Cord Byrd: “8 years ago, this Congress built a bridge so that future generations would be able to cross from budget deficits to…”

“8 years ago, this Congress built a bridge so that future generations would be able to cross from budget deficits to budget surpluses. That bridge resulted in lower interest rates, a booming economy, and provided the nation with an opportunity to fix Social Security and Medicare and retire the national debt. The senate today blew up that bridge, and plunged our grandchildren and ourselves into the deficit ravine below. I have spoken many times in recent months about my concerns regarding the size of this tax cut. The events of recent days do not change these concerns, as the fundamental dynamics of the fiscal year 2002 budget and appropriations process remain the same. While I would favor a much smaller tax cut, the fiscal year 2002 budget resolution that was put into place in April, and this $1.35 trillion tax cut package that was passed today, will make it impossible for this Congress to come up with the appropriations necessary to fully address our Nation's priorities. I fear that this tax cut will return us eventually to annual deficits and impede our efforts to retire the national debt. I fear that this tax cut will consume vital resources that could otherwise be used to ensure the long-term solvency of Social Security and Medicare and provide for a prescription drug benefit. I fear that this tax cut will put this Congress in a position where it will be unable to adequately finance our nation's fiscal and human infrastructure needs.”