Political Quotes

“I will briefly outline the plan that the Senator from New Jersey and I have developed which we think meets the test of an economic insurance policy. We underscore the words ``insurance policy.'' No one, frankly, knows what is over the horizon for the American economy. As the Senator from New Jersey just outlined, there are enough signs of concern, signs that would raise apprehension, that a prudent family would say this is a time to buy an insurance policy that will protect us, that will begin to shift the risk, to the degree possible, of a possible economic decline. We are suggesting what the elements and the specifics of that economic insurance policy should be. We think it needs to be immediate. We are proposing that our bill take effect as of January 1, 2001, and that the benefits in this calendar year would be fully available in this calendar year. Second, it needs to be frontloaded. One of my criticisms of the bill before us, which talks about being an economic stimulus bill, is that the total amount of tax relief that will be distributed in the form of marginal rate reductions in this fiscal year 2001 is less than $10 billion, in an economy approaching $8 trillion--in my judgment, a clearly inadequate commitment if we are serious about buying an economic insurance policy. We think it needs to be a substantial commitment.”