Russ Feingold: “I will vote against this budget resolution. The Senator from North Dakota has stated that this may be the worst budget…”

“I will vote against this budget resolution. The Senator from North Dakota has stated that this may be the worst budget this body has ever considered. It is hard to dispute that statement. The tax and spending policies outlined in this resolution are reckless. There is no other word for it. Over the 11 years covered by this document, from FY 2003 through FY 2013, the budget resolution produces annual deficits that by themselves would cause concern in any one year. In total, their effect is far worse. The additional debt run up over the 11 years covered by this budget resolution is an absolutely astounding $4.5 trillion. That is simply an astounding number, $4.5 trillion in debt created just by this document. According to Budget Committee staff, the budget resolution policies will produce a $2.4 trillion deterioration in the budget outlook for 2003 through 2013 relative to the Congressional Budget Office March 2003 baseline projections. Most of that comes from the $1.3 trillion in tax cuts provided for by this resolution. Let me quickly add that the true cost of the tax cuts is even higher because we are just charging their cost on the government credit card. If you include the interest costs that arise because we don't pay for these tax cuts but borrow it by running up more debt, then the true cost is $1.6 trillion. Who will pay for all of this?”