Max Baucus: “As this debate on the budget reconciliation bill comes to a close, I congratulate the chairman of the Finance Committee…”

“As this debate on the budget reconciliation bill comes to a close, I congratulate the chairman of the Finance Committee, Chuck Grassley. He has done a very good job with a very difficult task. For him, the race has not been easy. Even though some may not have thought it possible, he has come to the finish line today. In some ways, the conference report has responded to the debate in the Senate. For example, the conference report did move roughly three-fifths of the benefits of the package into the first 2 years. That is clearly more stimulative than the structure of the bill that went to conference. I also wish to commend Senator Grassley, Senator Voinovich, and Senator Snowe for doing what they could to restrain the total size of the bill. Senator Voinovich kept his promise and forced the conferees to keep the conference report, on its face, within the $350 billion Senate agreement. Unfortunately, this tax bill busts through the $350 billion with a series of gimmicks to hide the true cost of the bill. In this time of increasing deficits, we must live within limits. This conference report fails to do so. Instead, it uses a series of sunsets to shoehorn large tax cuts into a small budget window. In the words of a conservative tax cut advocate, Stephen Moore, 'It's bigger than it looks.' The conferees have designed a tax cut that is one big yo-yo. Now you see it, now you don't. Child credit is increased for 2003 and 2004. Then it is taken away.”