Judd Gregg: “let me simply respond to some of the things the Senator said. We haven't seen a budget plan from the Democratic side of…”

“let me simply respond to some of the things the Senator said. We haven't seen a budget plan from the Democratic side of the aisle for the last 2 years. In fact, even when they were in control of the Senate, we didn't get a budget across the floor from the other side of the aisle. I think one of the reasons is because they would have to openly admit to the fact that what they are basically saying, in language which is not specific but which is clear, is that they are going to raise taxes, that they want to raise taxes, and pay-go is just a stalking horse to accomplish that. It is that simple. The facts are very clear. If you take this pay-go language and you template it over this budget, there are no entitlements that are going to be impacted. None. But there are taxes that are going to be impacted: specifically, capital gains, dividends--if they aren't addressed in this reconciliation package that is still being worked on--and the death tax. I think most people in this country know that when their rates go up, they are getting a tax increase. And the effect of the pay-go language will be that if you get to the time when the rates have to be extended, the pay-go language will either force them to go up or force taxes to be raised somewhere else. It will be basically a major club used for the purpose of defeating the maintenance of things like the capital gains rate, dividend and interest rate, the dividend rate, and the death tax.…”