Frank Lautenberg: “we have heard about the amendment that the Senator from Georgia proposes with Senator McCain, and I want to describe why…”

“we have heard about the amendment that the Senator from Georgia proposes with Senator McCain, and I want to describe why I am opposing this amendment. While it sounds good on the surface, I think there are a few things we have to talk about and highlight what kind of problems might ensue. This amendment would cut domestic programs like education, child care, law enforcement, veterans' programs, and environmental protection. It would violate current budget rules. Frankly, I view it as fiscally irresponsible. This amendment calls for $101 billion in cuts from discretionary programs for use in providing various tax breaks. I note that it is not allowed under the Budget Act. And there is good reason that the Budget Act protects against that. The Budget Act is designed to ensure that if we incur permanent obligations, like permanent tax cuts or new mandatory spending, that we pay for these obligations with permanent savings. That is what the pay-as-you-go system is all about, and it has worked well for many years. People understand very clearly that if you spend it, you have to find a way to get the money. This amendment flies in the face of these rules, and it threatens to undermine long-term fiscal discipline.”