John Sarbanes: “There is all this focus about this $550 billion figure being the amount of the tax cut. But as I understand it, the $550…”

“There is all this focus about this $550 billion figure being the amount of the tax cut. But as I understand it, the $550 billion figure is only part of the tax cut that is in the budget resolution. This is the part that would proceed under the special procedures, the so-called reconciliation, which prevents extended debate in order to address the issue. The budget resolution provides $550 billion there, but it also provides an additional $725 billion in additional tax cuts. Now, they would have to go through the regular procedure, but, nevertheless, that is $1.3 trillion. And then you add the interest, and you are talking about $1.6 trillion tax cuts, at a time when we are in budget deficit.”