[Congressional Record (Bound Edition), Volume 160 (2014), Part 6]
[House]
[Page 7697]
[From the U.S. Government Publishing Office,
www.gpo.gov]
TAX CREDITS
(Mr. HOYER asked and was given permission to address the House for 1
minute and to revise and extend his remarks.)
Mr. HOYER. Mr. Speaker, in just a few short minutes, we will
demonstrate whether this House does or does not have fiscal
responsibility.
We ought to extend the research and development tax credit to help
businesses invest in innovation--and we ought to do it permanently. But
Republicans are asking us to do so without paying for it, which would
add $155 billion to the deficit. Once again, they are ignoring fiscal
responsibility when it comes to tax cuts.
In 1981, 2001, and 2003, Republicans passed tax cuts without paying
for them, and the outcome every time was predictable--an increase in
our debt. Under President Reagan, it was a 189 percent increase. He
could have vetoed any spending bill. Under President George W. Bush,
there was an 86 percent increase in the national debt.
Economists agree that tax cuts do not pay for themselves. In 2010,
former Reagan budget director David Stockman said this:
This debt explosion has resulted not from big spending by
the Democrats but instead the Republican Party's embrace
about three decades ago of the insidious doctrine that
deficits don't matter if they result from tax cuts.