John Spratt: “this budget resolution leaves in place all of the tax cuts implemented in 2001 and 2003. Had we wished, we could have…”

“this budget resolution leaves in place all of the tax cuts implemented in 2001 and 2003. Had we wished, we could have repealed those tax cuts. It leaves them in place in 2007, 2008, 2009 and 2010. The year 2010, December 31, those tax cuts expire their provisions, because they were written and designed to expire by the other side, by the Republicans. That is what happened to them. This present resolution does not trigger their re-elimination, it doesn't trigger their determination. It doesn't decide either way. By its open volition, by its own terms, these tax cuts will expire on that very day unless they are renewed. For the purpose of renewal at that point in time, 2010, 2011 and 2012, we will have a surplus of $450 billion, and those surpluses, over time, according to our projection, according to this budget resolution, will build to $1 trillion. If we so choose then, depending on the situation, we can so choose, then, to apply these to all or some of the renewable tax cuts. But that decision can be reached and made then better than it can be now. In the meantime, the tax cuts stand for the next 4 years.”