Adam Schiff: “this year we will have a large tax cut. We will have a large tax cut that provides tax relief to every taxpayer, that…”

“this year we will have a large tax cut. We will have a large tax cut that provides tax relief to every taxpayer, that addresses estate and marriage penalties as well. That we know for a certainty. The question, of course, of how large and who will be the primary beneficiaries is as yet undetermined, but we know that we will have the largest tax cut that we can afford. Will we have a solvent Social Security system? Will we have Medicare with a prescription drug benefit? Will we have an adequate educational system? Will we pay down the national debt? These questions we do not have an answer for. Now, why is that? Why is that that we can say with absolute certainty right now we can have a massive tax cut but we cannot say whether Social Security will continue? We cannot say whether Medicare will be solvent? What does this say about our priorities as a nation? It says we do not put Social Security first. We do not put Medicare first. We do not put the needs of our children first. Now, why is this? Why are we going forward with no budget? Why are we going forward with a bill that could have a major impact in this country for 25 years with no budget? Why is it so important that we act on this right now? Well, the argument that is made is that we need to spur the economy right now. Well, let us set aside the fact that even Alan Greenspan says that the use of fiscal policy in the form of tax cuts does little to affect the immediate condition of the economy.”