Monday, December 13, 2010

Udall: Extending Deficit-Busting Tax Cuts for Millionaires and Billionaires is Irresponsible

Udall Opposes Extension of Bush Tax Policy and Calls for Middle Class Tax Relief

Washington, D.C. – Today, U.S. Senator Mark Udall spoke on the U.S. Senate floor before he voted against tax legislation that would extend the Bush-era tax cuts to millionaires and billionaires. Udall called on his colleagues instead to focus on extending tax breaks for the middle class:

“Just over one week ago, the Democratic and Republican chairmen of President Obama’s deficit commission called our national debt a ‘cancer’ that is threatening our country from within. They are right. A massive budget deficit and a crippling national debt are perhaps the most difficult challenges our government faces. As Coloradans know, our national security depends on our economic security – and each is threatened by skyrocketing debt and irresponsible budgeting,” Udall said.

“Days after the most substantive national conversation we’ve had about addressing the debt, the debate suddenly has turned to extending tax breaks for millionaires and billionaires that – alone – will cost $700 billion over the next decade. That’s $700 billion in additional debt that the United States will owe to China and our other creditors around the world – debt that our children and grandchildren will be forced to pay. It’s a ticking time-bomb that needs to be defused.”

“We are suffering from the worst possible case of collective short-term memory loss. During the past decade, tax cuts for the wealthiest Americans didn’t lead to job creation and instead helped cause a skyrocketing deficit. Why would we believe it will be any different this time around? As I’ve said many times, instead of borrowing more money to pay for tax breaks for millionaires and billionaires, we should focus our attention on reducing our national debt, stabilizing Social Security for the long term, and finding common-sense ways to create jobs.”

“I voted twice already to extend all of the tax cuts for the middle class, which will spur our economy forward. I urge my colleagues of both parties, as well as the President, to coalesce around a solution that makes sense for our economy: pass the middle class tax cuts that everyone agrees will help the economy – and avoid piling onto our national debt with unnecessary tax cuts for millionaires and billionaires. Congress should stay working through the holidays to get that done. Hardworking Coloradans – who have been tightening their own budget belts – deserve no less.”