Maurice Hinchey: “in 1981, then President Reagan pushed through the Congress and then signed a tax cut bill that, in the words of then…”

“in 1981, then President Reagan pushed through the Congress and then signed a tax cut bill that, in the words of then budget director Dick Stockman, gave us budget deficits as far as the eye could see. Those budget deficits in 1993 approached $300 billion a year and a national debt approaching $5 trillion a year. The Clinton budget resolution of 1993 corrected all of that. We are now moving into a situation of budget surpluses, and we have begun to pay down the national debt. Now, because of that, the Republicans are again proposing another tax cut similar to the one in 1981 which would duplicate that process all over again. It is a serious error which we need to ensure does not take place. With this tax cut, if it passes and it were to be signed, there would be no money for education, no money for social security, no money for Medicare. Let us make sure we behave in a responsible way with this Federal budget and ensure the future of our children and the security of our parents and grandparents.”