Sean Patrick Maloney: “after eight years of hard work, we finally have our financial house in order. When I was elected in 1992, we had a $290…”

“after eight years of hard work, we finally have our financial house in order. When I was elected in 1992, we had a $290 billion surplus. This year, CBO projects a non-Medicare, non-Social Security surplus of $92 billion and the combined surplus is projected at $275 billion; under the President's budget, the non-Medicare, non-Social Security surplus would never again be that large within the ten-year budget window. At a time of unprecedented surpluses, we should have tax cuts--but I believe in responsible tax cuts--tax cuts that allow us to pay down the debt and pay for domestic priorities such as prescription drug coverage for seniors and improvements in education. I favor the Democratic plan of dividing the surplus into thirds. One-third for tax cuts, One-third for debt reduction, and One-third for national priorities such as education and prescription drugs. I believe in fixing the marriage penalty, but not delaying its implementation for four years as the Bush plan proposes. I believe in relief from estate taxes, but not for billionaires, and not for a plan that hides its cost by not phasing in for 10 years. I believe in giving the relief now--not ten years from now in a move that will blow a hole in the budget and leave us with massive deficits. We need to be clear about one thing. The Bush tax cuts are based on 10-year budget projections that can vary greatly and potentially lead us back to deficits.”