congressional_record: CREC-2012-12-31-pt1-PgH7472
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| granule_id | date | congress | session | volume | issue | title | chamber | granule_class | sub_granule_class | page_start | page_end | speakers | bills | citation | full_text |
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| CREC-2012-12-31-pt1-PgH7472 | 2012-12-31 | 112 | 2 | MIDNIGHT MAGIC | HOUSE | HOUSE | ALLOTHER | H7472 | H7472 | [{"name": "Peter A. DeFazio", "role": "speaking"}] | 158 Cong. Rec. H7472 | Congressional Record, Volume 158 Issue 171 (Monday, December 31, 2012) [Congressional Record Volume 158, Number 171 (Monday, December 31, 2012)] [House] [Page H7472] From the Congressional Record Online through the Government Publishing Office [www.gpo.gov] {time} 0910 MIDNIGHT MAGIC The SPEAKER pro tempore. The Chair recognizes the gentleman from Oregon (Mr. DeFazio) for 5 minutes. Mr. DeFAZIO. All but those in total denial--and there is a lot of that inside the D.C. Beltway--would admit that we need a combination of increased revenues, taxes--the gentleman before me disagrees--and spending cuts to restore fiscal stability. Especially with a still-weak economy, we don't need blanket tax increases that would hit the hardworking families of the middle class, and we don't need brain-dead, across-the-board spending cuts that mete out the same percentage cuts to wasteful and unneeded programs and high-functioning essential programs. We can do better, and the American people deserve better. In that spirit, I offer the following ideas. Pick one of the numbers floating out there. Let's restore the Clinton-era tax rates on income over $250,000, $400,000, $450,000. They are bargaining out there. Whatever. We are restoring the Clinton-era tax rates. We're not going back to Eisenhower. We're talking about Clinton-era tax rates for income above that level. Restore the same Clinton-era tax rates on unearned income when there were a lot more productive investments out there, delay the across-the- board cuts for 30 days, give the new Congress a chance to make smarter, targeted cuts of equal value, and fix the Medicare reimbursement so that seniors aren't threatened in the middle of the month from not being able to get medical care, and extend unemployment. Come on, don't be cruel to people who can't find jobs and want to find them, although some on that side deny they're looking for work. It's not the specifics really that I want to talk about here. It's the procedure. That's what will solve this because this is Washington. It's not about reality. Now, here it is: the midnight magic plan. We begin debate at 10 p.m. For the first 2 hours, everybody can go to their usual corners. The Republicans could decry the increased taxes on job creators, on income over $250,000 or $400,000 or $450,000. The Republicans could stay true to their pledge to Grover Norquist to never, ever raise taxes for any purpose, never. Democrats could say it's not enough; it doesn't restore tax fairness. We could have the usual debate for 2 hours. At midnight we stop, sing ``Auld Lang Syne,'' come together a little bit, and then the midnight magic. Now, the same bill is cutting taxes for 98 percent of the working people in the United States of America, the Democrats would have protected Social Security and Medicare, and both sides get a chance over 30 days to legislate--God forbid we should legislate around here-- targeted cuts instead of the meat-axe approach to cutting spending. I think that's the best we can do for the American people. We transmogrify this bill with the magic of midnight from one that increases taxes on the job creators--income over $250,000 or $450,000-- to one that actually gives tax cuts to 98 percent of America, something both sides can go home and brag about. No cliff. ____________________ |