Doris Matsui: “What really happens is because the CBO made bad projections and because of the recession, the surplus is eliminated by…”

“What really happens is because the CBO made bad projections and because of the recession, the surplus is eliminated by 42 percent by the change in economic conditions. Secondly, the tax cut once 10 years have passed is 41 percent of the loss of the surplus, 41 percent of the loss of the surplus. The defense spending, the defense spending and the war effort, the total over the next 10 years only comes to 9 percent of the loss of the surplus. It is the tax cut, 400 times the cost of the defense bill, that is the reason that we are losing the surplus and running deficits and the reason we are going to dip into the Social Security Trust Fund. What is ironic is the fact that the Social Security Trust Fund under the President's budget over the next 10 years will be tapped into in the sum of $1.4 trillion.”