Charles W. Stenholm: “I would say, we will borrow, under this proposal today, we will borrow $237 billion more over the next 5 years if the…”

“I would say, we will borrow, under this proposal today, we will borrow $237 billion more over the next 5 years if the tax bill in question today is passed, $237, which is $830 for every man, woman, and child in the United States that we will borrow in order to give this tax cut. The projected surplus that we are talking about may never materialize. That is why this is a fiscally irresponsible bill we are bringing, if Members claim to be conservative, fiscally irresponsible. Abandoning fiscal discipline is the wrong message to send to our financial markets at this time. The recent volatility of world financial markets makes it even more critical that we reaffirm our commitment to what we agreed to do, Mr. Chairman, last year, what we agreed to do last year, which has set us on the right track to balancing the budget. Yes, I voted for it, but for the reason that we voted for it last year, and the reason I oppose doing more this year. The Concord Coalition has warned us that the election year temptation to use social security surpluses for other purposes will lead to a dangerous breakdown in fiscal discipline.”