John Spratt: “first of all, let us be clear, this is not a $550 billion tax cut. Take out the phony sunsets, the false expiration…”

“first of all, let us be clear, this is not a $550 billion tax cut. Take out the phony sunsets, the false expiration dates, and it is easily over a trillion dollars. By our calculation, the total impact of this tax package, of these tax cuts is $1 trillion 123 billion. Now, what happens when you force feed another $1 trillion 123 billion to the budget we have got, which is already in deficit? The surplus is gone. It adds dollar for dollar to the bottom line, and here is what happens to the bottom line. This is what you are doing if you vote up this budget, this tax cut today. The deficit this year in 2003 will go to $426 billion. The deficit next year in 2004 will go to $494 billion. Here is the calculation of it. You cannot see it from there, but come look at it and contest it if you disagree. From 2004 to 2013 the total amount of deficit that we will incur, this budget will incur over the next 10 years goes to $3 trillion 953 billion, and that is offsetting the deficits with the surpluses in Social Security. If you back out Social Security, if you put it in the lockbox, remember the lockbox, you know what happens. The total debt of the United States, the accumulated deficits over the next 10 years go to $6 trillion 521 billion. That is the legacy that you are leaving your children, our children, and this country if you vote for this tax cut today. That is the course you are putting us on.”