Jim McDermott

Mr. McDERMOTT

Mr. McDERMOTT. Mr. Speaker, I yield the remainder of my time to the gentleman from Maryland, the majority leader to close the debate.

Mr. McDERMOTT. I yield the gentlewoman 15 seconds.

Mr. McDERMOTT. Mr. Speaker, I would reserve the balance of my time to close, using the majority leader.

Mr. McDERMOTT. Mr. Speaker, I yield 2 minutes to the gentlewoman from Ohio (Mrs. Jones). (Mrs. JONES of Ohio asked and was given permission to revise and extend her remarks.)

Mr. McDERMOTT. Mr. Speaker, I yield 2 minutes to the gentleman from Connecticut (Mr. Larson).

Mr. McDERMOTT. Mr. Speaker, I would remind the gentleman from Missouri that during the 6 years that the Bush administration had a rubber-stamp Congress up here, they put it out 1 year at a time. Now you want us to make it long. We will see. I yield 2 minutes to the gentleman from Illinois (Mr. Emanuel).

Mr. McDERMOTT. Mr. Speaker, could I inquire how much time remains on both sides.

Mr. McDERMOTT. Mr. Speaker, I yield 2 minutes to the gentleman from Oregon (Mr. Blumenauer).

Mr. McDERMOTT. Mr. Speaker, I yield myself such time as I may consume. Today, we are going to approve a plan that will produce significant new energy resources for the American people. We have passed this bill four times. Mr. Brady is right. There is nothing new here. We keep passing it and passing it and the oil companies keep killing it. What you're hearing today, just the last speaker says, let's drill in the Arctic National Wildlife Refuge or go hat in hand to OPEC and say, Please produce more oil. Or let's have some more secret meetings down in the White House with the Vice President and design a new tax policy that will get our oil prices even higher. They met in the first months in the White House and decided how to drive up the oil prices for the oil companies. We are going to implement a tax plan that uses the Tax Code to produce renewable energy to put us on a path to providing our children with an energy-independent future. The plan creates incentives for America to apply technology and use practices to use energy more efficiently than the way we are presently doing. There was a time a long time ago when the United States led in alternative energy. But now Denmark, Japan and Germany are far ahead of us because of 8 years of this present administration and their attitudes toward alternative energy. With this legislation, we'll take a big step toward regaining our leadership in the manufacture and deployment of renewable energy. This legislation will not only create jobs in what may be the world's largest emerging industry, but it will be a blueprint for the energy policy for the 21st century. We need to end our addiction to oil, and that's what this bill is about. I urge my colleagues to support it this time. I reserve the balance of my time.

Mr. McDERMOTT. Mr. Speaker, I yield 1 minute to the Speaker, the gentlewoman from California (Ms. Pelosi).

Mr. McDERMOTT. Mr. Speaker, I yield 2 minutes to the gentleman from North Dakota (Mr. Pomeroy).

Mr. McDERMOTT. Mr. Speaker, I yield 1 minute to the gentleman from Alabama (Mr. Davis).

Mr. McDERMOTT. Mr. Speaker, I would like to enter into the Record a letter from the managing director of Credit Suisse that says, ``I am writing in support of H.R. 6049. We fully support your efforts to use the revised deferred compensation measure as a revenue raiser.'' Credit Suisse Securities (USA) LLC, New York, NY, May 15, 2008. Chairman Charles Rangel, Committee on Ways and Means, House of Representatives, Washington, DC. Dear Chairman Rangel: On behalf of Credit Suisse, I am writing to express our support for H.R. 6049 the Energy and Tax Extenders Act of 2008. The bill's deferred compensation provision is of particular interest to us and we very much appreciate the efforts of you and your staff to ensure that this measure does not create any unintended consequences. We are aware that issues have been raised regarding the need to offset the bill and with the deferred compensation provision specifically. As you are aware,'we are generally cautious as it pertains to revenue raisers and always look to work with the Committee to guard against unintended consequences. However, in this instance we fully support your efforts to use the revised deferred compensation measure as a revenue raiser in H.R. 60491 Given the House rules on pay-go, we recognize that without offsets the bill is not likely to be enacted this year, thereby causing a series of tax provisions to expire which in our opinion would not be a good overall outcome. I reiterate our support for the measure and thank you again for your willingness to work with us on the deferred compensation provision. I look forward to working with you again in the future and please let us know if we can be of any assistance. Sincerely, Thomas Prevost, Managing Director.

Mr. McDERMOTT. Mr. Speaker, I yield 1 minute to the gentleman from Maryland (Mr. Van Hollen).

Mr. McDERMOTT. Mr. Speaker, I yield 1 minute to the gentlewoman from Pennsylvania (Ms. Schwartz).

Mr. McDERMOTT. Mr. Speaker, I yield 2 minutes to the gentleman from Massachusetts (Mr. Neal).

Mr. McDERMOTT. I yield the gentleman an additional 10 seconds.

Mr. McDERMOTT. Mr. Speaker, I understand from my distinguished colleague from Michigan that this bill is headed for nowhere. Are you talking about the White House?

Mr. McDERMOTT. Mr. Speaker, I yield 2 minutes to the gentleman from New Jersey (Mr. Pascrell).

Mr. McDERMOTT. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on H.R. 6049.

Mr. McDERMOTT. No, I'm going to let the gentleman from Michigan (Mr. Levin) have 2 minutes. (Mr. LEVIN asked and was given permission to revise and extend his remarks.)

Mr. McDERMOTT

Mr. McDERMOTT. Mr. Speaker, on that I demand the yeas and nays.

Mr. McDERMOTT

Mr. McDERMOTT. Mr. Speaker, it's kind of funny to listen to the other side talk today. You would think that they had been really working on the energy crisis in this country. When the President took over, gasoline was about $1.80 a gallon, and now it's $3.80 a gallon where I live. Now, that's an energy policy you could see developed in the White House by Mr. Cheney. He brought in all the oil company executives and said, how can we drive up the price of gasoline so you guys can make a whole lot of money? They had a secret meeting. They wouldn't tell anybody who was there. They wouldn't tell anybody what was talked about. They have been fighting in the courts for 8 years to keep from telling us what went on at that meeting at the beginning of the Bush administration. We see the results. They got them, the biggest profits of the oil companies in history. And we tried to take a little $16 billion loophole and close it and use some of that money for alternative energy production and conservation and the President said, no way, we can't take anything away from those oil companies. Why, they need it all. We're not going to get a reduction in oil prices in this country until we change the administration when Barack Obama takes over on the 20th of January, 2009.

Mr. McDERMOTT

Mr. McDERMOTT. Mr. Speaker, I move to suspend the rules and agree to the resolution (H. Res. 1185) expressing the sense of the House of Representatives that Congress should recognize the important contributions of Americans who serve as foster parents and, in doing so, unselfishly open their homes and family lives to children in need.

Mr. McDERMOTT. Mr. Speaker, I yield back the balance of my time.