Pete Domenici: “let me say that the Senator actually said it right. The President takes $55 billion worth of the responsibility from the…”

“let me say that the Senator actually said it right. The President takes $55 billion worth of the responsibility from the protected care for seniors. They are guaranteed it under that trust fund, and he takes it out. And you said he does not provide any means of paying for it. Now, in a sense, that is because the taxpayers are going to pay for it--$55 billion worth of new taxes are going to be required for that $55 billion that, lo and behold, made Medicare solvent so the President did not have to bite any difficult bullets with reference to Medicare. Now, that is how I see it. I am being as honest as I can. Now, let me finish the thought and you fill in anything if I have not said it right. There is the second part of Medicare, which is the part B insurance program, started under Dwight Eisenhower, a great idea. We said back then we will put up 50 percent; seniors, you put up 50 percent, and we will write you a health insurance. Everything that is not covered in the trust fund we cover. That is essentially the rules of the game. But we always thought the senior would pay part and the Government would pay part. Incidentally, the whole argument last year was what that part should be. Should it be 31 percent or 25, should it be $6 more or $7 more or $2 more. The President decided that for this new $55 billion, the seniors would pay nothing. The taxpayers will pay the $55 billion. Now, frankly, that is nice.”