mr. speaker , here we are just 2 weeks after house republicans claimed that they were restoring fiscal discipline to the federal budget considering a tax bill that will make our deficits worse and drive our nation even further into debt . 
in 5 short years , the republican party 's failed economic policies have instigated $ 1.57 trillion in budget deficits and added $ 3 trillion to the national debt . 
by the way , during the last 4 years of the clinton administration , we added not a nickel to the national debt and all 4 years we had a surplus . 
even alan greenspan , the chairman of the federal reserve , is sounding the alarm . 
he recently said , `` we should not be cutting taxes by borrowing. '' that is what we are doing . 
but with this bill republicans are doing precisely that . 
now the republican response will be as predictable as it is wrong . 
they will claim that tax cuts pay for themselves , but at long last can we dispense with this supply-side snake oil . 
last month the incoming chairman of the federal reserve told the senate , `` i think it 's unusual for a tax cut to completely offset the revenue loss. '' that is president bush 's appointee to the federal reserve . 
and the comptroller general of the united states , david walker , recently stated , `` anybody who says you 're going to grow your way out of this problem , ( deficits and debt ) would probably not pass math. '' even the president 's council of economic advisers admitted in 2003 , `` although the economy grows in response to tax reductions , it is unlikely to grow so much that lost tax revenue is completely recovered by the higher economic activity. '' that is why we have $ 1.75 trillion in additional deficits in 5 years and $ 3 trillion of additional debt . 
so my republican friends can stop pretending that the tax cuts in this bill will somehow magically pay for themselves . 
you are suggesting cuts twice as large as you were prepared to cut in spending . 
they will not . 
finally , let me say that this tax bill perfectly illustrates the republican party 's misguided priorities . 
its centerpiece is the capital gains and dividend cuts from 2008 to 2010 . 
who do you think benefits from that ? 
certainly not those making less than $ 50 , 000 a year . 
they will receive 3 percent of the capital gains tax cut . 
the fact is 80 percent of the capital gains tax cuts go to those with incomes more than $ 200 , 000 ; and more than 50 percent goes to those with incomes over $ 1 million . 
meanwhile , this majority has refused to address the alternative minimum tax within this bill , thereby exposing nearly one-third of taxpayers making between $ 75 , 000 and $ 100 , 000 to higher taxes next year . 
i urge my colleagues : vote for fairness . 
vote for fiscal sanity . 
vote for the democratic alternative . 
