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Dems: Bush, GOP need to fix U.S. economy
WASHINGTON (CNN) -- As the world's focus remains on the possibility of war with Iraq, the Democratic Party on Saturday urged the Republican-led Congress and the Bush administration to concentrate on the country's "stagnating economy." "These are challenging times for all Americans. We face the specter of war abroad and a steady stream of bad economic news at home," Rep. Robert Matsui of California said in the Democrats' radio address. Matsui pointed to unemployment, steeper gas prices, and a weak stock market as examples of the economic downturn. The California congressman dismissed Bush's tax cut solution to stimulate the economy as "reckless." "What have President Bush and Congressional Republicans proposed to do about these problems? The elimination of taxes on corporate dividends. Yes, that's their response," Matsui said. "So who benefits from this tax cut? Well, those earning $1 million or more a year would receive an average tax cut of $27,000 a year. "But middle-income families earning $40,000 a year can expect a tax cut of thirty dollars a year." Matsui: Budget ruined under BushMatsui also said his Republican counterparts postponed legislation that would have provided tax relief for U.S. military personnel serving in the Persian Gulf "so they could add tax breaks for their friends in the lobbying community." "One of these tax breaks was for foreign gamblers who bet on horse races in America," he said. "I know that's hard to believe, but it's true." Matsui also blamed the Bush administration for ruining the budget. "Just two years ago, the federal budget was in great shape but record surpluses have turned to record deficits, and today our government cannot pay its own bills." he said. "The president's 2004 budget calls for a $1.8 trillion federal deficit over the next 10 years, and even this leaves out the cost of war with Iraq. "In fact, during the next two years alone, we will run the largest deficits in our nation's history." According to the California legislator, the Republican budget does not support local communities. Matsui said the proposed budget does not provide local law enforcement and firefighters with anti-terrorism resources and cuts funding for schools. "Of course, there's no money left for a meaningful prescription drug benefit," he added. "In fact, Republicans plan to cut $200 billion from Medicare." Matsui said the Democratic plan puts forth "sensible economic policies that put American families first." While avoiding any specifics, Matsui said the Democrat's plan "puts money in people's pockets and helps get our economy moving again."
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