Frank Pallone: “I think it is a form of arrogance, if you think about it. Here you have a situation where we are in a deficit which…”

“I think it is a form of arrogance, if you think about it. Here you have a situation where we are in a deficit which continues to grow, a huge deficit, one of the biggest we have ever seen; and rather than try to give some money back to working people below a certain income, I think my recollection is that if your family, and you are working and working and you are making minimum wage, you would not get any money back. You get no credit. And if you are a family that is up in the 300,000 bracket, you get a $500 credit. So if you are buying into the theory, which I think the Republicans articulate, that somehow this tax credit will benefit the average guy so that they can go out and spend the money and that helps the economy and all, this is what they articulate on the floor, how is it that you do not give it to the guy, the working person who is making a lower salary, he probably is more likely to go out and spend the money because he does not have that much money. He has to go out and buy food or staples for the family, clothing; as opposed to somebody in the 300,000 bracket who would probably put it in the bank because they do not need to spend it. So their theory, even their own ideology, they do not practice it. They do not practice what they preach.”