Christopher Shays: “we are evaluating all of the budgets based on six basic principles. One is to protect Social Security surpluses. Another…”

“we are evaluating all of the budgets based on six basic principles. One is to protect Social Security surpluses. Another is to provide for prescription drugs. Another is to retire debt. Another is to promote tax fairness. Another is to restore America's defense and strengthen education, science and health care. That is why we oppose the budget that is coming before us. With regards to tax cuts, we want to provide an end to the marriage penalty tax, repeal Social Security earnings limits, reduce the death tax, expand educational savings accounts, increase health care deductibility, provide tax breaks for poor communities, and strengthen private pensions. The President regretfully came in with a gross tax increase of $96 billion. Republicans have no tax increase. This tax increase results in the fact that next year the President would increase taxes $10 billion; we would cut taxes $10 billion. Finally, over 5 years, the President has a net tax cut of $5 billion. We have over $200 billion of tax relief. The reason we have that is we want a marriage penalty tax elimination. We want to eliminate and phase out the death tax. We have educational savings accounts. We would have health care deductibility. We had community renewal and we want pension reform. The bottom line for us is that we need to get our country's financial house in order. A tax cut is part of it. We are cutting down and reducing debt. We are saving Social Security.”