James Davis: “There has been no even attempt tonight to rebut the statement that the tax cut that we are dealing with here over 10…”

“There has been no even attempt tonight to rebut the statement that the tax cut that we are dealing with here over 10 years exceeds $1 trillion. This exceeds the tax cut that we adopted here last year and ultimately failed, and it will fail again ultimately. The reason it will fail is because what the American public expects us to do is to use the lion's share of this projected surplus to pay down the Federal debt, to preserve Social Security and Medicare for the future, to contribute to lower interest rates; and because it is simply the right thing to do, we should not pass this enormous Federal debt on to our children and grandchildren. We can do a responsible tax cut, we can do responsible spending, we can invest in education and defense; but we need to take the lion's share of the projected surplus and pay down the Federal debt. That is why this particular proposal should be defeated. It is why the underlying budget resolution should be defeated.”