Kent Conrad: “Yes. We now estimate the budget deficit, under this budget resolution, will be between $500 and $600 billion for this…”

“Yes. We now estimate the budget deficit, under this budget resolution, will be between $500 and $600 billion for this year alone on a $2.2 trillion budget. Some have said these deficits are small. There is nothing small about them. They are massive. They are record. They are the biggest we have ever had in dollar amount. If we look back to 2 years ago when we were told that we could expect--instead of deficits--nearly $6 trillion of surpluses, we now know, if we adopt what is before us, instead of $5.6 trillion of surpluses--if we adopt the budget resolution before us--we will have over $2 trillion of deficits over that same period.”