflects that leadership--and we need that leadership now. Congressman Gephardt, I want to thank you very much for everything you have done for all of us. We heard a lot of talk about the $800 billion tax cut and how it is bad economic policy and it is risky and it is reckless--and I think it is undeniable. It gets worse when you look at who would get the tax cut and how it is fueled--obviously to the richest of the rich. You make $500,000 you get a $32,000 tax cut; if you make $18,000 you get $22--period. It makes the $800 billion tax cut more repugnant.”