Max Baucus: “I will make a few points about the budget resolution. First of all, I am quite concerned that the budget fails to set…”

“I will make a few points about the budget resolution. First of all, I am quite concerned that the budget fails to set the right priorities. At least when we listen to the American people as to what their priorities are, this budget resolution before us does not fit, does not manage. Once again, this budget resolution emphasizes massive tax cuts at the expense of most everything else. I don't think that is where most Americans are. It might not be readily apparent that this budget resolution emphasizes massive tax cuts. For example, last year's budget provided for a tax cut of $792 billion. This year's provides for a tax cut of only $150 billion. So at first glance, one might say the tax cut this year is a lot less than one-fifth of the one proposed last year and the one that was rejected last year. But that is only at first glance. One has to compare not apples with oranges but apples with apples. Last year's budget was based on 10-year projections; this year's is based on 5-year projections. So if you compare apples with apples, you see that last year's budget resolution would have cut taxes by $156 billion, almost precisely the same as this year's budget resolution. In other words, it is the same big tax cut, when extended out 10 years as opposed to five. In fact, 98 percent of the projected on-budget surpluses in this budget resolution would be used for tax cuts.”