Vice President Cheney Addresses Taxes, Trade, and Energy at U.S. Chamber

Taxes, trade, and energy are the three most pressing issues facing the U.S. economy, Vice President Dick Cheney said during a June 11 speech at the U.S. Chamber of Commerce.

If Congress fails to extend and expand President Bush's 2001 and 2003 tax cuts, citizens and businesses could see their taxes increase by as much as a 50%, Cheney said. "A sudden major tax increase would be a wrong prescription for our economy," he warned. On the other hand, Cheney said passing the U.S.-Colombian Free Trade Agreement would give the economy a much needed boost by eliminating tariffs on U.S. exports to Colombia. The vice president cautioned against giving in to the "false comforts of protectionism" and "politicians determined to unravel the bipartisan consensus on free trade."

Cheney also urged a responsible and practical plan to increase the supply of energy, including the development of clean renewable sources and production of domestic oil reserves. He stressed the fact that the U.S. economy runs on petroleum, and though other energy sources need to be developed, it is imperative that all available sources are used to increase supply and bring down prices quickly. "We'd be doing the country a favor if more of that production were done here at home," he said. "We can do it in a sound and safe manner, we just need to do it."
 
When asked what he thought were the most important accomplishments of the administration, Cheney recounted the successes of the global war on terror, which he said, "have saved thousands of American lives."

The vice president spoke to a packed room of U.S. Chamber board members, who are in D.C. this week for the annual Chamber board meetings, and members of the press.

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