John Deasy (Waterford, Fine Gael)

America is facing a $400 or $500 billion deficit this year. It has a choice between increasing personal taxation or pursing what President-elect Obama talked about, namely, ending tax breaks for US companies that invest and create jobs overseas. I have nothing but regard for Ambassador Collins, as the Minister will be aware. I worked with him many years ago on legislation in Washington. However, I am not sure that we have the capabilities to prevent the passing of tax legislation that would injure our vital economic interests in this country.

The Minister, in his response to Deputy Timmins, mentioned the word "over-reaction". There is no over-reaction here. There is a stark realisation that we have become uncompetitive and anything that affects US companies doing business here will have a drastic impact on our economy. I am glad the Minister said that there will be a strategic review by the ambassador. That needs to happen. We need to review our capability on Capitol Hill in particular and the way we lobby in Congress.

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