Marcy Kaptur: “last week the President sent his 2006 budget request to Congress. Just yesterday, he added to that request for…”

“last week the President sent his 2006 budget request to Congress. Just yesterday, he added to that request for supplemental funds for fiscal year 2005. His own estimate shows staggering budget deficits to be handed down to the next generation, and to many future generations. In fact, this administration is setting new world records all over the place. Not only record budget deficits but also, importantly, record trade deficits. In fact, they have now created a two-headed monster. This administration is exporting its bankrupt economic policies around the world through failed trade policies. Just look at the numbers. Never has America had trade deficits over one-half trillion dollars. Last year, $617 billion, every year going deeper and deeper, sinking deeper into trade deficit with our trade competitors around the world. This is not an issue for Republicans and Democrats. This is going to hit everybody's wallets, from Wall Street to Main Street. The trade deficit for calendar year 2004 smashed every record on the books. That is right. Over one-half trillion dollars. Now, who are these deficits with? Let us start with China. If you go out to San Diego and Los Angeles harbor, you can see ships coming in from Asia as far as the eye can see. Every single year of this Presidency, we have seen the red ink from China get deeper and deeper. In fact, last year we were in debt to them, just for last year, over $162 billion. That was up almost a third from the prior year.”