Udall Says Lower Taxes for Corporations and Ultra-Wealthy not Shared Sacrifice
Submitted by J. Dyrcz on 22 July 2011 - 12:44pm
WASHINGTON – U.S. Senator Tom Udall (D-NM) released the following statement on his vote against H.R. 2560, the Cut, Cap and Balance Act:
"Throughout this debate, we have been talking about the need for shared sacrifice. The House-passed bill I voted against today was nothing of the sort. Instead of phasing out tax breaks for industries making record profits, like big oil, this bill would have shifted the burden of a balanced budget squarely on those who depend on social security and Medicare to get by, and the average New Mexico family who makes about $45,000 a year. Locking in lower tax rates for corporations and the ultra wealthy while slashing benefits for those who need them most, is not shared sacrifice.
"As I've said repeatedly, failing to raise the debt ceiling would have very real consequences for New Mexico. As we learned earlier this week, because we are one of the states that most heavily relies on federal dollars to run our labs, public lands and military installations, a default would damage our state's credit rating. It would also adversely impact seniors, veterans and everyday working families. Discussions about the way we find a solution to this problem are ongoing, and I will continue working to find a balanced solution before time runs out."