Patrick Leahy: “I must oppose this budget resolution conference report because it is an irresponsible gamble with our economic future.…”

“I must oppose this budget resolution conference report because it is an irresponsible gamble with our economic future. Despite the best efforts of the Senate to reduce the President's risky tax cut plan, this conference report does not adequately protect the interests of low- and medium-income American men, women, and children. This resolution sets aside trillions of projected budget surpluses for tax cuts proposed by President Bush that are steeply tilted to the wealthy. It pays for the Bush tax plan at the expense of needed investments in Social Security, Medicare, education, and the environment. In addition, the cost of the Bush tax plan imperils our ability to pay off the national debt so that this nation can finally be debt free by the end of the decade. We should remember that the nation still carries the burden of a national debt of $3.4 trillion. Like someone who had finally paid off his or her credit card balance but still has a home mortgage, the federal government has finally balanced its annual budget, but we still have a national debt to pay off. In the meantime, the Federal government has to pay almost $900 million in interest every working day on this national debt. Paying off our national debt will help to sustain our sound economy by keeping interest rates low.”