Mar 8, 2001
Press Release

WASHINGTON, D.C. - Today, Rep. Carolyn B. Maloney (D-NY) made the following statement in the House Financial Services Committee:


Financial Services Committee, Rep. Carolyn B. Maloney (D-NY) Statement on Bush Budget Cuts to HUD, March 8, 2001

I want to thank Chairman Oxley for holding this hearing this morning. I think it is very appropriate to hold a hearing on areas in the budget under the Committee's jurisdiction before we appropriate the funds for the programs.

I would simply point out that the wisdom of this "look before you leap" approach dramatically contrasts the manner by which the President and the House Republican leadership are operating. Today they will ask us to vote on a massive 10-year change in fiscal policy without first adopting a budget framework that sets the country's priorities for even the coming year.

To see the inherent fault with such an approach you need only look at the areas of the budget under the jurisdiction of this Committee. The Bush budget outline cuts HUD in fiscal year 2002 by $1.3 billion. When adjusted by inflation, the cuts total $2.2 billion.

I happen to think housing is probably an inappropriate area to target for cuts for somebody who was elected by portraying himself as compassionate. The President I and may disagree on this point -- but that is exactly why the Administration should have to make a case for its cuts to housing programs before we vote on the tax cut.

The administration thought it was important to conduct a review of military spending before asking for an increase. It is an insult to the people who depend on HUD services that no review, hearings, or budget resolution will be adopted before the House votes on the Bush tax cut which could hamstring HUD and other programs.

One other area under the jurisdiction of the Committee where the President has suggested cuts that trouble me is the Export-Import Bank. With the economy softening I think now is an inappropriate time to cut the resources available to an institution that supports U.S. exports and jobs. I look forward to working on the Bank's reauthorization this year with International Monetary Policy Subcommittee Chairman Bereuter and Ranking Member Sanders. Thank you. I yield back.