In his remarks this morning to the National Association of Manufacturers, the NAM’s Public Affairs Steering Committee, House Majority Leader Steny Hoyer was at his most forceful when talking about the deficit. Here’s the passage:
Part of the fear and anger that we see at these town meetings is a fear that their country is in a fiscal situation which they’re going to pay for and is unsustainable. They are right. (Pounds lectern). I am one of those Democrats who believes very strongly we’ve got to get a handle on this deficit, and it will not be for free. There is no easy magic way to get there. You need to pay for what you buy. That’s what the president is saying on health care, we need to pay for what we buy. We’ll have to figure that out. But I agree with the president, I’m not going to be for a bill that adds to the deficit. We’re going to have to pay for that. So I’m going to ask you to focus on that.
The majority leader spoke in support of tax reform, said it had to be bipartisan (a la 1986), but did not hold out much hope for action soon along those lines. It was interesting that he implicitly acknowledged the merit of the arguments of companies that are protesting the Administration’s proposed elimination of deferral and other tax increases on overseas income.
But I do understand that if we and when we adopt tax reform, we need to do so in a way that helps you grow your businesses, helps you grow jobs, both here…and profit. Not only here, because we’re in an international community…
I was with the president of Oracle out in California the other day, talking about how much of their business is overseas, but much of their growth obviously is here in terms of the necessary business but their employees are here. So we’re advantaged by where ever they pay the money. We need to facilitate that, not impede it.
Notwithstanding that, offshore income continues to be a challenge for us, and we need to come up with a good solution to that issue.
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