Nydia M. Velazquez: “Thank you, Ranking Member, for yielding. Madam Speaker, as we debate how to avert the default crisis, we should…”

“Thank you, Ranking Member, for yielding. Madam Speaker, as we debate how to avert the default crisis, we should acknowledge what got us into the current mess. The real reason that the United States faces this dilemma dates back to a series of irresponsible tax cuts: $2.5 trillion in tax giveaways that were unpaid for and went disproportionately to the wealthiest Americans put us on this sustainable path. We were told tax cuts would provide an economic boost. So what did we get for this enormous addition to the deficit? Was our economy strengthened? Were new jobs created? The answer is a resounding no. In fact, the median income for working families fell by 2.4 percent during the first 10 years these tax cuts were in place--while food, housing, and other necessities became more expensive. Job creation plummeted to 33 new jobs a month, the lowest levels since President Hoover. The record is clear: Giving tax breaks to the wealthiest without paying for it ballooned our deficit but didn't create jobs. Now, the proposal before us will not just continue this misguided policy of slash and burns, but make it worse. It won't create jobs for Americans but will slash services working families rely on. Make no mistake, America: This plan begins the dismantling of Medicare and Social Security. Meanwhile, subsidies for big oil companies and tax breaks for billionaires will be locked in.…”