Kent Conrad: “The tax cut that is in this resolution, $1.3 trillion, has an…”

On the recordApril 11, 2003

The tax cut that is in this resolution, $1.3 trillion, has an additional cost, the associated interest cost, because this is all borrowed money. That would be another about $300 billion. So the total cost goes to $1.6 trillion--truly stunning when we are already at record budget deficits, when we are at war, the cost of which no one knows, and when we are on the eve of the retirement of the baby boom generation. So there can only be one result; that is, to dramatically explode deficits and debt.

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Kent Conrad

Democratic · North Dakota

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govinfo.gov

Editor's note · Context

Discussing the financial implications of a proposed tax cut during a Senate debate.

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Kent Conrad: “The tax cut that is in this resolution, $1.3 trillion, has an additional cost, the associated interest cost, because…”

Editor's note · Context