Steve Israel: “Mr. Speaker, earlier I listened to the distinguished chairman of the committee talk about the importance of funding our…”

“Mr. Speaker, earlier I listened to the distinguished chairman of the committee talk about the importance of funding our national security budgets, and I agree with him. But make no mistake about it, this tax plan makes it harder for our kids to fund their national security budgets. The nonpartisan Congressional Budget Office has estimated that starting in 2008 we are going to require defense budgets of $464 billion a year. What does that mean? Within a few years, we are going to have to come up with at least $64 billion a year every year over this year's authorized limits. That is $384 billion for defense before this tax cut expires. You do the math: $384 billion more for defense, and $350 billion less to pay for it. We are draining the Treasury when we need even more for defense. No conferee would go into a fancy car dealer, pick out the most expensive model, and say, Let my kids pay for it. Mr. Speaker, this is reckless. For those Members of this body who say they are strong on defense, let them be strong on defense budgets. Strong defense budgets are more important than tax cuts. This plan does the opposite.”