Cord Byrd: “With the final passage of the fiscal year 2004 budget resolution, I expect that many in Congress will congratulate…”

“With the final passage of the fiscal year 2004 budget resolution, I expect that many in Congress will congratulate themselves for a job well done. I expect a whole flurry of press releases to emanate from Washington about who is or is not a friend of the taxpayer, and who is or is not a friend of the President. Those characterizations underscore just how ridiculous this budget debate has become. The economy is floundering. Economists are warning that it could begin to contract in the months ahead, raising the risk of a disastrous double-dip recession. The airline, manufacturing, and tourism sectors are already in outright recession. More than 2 million jobs have been lost nationwide since January 2001, and 3.5 million workers are drawing unemployment benefits. During that same time frame, the Dow Jones Industrial Average--a symbol of the retirement holdings of millions of Americans--has declined by a disastrous 23 percent. Budget deficit projections are soaring, with some private-sector projections for the current fiscal year topping $400 billion. Yes, $400 billion. That is $400 for every minute since Jesus Christ was born.”