10 Year Anniversary of the Bush Tax Cuts: Resulting in the Slowest Job Growth Since Hoover and Annual Trillion Dollar Deficits
WASHINGTON, DC – Congressman Robert C. "Bobby" Scott (VA-03) marked the 10 year anniversary of President George W. Bush signing the Economic Growth and Tax Relief Reconciliation Act into law by issuing the following statement:
"Ten years ago today, one of our nation's biggest fiscal disasters was signed into law – the first round of Bush Tax Cuts. I opposed these cuts in 2001 and again last December – when they were extended for an additional two years – by pointing out that our nation simply cannot afford them. Had Congress been more responsible in 2001 and come together to shore up Medicare and Social Security and pay down the national debt, our nation would be in a much better fiscal situation today. Instead, we more than doubled the national debt and squandered a projected $5.6 trillion ten year surplus, which was sufficient to pay off the debt held by the public by 2008. In order to partially pay for their reckless policies, the Republicans are now proposing to repeal Medicare and sabotage Medicaid. If we're going to get serious about reducing our budget deficit, ending these irresponsible tax cuts must be on the table."
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