Thomas Daschle: “Five months ago, when we last considered a huge tax cut that mostly benefitted the wealthiest Americans, the money to…”

“Five months ago, when we last considered a huge tax cut that mostly benefitted the wealthiest Americans, the money to pay for it was to come from the non-Social Security surplus. Today those surpluses are gone. So whatever is spent on this stimulus package will, at least over the next 5 years, come mainly out of Social Security and Medicare funds. We may even return to deficit spending, if we are not careful. That is why we must be even more prudent, and more vigilant, about what is included in this economic recovery package. The Democratic plan has a one-year cost of $74 billion. Over 10 years, its cost increases to $84 billion. As I said, the Republican plan costs $89 billion in 2002. Over 10 years, it explodes to $175 billion--and it runs the risk of damaging our long-term economic health. Their plan costs more but does less for our economy, less for laid off workers, and nothing for homeland security. I hope every Senator will ask himself or herself a simple question: Would my constituents want their Social Security and Medicare money to be spent on this proposal?”