Larry Craig: “As we see from this table, the President's budget lists the following investment spending: $89 billion for physical…”

“As we see from this table, the President's budget lists the following investment spending: $89 billion for physical capital-- the category most analogous to traditional State government practices; $68 billion for research and development; $34 billion for grants for State and local physical capital; and $42 billion for education and training. Does the Reid alternative contemplate a capital budget of $89, $123, $191, or $234 billion? Well, that would depend on how Congress, implementing the Reid amendment, would define capital. Many in Congress, the administration, academia, and the private sector believe we should focus on the emerging concept of human capital as an investment priority. If Congress adjusts its definition of capital investments accordingly, then the Reid amendment may be calling for a capital investment budget that would amount to $234 billion this year. And remember all of that amount could be deficit spending under the Reid amendment. The Reid amendment's exemption of Social Security was dealt with extensively in debate yesterday. I just want to reiterate a couple of points briefly in this regard. First, a constitutional amendment should enshrine timeless principles, not address temporary situations.”