Kent Conrad: “In addition to being concerned about the President's plan to explode the deficits and the debt, as I look at the…”

“In addition to being concerned about the President's plan to explode the deficits and the debt, as I look at the President's plan I also see what I believe are misplaced priorities. Let me discuss just a few. As this chart shows, the Bush plan cuts No Child Left Behind, but that cut saves very little in comparison to the cost of the tax cuts for that same year going to the most wealthy 1 percent. Let me just be very clear. The President's plan shorts No Child Left Behind by $9.4 billion in this fiscal year, 2005. We passed legislation here that gave increased responsibility to the States, increased the expenses of the States, and in exchange we said we would cover the costs. The President's budget fails to do that. It fails to do it by $9.4 billion for 2005. But in that same year the cost of the President's tax cuts for the most wealthy 1 percent, those who earn over $337,000 a year, are $45 billion, five times as much as the money needed to keep the promise of No Child Left Behind. I must say I am in this category. My wife and I are in the top 1 percent. I would be happy to give up part of my tax cut. I would be happy to have it reduced by 20 percent to keep the promise for No Child Left Behind.”