David Price: “I understand that one of our friends on the other side said there was no such thing as an irresponsible tax cut. That is…”

“I understand that one of our friends on the other side said there was no such thing as an irresponsible tax cut. That is a dangerous view. In fact, the tax cut proposed by George W. Bush, the Republican presidential candidate, seemed to fit that category very well, because our Republican friends refused to even allow us to vote on it in the Committee on the Budget. This chart indicates where we are with these various tax cut proposals. The Republican tax cut proposal that is included in this budget would use the entire non-Social Security surplus and take us into deficit, into borrowing from the Social Security surplus to the tune of $68 billion over the 10 year period. It would just barely avoid doing that over the first 5 years and be $68 billion in the red over 10 years. The Bush tax cut is even more irresponsible, $136 billion into the red in 5 years, and $376 billion over 10 years.”