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Congressional Republicans are in an argument with Obama over federal budget issues that should be resolved without inflicting more damage to our fragile economy. Republicans keep insisting on an austerity program and tax cuts for the wealthy. However what is really needed are actual federal investments to close the innovation deficit. Contrary to Republican orthodoxy, no amount of tax cuts or a smaller federal government is going to meet the challenges of global competition in the 21st century. We have the means to stay competitive. We can use our oil boom efficiently and strategically to plan for the future, and manage our energy resources to make America stronger.
Rep Charles B. Rangel, D-N.Y., has served in the House of Representatives since 1971. He is a former chairman of the House Ways and Means Committee and currently serves as ranking member of the Subcommittee on Trade.