Byron Dorgan: “there is now a great deal of debate about economic policy, about tax cuts, and a range of issues surrounding President…”

“there is now a great deal of debate about economic policy, about tax cuts, and a range of issues surrounding President Bush's proposal for a $1.6 trillion tax cut that he sent to the Congress last week. I would like to speak for a bit on that subject and talk specifically about what I think we are facing. I know it is running down hill to be talking about tax cuts and politics. It is not exactly a tough political position to say I support tax cuts; in fact, the larger the better. But I think it is also important for us to understand what we need to do to make sure we retain a strong and growing economy, one that provide jobs and economic opportunities for American families. We have had times in the past in this country where tax cuts have been proposed that are so large that we then see significant Federal deficits occur, increases to the Federal debt, the slowdown in the economy, and increases in interest rates that are very counterproductive to the interests of American families.”