Jeff Bingaman: “I regret that I am unable to vote for the legislation. I support the overwhelming majority of provisions that are…”

“I regret that I am unable to vote for the legislation. I support the overwhelming majority of provisions that are contained in this bill and appreciate that they need to be extended before next year so they don't expire. I cannot in good conscience, though, vote for another tax bill that is unpaid for and adds to our national debt. For too many years, the majority has passed tax cuts as short term or temporary measures to mask the real costs of these provisions. We can no longer continue on this course of fiscal irresponsibility. It is for this reason that I supported an alternative offered by the minority that provided similar tax relief but did it in a budget neutral fashion by shutting down corporate loopholes. I also supported amendments during debate on this bill that would put back in place budget rules that would prevent Congress from either cutting taxes or raising spending if the net effect is that it adds to our national debt. We operated under these responsible budgetary rules during the previous administration and it gave us our first back-to- back years of surplus in generations. In 5 short years we have not only squandered the opportunities that these budgetary surpluses offered us, but we created a fiscal mess that handicaps future generations. I look forward to working with my colleagues in the coming months to head our nation back towards the days of surpluses. Unfortunately, this bill is not a step in that direction.…”