Kent Conrad: “He had the debt run up to $1.2 trillion after adopting his plans; in August of 2001, $1.6 trillion. In February of 2002…”

“He had the debt run up to $1.2 trillion after adopting his plans; in August of 2001, $1.6 trillion. In February of 2002, with the President's 2003 budget, the debt is up to $3.2 trillion. And if we adopt his budget for 2004, the debt by 2008 will be $5 trillion. I conclude by saying when we proposed additional spending to fund the war, to fund homeland security, and to improve education, we did it in a controlled way, every bit of it paid for, but we added deficit reduction so that we would have less deficit, less debt, a stronger economy, and more opportunity for the American people. When I see in the newspapers the President in his plan is down to $350 billion of tax cuts, oh, no, they are only looking at half the proposal. Right now the budget resolution that is before us has $852 billion in tax cuts, not the $350 billion that has been widely reported.”