Chuck Grassley: “If you compared the budgeteers' principles with the report card Senator Conrad generated, you will see, when you get a…”

“If you compared the budgeteers' principles with the report card Senator Conrad generated, you will see, when you get a chance to read these, interestingly, that Senator Conrad omits four of the nine principles. In other words, Senator Conrad has selected five of the nine principles agreed on by budgeteers. Most importantly, Senator Conrad didn't use the ``overall principle,'' which reads: An economic stimulus package should be based on the recognition that long-term fiscal discipline is essential to economic growth. Measures to stimulate the economy should be limited in time so that as the economy recovers, the budget regains a surplus that is at least equal to the surplus in Social Security. Any short-term economic stimulus should not result in higher long-term interest rates. There is nothing in that comment with which I disagree. The point is, this principle is very important, and it ought to be followed. Senator Conrad spent a lot of time dwelling on the rough 10-year revenue loss numbers of the Senate Republican and Senate Democratic plan. Senator Conrad, however, left out an important assumption. I will explore the assumption Senator Conrad left out. As has been the case with all proposals from the Republican side, Chairman Conrad has attacked the stimulus plan as, among other things, ``fiscally irresponsible.'' Of course, I contest those unfounded and unfair criticisms. The plan is a straightforward proposal that will provide immediate economic stimulus.”