Lloyd Bentsen: “the Republican tax plan simply does not allow them to keep all their political promises. First, we must realize this…”

“the Republican tax plan simply does not allow them to keep all their political promises. First, we must realize this 11-year $1.35 trillion amalgam of tax cuts does little to provide immediate tax relief. Next we must confront the fact that the costs of these cuts are pushed back just behind the 10-year budget horizon, concealing their true cost. This tax plan leads us down the path of ``spend today, borrow tomorrow'' policy that will leave no room for adequately funding the nation's priorities or protecting against unforseen economic downturns. As I have said before, I support a substantial tax cut but not at the expense of hard-fought fiscal ground and long-standing domestic priorities, such as strengthening Social Security and Medicare, providing a universal prescription drug benefit, and adequately funding education and defense. With the passage of this tax cut, I do not see how we can even fund the president's own spending priorities, such as an expensive national missile defense system.”