January 11, 2008: Kaptur Condemns Surging Trade Deficit
January 11, 2008
"The United States cannot continue to watch as our nation bleeds capital, jobs, and security," Kaptur said. "The small steps our nation is taking are barely enough to slow the bleeding, and not nearly enough to cure the injury. America needs a new trade policy."
The surge in deficit, blamed on rising oil prices and decreases in exports, is a symptom of a flawed trade policy, Kaptur added, noting that Congress has yet to consider any legislation that reforms U.S. trade policy.
"With each increase in the US trade deficit Americans lose more freedom: freedom to be independent, freedom to be self sufficient, freedom from creditors, freedom of opportunity and of work, freedom to make the most of their lives, and their children's futures," Kaptur said.
Kaptur is the sponsor of H.R. 169 which requires the President, if in three consecutive calendar years the United States has a trade deficit with another country of $10 billion or more, to take the necessary steps to create a trading relationship that would eliminate or substantially reduce that trade deficit by entering into an agreement with that country. The bill, if passed, would stop the bleeding of jobs, of opportunity, of outsourced production, and of borrowed credit.
Congressional leadership has not yet acted on the bill.