On the recordMarch 21, 2013
as the Senate continues to debate the first budget resolution in more than 4 years, I am struck not only by the things we know about the Democrats' budget but also the things we don't know. For example, we know the budget would increase our debt by nearly $7 trillion over 10 years and it would continue on an upward trajectory thereafter. What we don't know is how, while amassing all that debt, our Nation will be able to respond to unforeseeable crises and emergencies in the future. In addition, we know the budget does next to nothing to address our runaway entitlement spending. What we don't know is how programs such as Medicare, Medicaid, and Social Security would survive over the long term if this budget were to be followed. Finally, we know this budget includes as much as $1.5 trillion in new taxes. What we don't know is where all that revenue will be coming from. Last week before the budget was released I came to the floor to speak about the rumors the Democratic budget would include reconciliation instructions with regard to taxes. The concern I expressed at that time was the budget would instruct the Finance Committee to close so-called tax loopholes in order to raise revenue and this would, in effect, end ongoing bipartisan efforts on tax reform. As it turns out, my fears were not unfounded. Specifically this budget instructs the Finance Committee to find nearly $1 trillion in new revenues to pay for additional spending.…
