Jon S. Corzine: “Yesterday I voted against legislation that will authorize a massive increase in the Federal debt. This bill highlights…”

“Yesterday I voted against legislation that will authorize a massive increase in the Federal debt. This bill highlights the gross irresponsibility of our Nation's current fiscal policies. And I hope that, in casting a negative vote along with many of my colleagues, we have helped send a message to the White House that it is long past time to change course. When President Bush came to office, we were expecting to run a surplus over the next ten years of $5.6 trillion. Instead, we now project a deficit of $3.5 trillion. That is a reversal of more than $9 trillion. President Bush promised that he would not raid the Social Security trust fund. But, instead, under the Bush budget, we will spend every last penny of Social Security surpluses over the next 10 years, all $2.4 trillion. These surpluses won't be saved. They won't be used to help us keep our promise to working Americans. They will be diverted for tax breaks and other spending programs. This is not what the President promised. It is the opposite. In effect, the administration's policies are using payroll taxes paid by working Americans, and using them to finance tax breaks for the most fortunate among us. I think that is wrong. The past few years have been marked by unprecedented fiscal recklessness. The 2004 deficit, even including the Social Security surplus, is $413 billion. That is a record. Last year, the deficit was $377 billion. That was another record.”