Deborah Koff Ross: “This administration has told us for 5\1/2\ years now that if you cut taxes on folks earning over $400,000 a year, I do…”

“This administration has told us for 5\1/2\ years now that if you cut taxes on folks earning over $400,000 a year, I do not have a lot of folks in my district who earn that kind of money, but this administration, this Republican-led Congress, for 5\1/2\ years has been telling us about that trickle down business, that if you cut taxes on those earning over $400,000 a year, it will eventually trickle down to everyone else and stimulate the economy and bring in new revenues and, therefore, a stronger economy and a stronger government. Well, as you can see here, the realistic estimate shows a bleak deficit outlook for those tax cuts for people earning over $400,000 a year. All they have gotten us is in the business whereas of today our Nation is borrowing $1 billion a year, 45 percent of which we are borrowing from places like China, Japan, Hong Kong and Korea and, oh, yeah, OPEC nations. In fact, these tax cuts for folks earning over $400,000 a year, what they have gotten us is not only a record debt and record deficit and in the business of borrowing $1 billion a day. It has also resulted in our Nation spending a half a billion dollars every day simply paying interest on the debt we have already got. Again, as Blue Dog members, fiscally conservative Democrats, we coined the phrase the ``debt tax,'' D-E-B-T, which is one tax that cannot be cut, cannot go away until we get our Nation's fiscal house in order.…”