Gerald Kleczka: “at a time when our federal budget faces huge deficits and we are engaged in a large military campaign halfway around the…”

“at a time when our federal budget faces huge deficits and we are engaged in a large military campaign halfway around the globe, now is not the time to slash taxes. Never in the history of our country have we fought a major war and cut taxes at the same time. Yet that is exactly what the Republican budget resolution does. These serious times demand that we act prudently, and that means we must pass a budget that meets our financial obligations. The Republican budget makes permanent the $1.35 trillion tax cut passed in 2001, at a cost of $523 billion. It also implements the $694 billion ``Growth'' bill, the centerpiece of which is the elimination of the dividend tax. This plan will fail to spark an economic turnaround because it applies to only 25% of the population and less than 5% of the benefits take place this year when the economy needs it the most. According to the non-partisan Congressional Budget Office, a similar tax cut proposed by the Administration would add $2.2 trillion in deficits over the next 5 years. Because the first priority of the Republican budget is to cut taxes, programs dedicated to health care, education, and the environment suffer drastic cuts. To make room for tax cuts, at least $265 billion over ten years is slashed from programs like veterans' benefits, loans for college students, school lunch programs, and Medicaid.”