Tuesday, August 02, 2011

Sen. Levin: Senate Floor Speech on the Debt Limit and Deficit Reduction

WASHINGTON, D.C. -- Tuesday, August 2, 2011

Madam President, to say the legislation before us is not ideal is truly an understatement.

The notion that our deficit problem can be solved solely by cutting spending flies in the face of our experience when in fact unwise tax cuts for the wealthy and egregious tax loopholes are significant culprits in our fiscal crisis. I believe too many Republicans are influenced by an ideology so extreme that it promised to wreak economic havoc if they did not get their way. No additional revenues became the battle cry, an approach that prevents the balanced deficit reduction that the American people rightly support. The result is that this legislation incorporates some policies that are profoundly unfair to middle-income Americans.

So seen in isolation, this is not a good bill. But no public policy exists in a vacuum. Despite its many flaws, this legislation must pass. Let me explain why. ...
Click here to read the rest of U.S. Sen. Carl Levin's speech.

Editor's Note: According to the Huffington Post, the Senate is scheduled to vote on this legislation at Noon today, Tuesday, Aug. 2. President Obama is scheduled to speak at 12:15 p.m. today. Visit the Huffington Post for live video.

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