Steny Hoyer: “here we are just 2 weeks after House Republicans claimed that they were restoring fiscal discipline to the federal…”

“here we are just 2 weeks after House Republicans claimed that they were restoring fiscal discipline to the federal budget considering a tax bill that will make our deficits worse and drive our Nation even further into debt. In 5 short years, the Republican party's failed economic policies have instigated $1.57 trillion in budget deficits and added $3 trillion to the national debt. By the way, during the last 4 years of the Clinton administration, we added not a nickel to the national debt and all 4 years we had a surplus. Even Alan Greenspan, the chairman of the Federal Reserve, is sounding the alarm. He recently said, ``We should not be cutting taxes by borrowing.'' That is what we are doing. But with this bill Republicans are doing precisely that. Now the Republican response will be as predictable as it is wrong. They will claim that tax cuts pay for themselves, but at long last can we dispense with this supply-side snake oil. Last month the incoming chairman of the Federal Reserve told the Senate, ``I think it's unusual for a tax cut to completely offset the revenue loss.'' That is President Bush's appointee to the Federal Reserve.…”