Tuesday, September 20, 2005

DeLay: GOP looking for Katrina offsets

DeLay: GOP looking for Katrina offsets - Industrial, Diversified - Industrial Products & Services - Economy - Bond Market

DeLay, R-Texas, said he had been quoted out of context last week when he told reporters that 11 years of GOP majority rule in the House had resulted in an "ongoing victory" over government waste.

"What I said was fiscal restraint -- and I said it inartfully, I know -- was an ongoing victory. 'Ongoing' is the operative word. We are always involved in fiscal restraint and fiscal responsibility, ever since we have been in the majority," he added.

A number of House and Senate Republicans, as well as GOP-aligned think tanks such as the Heritage Foundation, have pressed for a range of proposals in the past week to trim federal spending.

Rep. Mike Pence, R-Ind., on Sunday urged delaying the full implementation of the Medicare prescription-drug benefit, which is due to take place in 2006. That also has been suggested by Sen. John McCain, R-Ariz.

In addition, there have been calls to reopen the recently passed, $284 billion federal highway bill signed into law this summer to remove a range of "pork-barrel" spending projects in individual members' districts.

Democrats, meanwhile, and some Republicans have suggested delaying or scrapping the proposed extension of Bush's first-term tax cuts, all of which are scheduled to expire by 2010.

Earlier, news reports said that Treasury Secretary John Snow, in a speech to the National Association of Federal Credit Unions, warned that Katrina relief efforts could force the administration to delay the push for some of its economic proposals.


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