Chuck Schumer: “I would just say the answer doesn't deal with deficit reduction. If you care about deficit reduction, the two should be…”

“I would just say the answer doesn't deal with deficit reduction. If you care about deficit reduction, the two should be treated equally. Mr. President, $1 of tax break per millionaire and $1 of increased unemployment benefits increases the deficit the same amount. However, every economist--I saw we had a chart up about economists before--will tell us $1 into unemployment benefits stimulates the economy about four times as much as $1 into tax decreases for millionaires. That is pretty universal. Mark Zandi, John McCain's economic adviser during his campaign, said $1 of tax breaks for millionaires stimulates the economy about 30 cents' worth. So $1 of unemployment benefits increases the economy by about $1.62.”