Kent Conrad: “A very important report came out late yesterday from the Congressional Budget Office, which is nonpartisan, which is in…”

“A very important report came out late yesterday from the Congressional Budget Office, which is nonpartisan, which is in charge of estimating the effects of what we do here. I might add, while the CBO is nonpartisan, because the Republicans control the House and the Senate, they were able to choose the new CBO Director. One of the tests they had was the use of so-called dynamic scoring. The gentleman who now heads CBO is committed to dynamic scoring, and he has now released an analysis of the budget before us based on dynamic scoring. His conclusion is exactly what I have been reporting to my colleagues day after day on the floor: Tax cuts will make the deficit soar. I hope we can put this old canard to rest once and for all that somehow you can tax cut your way to prosperity when at the same time you are increasing spending. When you start from a base of record budget deficits, there can only be one result. When you start with record budget deficits and then cut your revenue stream, as the President has proposed, by nearly $2 trillion and increase spending, the deficits and the debt are going to get bigger. The Congressional Budget Office is telling us that is exactly what we face.”