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Washington, D.C. – Congressman John D. Dingell, Ranking Member of the Committee on Energy and Commerce, today condemned the Bush budget as anti-competitive, noting that while "the cuts would save money for the government in the short term, it would be at the expense of American workers, the economy and future government revenue." Despite the President’s dire warnings of an economic slowdown, the Bush budget cuts essential programs that help ensure American competitiveness and could cost billions of dollars in export sales and thousands of jobs throughout the country, particularly if the Export-Import Bank does not have adequate funds to finance export purchases as other countries do. The President’s budget cuts the Bank’s funding by 25 percent. "These cuts sand the gears of economic growth and harm America both at home and in the global marketplace," Dingell said. "Our nation was founded on hard work and enterprise with an eye toward future successes, not immediate and unsatisfying gains. We must continue to foster programs that protect our competitive edge." Within the Department of Commerce, programs which foster American competitiveness are in jeopardy due to Bush’s budget, including the Emergency Steel Guaranteed Loan Program and the Advanced Technology Program. Under the Bush budget, these programs are slated to be cut by $132.345 million and $132.4 million respectively. Additionally, funding for the U.S. Patent and Trademark Office has been slashed by $94 million, which will have a direct and negative impact on the number of new patent applications approved. New patent applications are expected to increase by 12 percent this year and take as long as 26.7 months to approve. "Time and again, I am baffled by the hazardous and curious cuts contained in this budget. It is nonsensical to poke holes in safety-net programs, hinder invention and economic growth, and place hard working, Americans jobs in jeopardy, all for the sake of a massive tax cut that helps those who have already benefitted most," noted Dingell.
- 30 - [Editor’s note] American competitiveness budget highlights as analyzed by the Democratic staff is available on this web site: American Competitiveness | ||
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