Max Baucus: “I support estate tax repeal. But I am forced to vote against Senator Kyl's amendment for permanent repeal because of two…”

“I support estate tax repeal. But I am forced to vote against Senator Kyl's amendment for permanent repeal because of two concerns. First, I am concerned about mounting deficits, and second, I believe that this amendment would result in payment reductions to rural providers under Medicare. The budget resolution we are debating today includes tax cuts that total $1.3 trillion. The budget also proposes that $725 billion of these tax cuts be enacted immediately, under the reconciliation process. Two years ago, we passed a $1.3 trillion tax cut. I supported that tax cut. But those were different times. We had a surplus. We did not foresee the significant decline in revenues. Or the deficits that followed. This is not the time to reduce revenues by $725 billion. It would hurt our budget and our economy. In order to prevent the passage of tax cuts that would drive up the deficit and hurt our economy, I believe that we must reduce the size of this tax cut. While Senator Kyl has stated that he intends to pay for his amendment, I am concerned that his offset would have a negative impact on rural providers in Montana.”