On the recordJune 17, 2010
I do think this presents to us a very clear choice about how to accomplish what this legislation strives to accomplish; that is, as we have all talked about--something I think both sides agree on, Democrats and Republicans--extending unemployment benefits to those who have lost jobs; extending expiring tax provisions that are currently in law, such as the research and development tax credit, that are important to our economy and to our competitiveness; and, finally, making sure the reduction or the cut in physician reimbursements under Medicare does not go into effect. The difference occurs as to how we would propose paying for that. The Democratic majority has put forward their proposal which does include tax increases, about $50 billion now in the current version of it in tax increases. It does raise the debt by about $50 billion, adds more onto the Federal debt, notwithstanding the commitment to pay for things under the pay-go rules that were enacted in the Senate, and it does increase spending substantially.
