Kent Conrad: “The Sessions amendment would increase taxes in fiscal year 2008 by $2.6 billion. It would increase taxes in fiscal year…”

“The Sessions amendment would increase taxes in fiscal year 2008 by $2.6 billion. It would increase taxes in fiscal year 2009, for a total in those 2 years of $11.7 billion of tax increases. In later years, the Sessions amendment would provide additional revenue loss of $148 billion over 5 years. That busts the budget and takes us back into deficit. It is sort of the worst of all worlds. It increases taxes in the front end and then blows a hole in the budget. I urge colleagues to vote against the Sessions amendment.”