Thursday, April 2, 2009

Washington, D.C. – Congresswoman Dina Titus of Nevada’s Third District today supported a budget resolution that invests in Nevada and our nation’s key priorities and cuts taxes for middle-class families in an effort to move our nation forward along the path to economic recovery.

“With $1.5 trillion in tax cuts for middle-class families, this budget is a blueprint for future growth and economic recovery,” Congresswoman Titus said.  “Through responsible investments in education, health care reforms, clean energy, and veterans’ services we will create jobs, while setting our nation on a sound fiscal path.”

The House budget makes middle-class tax relief a top priority by including the Making Work Pay tax credit for 95 percent of Americans, providing immediate relief from the Alternative Minimum Tax, and working to close corporate tax loopholes.

The Obama Administration and Congress have inherited an unprecedented budget situation.  A record surplus of $5.6 trillion over 10 years under the Clinton Administration turned into a record 10-year deficit of $5.8 trillion under President Bush.  During that time the national debt nearly doubled to $12 trillion, debt held by foreign countries tripled since 2000, and 4.4 million jobs have been lost in the current recession.

“This Congress has inherited an economic recession and a budget deficit that has exploded under eight years of President Bush’s failed economic policies,” Titus added.  “The challenges we face to turn our economy around are many, but this budget begins the hard work of restoring economic security for the American people.  Our budget restores fiscal responsibility by cutting wasteful spending, rooting out fraud and abuse, and laying the groundwork to cut the deficit by nearly two-thirds.  And it builds on our efforts in the recovery package that is already creating and saving jobs and putting money back in the pockets of America’s workers.”

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Tags: budget, tax relief