John McCain Ardently OPPOSING Bush Tax Cuts (3/18/03)
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Uploaded on Apr 16, 2008
John McCain now supports the Bush tax cuts- that he twice opposed- and will increase the deficit and let the national debt swell with his irresponsible tax cuts, betraying his career in the Senate as a "deficit hawk."
"Even without assuming the costs of these various contingencies, particularly the war in Iraq and the responsibilities we will have in that country following the cessation of hostilities,the increase in the Federal budget deficit envisioned over the next 10 years ought to concern greatly every member of Congress. In the first 5 months of fiscal year 2003, the United States Government has already run up a $195 billion deficit. The Congressional Budget Office estimates that even without the President's tax cuts and without further increases in spending for the remainder of the fiscal year, the total budget deficit for 2003 will reach $246 billion. If we add the projected costs this year of the President's tax cuts the deficit would reach $287 billion. Most alarming, are the deficit projections for the next 10 years, incorporating the President's proposed tax cuts, released by CBO last week: $1.8 trillion. That's a pretty staggering sum, and it does not include any of the costs of our imminent actions in Iraq."
"We should be concerned about deficits, Mr. President. They limit economic expansion by reducing the amount of national savings available for investment. This raises both interest rates and interest payments on the national debt. Deficits constrain our ability to respond effectively to unanticipated fiscal events. If we do not reduce them, projected long term deficits will reach dangerous levels, lowering the national income and standards of living for future American generations. That said, Mr. President, I would still be open, at some point, to proposals to stimulate the economy with tax cuts. But not now. We should, Mr. President, take a pause in our efforts to increase spending on non-defense needs and to reduce taxes."
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