Kent Conrad: “The Senator is correct. This package really does have three chapters. The first chapter is the spending cuts, $40…”

“The Senator is correct. This package really does have three chapters. The first chapter is the spending cuts, $40 billion over 5 years. There is only $8 billion a year in a $2.5 trillion budget. It is so insignificant. But then the second chapter is cutting taxes $70 billion, which, if you put the two together, there is no deficit reduction going on here. They are increasing the deficit. And the third chapter is extending the debt limit of the United States by $781 billion. That is what happens if you read this whole book. It is not a pleasant ending.”