Dec 12, 2006- Predicts Record Deficit in 2006, Says President Must "Reverse Course" on Trade Policy

June 12, 2007
Press Release
"Although the deficit in October was the lowest since August of last year, we're still on pace for a record deficit in 2006," Kaptur said. "The Bush Administration's trade policy is to drive down the value of the U.S. dollar. That puts us even more at the mercy of foreign investors who finance our debt, and our position becomes more precarious with each passing month. We continue to export our jobs and wealth instead of goods."

We need fundamental change," she said. "I'm hoping the new Democratic Congress will show the way to energy independence, a renewed commitment to America's manufacturing sector, and a re-examination of the failed trade policies that have cost so many jobs, especially in the heartland."

Kaptur, who won her 12th term in November, is the author of the Balancing Trade Act of 2005 (HR 4405), which would require the President to take action to confront America's staggering trade deficits. It would mandate that the President correct imbalanced trading relationships whenever the U.S. trade deficit with another country equals $10 billion for three consecutive years. She said she will introduce a new version of the legislation in the 110th Congress that will convene in January with a Democratic majority.