There is another approach, which is why I've just introduced legislation imposing a surtax on those households earning a million dollars or more and the elimination of tax loopholes which the big oil companies take advantage of.
Everyone agrees that this country has a major deficit crisis, but few discuss how we got there. When George W. Bush inherited the White House from Bill Clinton we had a significant surplus. Now we have a $1.5 trillion deficit. How did that happen?
First, against my vote, Bush and Congress launched a war in Iraq. By the time we take care of our last veteran that war will end up costing us some $3 trillion. When the war drums were beating do you recall any of our Republican friends wanting to know how that unnecessary war was going to be paid for? I don't.
Third, under President Bush and a Republican-run House, Congress passed a $400 billion-plus Medicare prescription drug program. Written by the insurance companies and the drug companies, it barred the government from negotiating better prices. It drove up drug costs, padded pharmaceutical company profits and added to the deficit.
Fourth, again over my objection, Congress voted for a massive bailout of Wall Street. I didn't hear too many people talking about how we would pay for that $700 billion to bail out Wall Street. I didn't hear them worrying that it would drive up the deficit. Wall Street, having destroyed the economy through their reckless and illegal behavior, needed a welfare check and Congress provided it. End of story.
The corporate media have been very lax in describing the devastating and unprecedented pain that the Republican House passed budget bill, HR 1, would bring about for low and moderate income families. Let me briefly mention just a very few of their cuts.
The Republicans want to decimate the Head Start Program. Every working family in America knows how hard it is today to find affordable childcare or early childhood education. At a time when we have the highest rate of childhood poverty in the industrialized world, the Republican solution is to slash Head Start by 20 percent, throw 218,000 children off the program and lay off 55,000 Head Start instructors.
The cost of college education today is so high that many young people are giving up their dream of going to college, while many others are graduating deeply in debt. The Republican solution? Make a bad situation much worse by slashing Pell grants by $5.7 billion and reducing or eliminating Pell grants for 9.4 million low-income college students.
Social Security is another target. We get calls in my office every week from senior citizens, people with disabilities, widows who are having a hard time getting a timely response to their Social Security claims. It takes much too long to process the paperwork today. What is the Republican solution? They want to slash the Social Security Administration, the people who administer Social Security, by $1.7 billion. That means half a million Americans who are legally entitled to Social Security benefits will have to wait significantly longer to receive them. (Become a citizen member of the Defending Social Security Caucus)
When it comes to health care, we have 50 million Americans with no insurance today, and 45,000 Americans die each year because they don't get to a doctor in time. Last year, as part of health care reform, I worked very hard to expand community health centers so that more and more low-and moderate-income people could walk into a doctor's office, get health care, dental care, low-cost prescription drugs, mental health counseling. What is the Republican response to the health care crisis? They want to drastically cut-back funding for community health centers and deny primary health care to 11 million Americans.
In cold weather states like Vermont, where the weather can get to 20 below zero, home heating assistance is critically important. In fact it is a life and death issue. At a time when home heating oil costs are soaring, the Republicans want to cut $400 million from the Low-Income Home Energy Assistance Program.
After decades of progress cleaning up our air and water, and preventing much illness, the Republicans want to slash the EPA by 30 percent and undercut enforcement of the Clean Air Act and the Clean Water Act.