Press Releases

Congressman Adam Smith (D-Wash) today introduced the Invest in America Act, saying it would bring billions in new investment to America and help spur our economy.

Smith was joined by 15 original cosponsors: Reps. Cal Dooley (D-Calif.), Mike McIntyre (D-N.C.), Jim Turner (D-Texas), Anna Eshoo (D-Calif.), Zoe Lofgren (D-Calif.), Silvestre Reyes (D-Texas), Jim Cooper (D-Tenn.), Chris John (D-La.), Ellen Tauscher (D-Calif.), Ed Case (D-Hawaii), Carolyn McCarthy (D-N.Y.), Stephanie Tubbs Jones (D-Ohio), Ron Kind (D-Wisc.), David Scott (D-Ga.) and Brian Baird (D-Wash.).

The bill would encourage companies with foreign subsidiaries to return their foreign profits to the United States by offering a temporary reduction in the tax rate on foreign profits.  The Joint Committee on Taxation estimates passage of the bill would result in an additional $135 billion in investment in America.

“The Invest in America Act meets the criteria for a sensible economy stimulus measure,” Smith said.  “It encourages investment and job creation right away and is fiscally responsible, unlike the Republican proposals that fail to give the economy the jump-start it needs and instead will only increase the deficit and grow the national debt.”

Republican Congressman Phil English has introduced a measure similar to Smith’s, and Smith will be working with him, and other interested Republicans, to see the proposal included in any final stimulus package that Congress passes.

Congressman Adam Smith (D-Tacoma) issued the following statement in response to President George Bush's State of the Union address this evening:

"Tonight, the President failed to outline a bold, positive agenda for our nation. Instead, the speech was much of the same old rhetoric that has been the hallmark of his past State of the Union addresses.

As gas prices are again on the rise, the President needs to focus on alternative fuels instead of towards greater dependence on polluting imported fossil fuels. Since Bush took office in 2000, the amount of foreign oil consumed in the United States has gone up to sixty-six percent from fifty-eight percent. Americans now spend $200,000 a minute on foreign oil and more than $25 billion annually goes to Persian Gulf states for oil imports. The Bush Administration's Energy Bill, passed last year, preserves the status quo and contains billions in subsidies for fossil fuels like oil, coal and gas; subsidies that do not make sense if we are serious about switching to alternative energy sources and lessening our dependence on foreign oil. As a nation, we must be prepared to invest in forward-thinking and emerging technologies, renewable energy, and energy efficiency and conservation.

In tonight's speech, Bush failed to address one of the critical problems are nation faces: an irresponsible and out-of-control fiscal policy. Bush insists on making his tax cuts permanent, yet these cuts are targeted to help the wealthiest in our country, they do almost nothing to benefit the average American, and they worsen the nation's poor fiscal health. According to the non-partisan Congressional Budget Office (CBO), the cost of making the tax cuts permanent is $3.4 trillion through fiscal year 2015. At a time when we have annual budget deficits approaching $500 billion and a national debt that exceeds $8 trillion, we cannot afford these tax cuts for the wealthiest Americans. He also showed no plan for reining in government spending and he appears content to simply continue his fiscally irresponsible policies.

President Bush also failed to provide America tonight with a vision to adequately address the growing health care crisis that faces the nation. Health care inflation is rising at a rate of approximately 15 percent a year, and yet he gave us no plan for controlling health care costs.  In order to ensure the competitiveness of our businesses and the vibrancy of our economy, we must control the cost of health care. 

He discussed relatively minor policy changes that will have a limited impact on what is clearly a large-scale problem.  In doing so, he's demonstrated that he has neither the will nor the creativity to deal with the central and urgent challenges faced by million of American families.  We need to do better and the Bush Administration needs to lay out a health policy that controls costs and also helps all Americans get the health insurance that they deserve.

