[Congressional Record Volume 158, Number 154 (Tuesday, December 4, 2012)] [Senate] [Pages S7363-S7364] From the Congressional Record Online through the Government Publishing Office [www.gpo.gov] FISCAL CLIFF Mr. REID. Mr. President, it has been almost 3 weeks since we all met with the President to avert that fiscal cliff we hear so much about. Yesterday, after weeks of delay, and as the days dwindle and taxes are set to go up for millions of families and businesses, Republicans in the House finally showed up at the negotiating table. Now we know why they have been holding their cards so close to their vests. Their proposal would raise taxes on millions of middle-class families. Their plan is to raise $800 billion in revenue by eliminating popular tax deductions and credits that would reach deep into the pockets of middle-class families. Republicans are so intent on protecting low tax rates for millionaires and billionaires, they are willing to sacrifice middle-class families' economic security to do so. In the first year, unless we do something, middle-class families; that is, people making less than $250,000 a year, will get an average of $2,200 in additional tax, taxes they will have to pay. Their proposal that we received yesterday was short on specifics, but we do know from independent analysis that it is impossible to raise enough revenue to make a dent in the deficit [[Page S7364]] without using one of two things: raising tax rates on the top 2 percent or raising taxes on the middle class. As my friend, the senior Senator from Missouri, said on the Sunday talk shows, the Speaker has to make a decision whether it is more important to keep his job or to do something about the economy that is in such difficult shape in America. He has to make a choice. The nonpartisan Tax Policy Center called it mathematically impossible to reduce the deficit and give more tax cuts to the rich without harming the middle class. This is the same thing President Clinton talked about so often during the campaign, saying to everyone it is arithmetic. As usual, given the choice between millionaires and billionaires and the middle class, Republicans again sided with the wealthy of this country. In fact, their plan doesn't just keep rates low for the richest 2 percent, it actually lowers them further. The Democrats' plan would protect 98 percent of families and 97 percent of small businesses from painful tax increases by asking the top 2 percent to pay a little bit more to reduce the deficit. The Republicans' plan, on the other hand, is more of the same. Not only does it balance the budget on the backs of the middle class, it voids our promise to seniors with steep cuts to Social Security and Medicare, all to pay for even more handouts to the rich. At least we now know where they stand. Republicans have sought cover by invoking Erskine Bowles' name, but he has disavowed their plan in no uncertain terms. We are glad to finally see Republicans joining in the negotiating process instead of watching from the sidelines. While their proposal may be serious, it is also a nonstarter. They know any agreement that raises taxes on the middle class in order to protect more unnecessary giveaways to the top 2 percent is doomed from the start. It will not pass. Democrats would not agree to it. President Obama wouldn't sign such a bill, and the American people would not support it. That is in all the polls that are in at press this morning. The American people are tired of budget-busting giveaways to the wealthiest few people who have enjoyed growing paychecks and shrinking tax bills for more than a decade. The American people want a balanced deal. Simple math dictates that a balanced deal must include higher taxes on the richest of the rich. Republicans would be wise to keep that in mind as negotiations move forward. We are willing to compromise, but we also will not consign the middle class to higher tax bills while millionaires and billionaires avoid all the pain. I have been told the leader of the Democrats in the House will file today a discharge petition asking the Speaker to bring the bill to the floor. All Democratic House Members, as far as I know, every one of them will sign this discharge petition. We have heard Republicans in the House who are willing to move forward. If every Democrat signs this, we will only need about 25 Republicans to join. The American people should see that picture. With 25 Republican votes--25 Republican votes--middle-class America would be able to rest assured that they will not have a tax increase at the first of the year. Twenty-five Republicans is all it would take. ____________________