On the recordJune 17, 2010
I want to support the Thune amendment. The Thune amendment is a responsible approach both to the things we need to do but also that need to be offset in ways that do not add to our deficit or raise taxes. It includes all of the major priorities that have been accepted by both sides here--by the Democratic Party's version of the extender bill as well as the things Republicans wish to do--but it is fully paid for. It cuts wasteful spending and doesn't raise a dime in taxes. The underlying proposal that the chairman of the committee has presented to us would increase spending by $126 billion. It includes over $70 billion in new taxes. That, by the way, is a net tax increase of $48 billion. It increases the deficit by $79 billion over the next 10 years. That is the approach that we think is wrong. That is why Senator Thune has proposed an alternative that we will be voting on here in about 25 minutes, that I think takes the correct approach. It cuts taxes by $26 billion by extending current law. It cuts spending by over $100 billion. It actually reduces the deficit by $55 billion, all according to the Congressional Budget Office, which of course is nonpartisan.
