Lloyd Bentsen: “But they are going to have projections that they are going to get for, say, fiscal year 2001 and then they are going to…”

“But they are going to have projections that they are going to get for, say, fiscal year 2001 and then they are going to pass the capital gains tax cut. I do not think they want to pass the capital gains tax cut and do it on an annual basis. I think they want to do it on a long-term basis, and I think it is going to be a problem in how it works. The point is that they would not want to have to come back and say, well, we set the cap gains rate at 20 percent this year, but because we got new CBO forecast, in order not to have to cut Medicare, we are going to go back and reset it at 21 percent. For the investor who is holding an instrument for 6 months or a longer period of time, that is going to be quite disruptive. And that is a problem in trying to do this. They either have to try to go all the way or no way.”