May 12, 2006- Kaptur Statement on Latest U.S Trade Deficit

TOLEDO,OHIO- Congresswoman Marcy Kaptur (OH-9) released the following statement on thelatest trade deficit numbers released by the Department of Commerce today. The trade deficit hit $62 billion in March, which is almost $10 billion morethan the previous year's monthly deficit of $53.7 billion. The deficitfor the first three months of this year is already running at an annual rate of$785 billion, up by 8.4 percent from last year's all-time high of 723.6billion. The statement follows:

"Freedom for America's21st Century should mean an Americathat exports more than she imports. As industry after industry isdownsized and outsourced, Americahemorrhages good jobs while the middle class disappears before our veryeyes. For every billion dollars of deficit, more than 10,000 jobs arelost in this country. And, if shipping our jobs overseas were not enough,the American people get to foot the bill for billions of dollars in interestpayments on increasing U.S.debt being owed to foreign interests.

"It is time for the Administration to regain control of this runaway trainand take a good hard, look at the ill-conceived, lopsided trade agreements thatexport jobs and import red ink to our trade ledgers."

Kaptur has introduced the Balancing Trade Act of 2005 (HR 4405) whichwill require the President to take action when Americafaces deficits like we see today. It would mandate that the Presidentcorrect these imbalanced trading relationships when our deficit with them wouldequal $10 billion for 3 consecutive years.