Feb 10, 2006- Kaptur Says Record Trade Deficits are "Stifling Real Economic Growth"

"The United Statesbecomes more and more beholden to foreign interests that are financing thesedeficits," continued Kaptur. "We are not only shipping jobs overseas, weare shipping billions of dollars in interest payments on U.S. debt now held byforeign interests. Is it is no surprise that retailing of foreign goodsis now America'sbiggest business."

Kaptur has introduced the Balancing Trade Act of 2005 (HR 4405) which willrequire the President to take action when Americafaces deficits like we see today. It would mandate that the Presidentcorrect these imbalanced trading relationships with any nation where ourdeficit with them would equal $10 billion for 3 consecutive years.

"Every year, with all the unfair trade agreements that have been signed, thered ink just keeps getting deeper. We are hemorrhaging America'sgood jobs, with fewer people working at good jobs to create real wealth," saidKaptur.

Through November of 2005 the United Stateshad already broken the previous year's record of $618 billion. Today'snumbers mark the fourth consecutive year that America'strade deficit has set a record.

"Alan Greenspan warned that this relentless growth in the trade deficitcannot persist," said Kaptur. "How long will it be before we put aforeclosure sign on our U.S. Department of the Treasury? What anembarrassment for a Nation founded in independence.

"There are signs that the President is finally realizing the importance ofenergy independence, but he also needs to understand how these record tradedeficits threaten our independence. What will it take for him to payattention to a crisis that is stifling real economic growth and shippingAmerican jobs overseas?"