Tonight's speech discussed energy independence, our economy and our health care system, yet the proposals that the President discussed tonight do not address the fundamental issues that Americans face. In the State of the Union, Bush had the opportunity to layout a serious and thoughtful vision for the future: a future for Americans that includes investments in the latest technologies to decrease our dependence on foreign oil, a future that includes a significantly reduced national debt and a health care system that doesn't leave 45 million Americans uninsured. President Bush did not do this. Rather, he laid out policies that maintain the status quo regarding our dependence on foreign oil, no plan to curb our spending and no effective plan to help the millions of uninsured Americans.  We need real solutions to these important and difficult problems and the President failed to provide the American people with policies that will address these issues."

 

U.S. Rep. Adam Smith (WA-09) today issued the following statement on H.R. 3, a bill to expand federal funding for embryonic stem cell research.  The bill passed the House of Representatives today by a vote of 253 to 174.

“More than 70 percent of Americans support stem cell research.  House Democrats promised to expand funding for this potentially life-saving and life-changing science.  I’m pleased to report that in the first 100 hours of the 110th Congress, we made good on our promise. 

“Local institutions like the Fred Hutchison Cancer Research Center and the University of Washington could benefit from passage of this bill, so I hope we can get it to the President’s desk quickly.  President Bush should listen to the will of the people and sign it without delay.”
 

Congressman Adam Smith (D-Tacoma) made the following statement concerning his vote against the Budget Reconciliation:

“Last month, I voted against the House version of the budget reconciliation bill.  At that time, I pledged to work with my colleagues to craft legislation that will balance our budget, while also maintaining access to health care and education for all Americans.  The conference report before the House remains deeply flawed and fails to meet the goals that I laid out in November.

This bill cuts an estimated $39.7 billion over five years from vital services like Medicaid, food stamps, and the Temporary Assistance for Needy Families (TANF) programs which directly help disadvantaged Americans. This legislation also adds new fees and higher interest rates for student loans, harming those who are seeking to gain an education.  These students are the next generation of innovators and it is through their achievements that our nation will remain competitive in the global marketplace.  This is unacceptable. While I strongly believe in fiscal discipline, we should not balance the budget on the backs of those Americans that need help the most. This simply is not consistent with the priorities and values of the American people. 

The majority’s claims that this measure will help balance the budget are hypocritical at best.  This is reckless policymaking from a party that once claimed to believe in fiscal responsibility, and it comes at a time when the national debt exceeds $8 trillion and the annual cost of interest on the debt has increased to over $300 billion a year.”

Congressman Adam Smith (D-WA) made the following statement tonight concerning his vote against the Fiscal Year 2006 Defense Appropriations Bill:

“Our servicemen and women are serving overseas and, as such, it’s critically important that their government provides them all the support they need: logistically, financially and by letting them know we honor their sacrifice,” said Smith. “I have consistently supported Defense Appropriations bills because, each year, this measure provides the funding to ensure our military has the best tools and equipment possible.  As an elected official, I take seriously my responsibility to make sure our troops have all the resources they need.

But tonight, the Republican majority, through a backroom deal, brought forward a defense bill that includes an unrelated and controversial provision to allow drilling in one of the last pristine natural reserves in our country: the Artic National Wildlife Refuge (ANWR). The contentious matter of whether or not to begin drilling in Alaska has no place in a bill that funds the Department of Defense. The needs of our troops serving in combat should never be subject to such cynical politics. I am disappointed that the majority is willing to play games with this important legislation and, for this reason, I could not support this deeply flawed bill.  I voted against this bill in hopes that it would be sent back to conference committee where controversial provisions would be stripped out and then a clean bill could be sent to the floor expeditiously.  I would then vote for that clean bill. 

Each year, funds for the Department of Defense must be both authorized and appropriated in separate pieces of legislation.  While I voted against the appropriations measure, I was proud to support this year’s FY06 Defense Authorization bill, which also passed the House.  I will continue my efforts on the House Armed Services Committee to advocate for the best interests of those serving our nation.”