Congressman Ben Ray Luján of New Mexico’s Third District released the following statement on a Republican bill that permanently extends the research and development tax credit by adding $182 billion to the deficit.
“House Republicans’ determination to pass legislation that adds billions to the deficit is the height of hypocrisy. They claim to care about fiscal responsibility and reducing the deficit when they cut student aid programs, transportation funding, and nutrition assistance, but when it comes to unpaid tax breaks, their actions do not match their rhetoric. Already, House Republicans have run up a nearly $600 billion tab by extending expiring tax provisions without paying for them.
“The research and development tax credit drives important innovation and is a vital tool to strengthen our economic competitiveness. I stand in strong support of a responsible extension that is paid for and will help spur economic growth without piling on billions of dollars to the deficit. Unfortunately all we’ve seen from House Republicans is another tax bill that blows a hole in the deficit.”