Chris Dodd: “I believe the focus of this resolution was skewed at best. Instead of investing critical dollars in modernizing our…”

“I believe the focus of this resolution was skewed at best. Instead of investing critical dollars in modernizing our nation's aging schools, in providing a comprehensive prescription drug benefit for seniors, in protecting our natural environment, or in reducing our national debt, this resolution chose as its priority a set of risky and irresponsible tax cuts that our country cannot afford. First, this budget resolution calls for at least $150 billion in tax cuts over the next five years to be paid for out of the non-Social Security surplus. This substantial tax cut will result in increased interest payments of nearly $18 billion dollars. So at a minimum, the tax provisions within the resolution have a real cost of $168 billion. The CBO has estimated that the on-budget surplus for the next five years will be $171 billion. The math here is simple, Mr. President. The tax cuts consume nearly 98 percent, at a minimum, of the projected on-budget surplus and leave nothing for other crucial investments.”