Kent Conrad: “we are here at a moment that people have to think very soberly about what the possible consequences of our actions might…”

“we are here at a moment that people have to think very soberly about what the possible consequences of our actions might be. The Senator from Montana has outlined one possible scenario. Far be it for me to judge which amendments would be in order and which would not. Let me just say what consequences could flow from a failure to reach agreement. I have just had a consultation with the Parliamentarian. He informs me that if we were to waive on any one of the amendments that have been talked about on the other side, if we were to waive all budget points of order through conference committee, that would open up to the conference committee the opportunity to come back with legislation that would cost far in excess of the $70 billion limit we currently face as a result of the budget resolution. I know this is complicated, but I urge my colleagues to think very carefully about the potential consequences. Let me give four. If all points of order were waived through conference committee on the child credit, that could open up the conference committee to $185 billion of additional tax cuts, not offset. If the estate and gift tax changes that have been proposed by some were adopted and all points of order waived through the conference committee, that could add $358 billion that the conference committee could come back with with no points of order prevailing or possible.…”