James M. Jeffords: “I had hoped to be here today to say that the Congress is enacting a blueprint for spending that would improve education…”

“I had hoped to be here today to say that the Congress is enacting a blueprint for spending that would improve education, invest in our transportation and water infrastructure, and deal prudently with our ever-increasing projections of budget deficits. Unfortunately, this budget will accomplish none of these goals, and may in fact put this country in dire fiscal straits just as the baby boom generation places new and unprecedented demands on our Social Security and Medicare systems. Let me begin by saying that I oppose the tax cuts authorized by this budget conference agreement. To call this a conference 'agreement' is a misnomer; there has been no agreement. In the House, the tax cut allowed under the reconciliation procedure will be $550 billion; in the Senate, $350 billion. If the conferees on the tax bill ultimately agree to a cut larger than the Senate figure, the vote we take on that conference report will be a vote on tax cuts never approved by the Finance Committee or the full Senate. Perhaps more importantly, this is not the right time for a tax cut.”