Political Quotes

“the bill before us today represents a colossal addition to our Nation's debt, which currently stands at $18.4 trillion. Earlier this year, the Budget Committee worked hard to develop a budget plan that would balance in the next 10 years by saving money, cutting costs, and examining inefficient programs and provisions. It was not easy to find the cuts necessary to achieve the goals laid out in that proposal. But the tax extenders bill costs are a large step away from getting our Nation back on a sound fiscal footing and accomplishing the objectives laid out in the budget plan. When the Joint Committee on Taxation, JCT, scored the bill, they found that in just the next year, it will add $157 billion to the debt, and that cost will swell to $622 billion over the next 10 years. The government will have to borrow this money; we do not have it to spend. The Committee for a Responsible Federal Budget, CRFB, headed by Maya MacGuiness, took an independent look at these tax provisions. According to the CRFB, the United States will have to pay an additional $130 billion in interest charges over the next 10 years on the money borrowed to finance this legislation. Maya's organization makes one more important point that many here in Congress have not sufficiently considered. The $622 billion advertised cost will balloon even further to $2 trillion over the next two decades.…”