Kent Conrad: “What they should say is they have become the party of borrow and spend--because they spent the money. They increased…”

“What they should say is they have become the party of borrow and spend--because they spent the money. They increased spending more than 40 percent, but they didn't pay for their spending. Instead, they put it on the charge card, and they have run up the debt in a way that is unprecedented in American history. They will have doubled the debt of the country and doubled foreign holdings of our debt. I have another chart that shows it took 224 years and 42 Presidents to run up $1 trillion of U.S. debt held abroad. This President has more than doubled that amount in 6 years. That is the record. They can't run away from it because they own it. When they say there is this huge tax increase--please. This is what the President said he was going to raise in taxes, $14.826 trillion. Here is what we raise, $14.828 trillion--virtually no difference. That is what the President said his budget would raise. CBO has a little different take on it, the Congressional Budget Office. They show a difference, over the 5 years, of 2 percent; that we have 2 percent more money than they are proposing. The important thing about this budget--we all know we are going to write another budget next year--is what is the difference for revenue this year between our budget and the President's budget. Do you know what it is? Zero--nothing. No difference. Where is this big world-class tax increase they are talking about? You certainly can't find it in the budget.”