Stephanie Tubbs Jones: “I rise at a perfect opportunity to talk about the deficit. The gentleman from California (Mr. Dreier), my colleague…”

“I rise at a perfect opportunity to talk about the deficit. The gentleman from California (Mr. Dreier), my colleague, would have the American public believe that we are in great shape. What he did not tell us was that the deficit currently is $8 trillion; that 20 percent of that deficit is owned by Japan, China and other foreign countries; that 40 percent of that deficit, in fact, is a trade-off between our various agencies in the Federal Government; and that our children and our grandchildren are going to be paying on that deficit. He then wants us to believe that, as a result of the tax cuts, the economy's in great shape, but give me a break. Stop trying to fool the American public. The reality is, as a result of those tax cuts, this $8 trillion deficit currently exists, and as we continue to throw money after money over to Iraq and rebuild Iraq, give them education, give them health care, rebuild their infrastructure, we are failing to even want to spend time to rebuild the infrastructure of New Orleans, Mississippi and Alabama, and in fact, have not even contemplated how we are going to pay for the Katrina loss. But let me give my colleagues some other news. It is, in fact, true that the Republicans are proposing to offset the cost of Katrina against people who can least afford to lose dollars, and they are going to use dollars that go to low-income folks, Medicare, Medicaid. They are going to use dollars that go to college education.…”