A picture of Representative James P. Moran
James M.
Former Democrat VA 8
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    American Taxpayer Relief Act of 2012

    by Former Representative James P. Moran

    Posted on 2013-01-01

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    MORAN. Mr. Speaker, tonight we will pass 83 provisions that remove Federal revenue, totaling $3.9 trillion, all of it deficit financed. Now, we will add $64 billion more this year to reducing the deficit. So if we have a $1.3 trillion annual deficit this year, it will bring it down to $1.24 trillion.



    Now, many of us feel--certainly on this side--that the deficit doesn't matter, but it does matter because we have another deficit: a deficit in investment in the education of our children, an investment in the training and skills of [[Page H7555]] our workforce and the fiscal infrastructure of our country. We will have none of those resources to make that investment after we make this vote tonight.

    The problem is we set up three more fiscal cliffs. We're going to have to deal with the debt ceiling, we're going to have to deal with the continuing resolution expiration, and we're going to have to deal with the sequester. All that's left is spending cuts.

    So the only question we have to ask ourselves is, what programs do we cut and how deep do we cut them? We're going to look back on this night and regret it, notwithstanding the fact that 95 percent of us apparently will vote for it.

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