Concurrent Resolution On The Budget For Fiscal Year 2008--Conference Report

Floor Speech

CONCURRENT RESOLUTION ON THE BUDGET FOR FISCAL YEAR 2008--CONFERENCE REPORT -- (Senate - May 17, 2007)

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Mr. CORNYN. I appreciate that. Listening to the comments of the distinguished chairman of the Budget Committee, just trying to summarize it, reminds me of a saying in my part of the country--and I will bet it is the same in his part of the country--the most feared words in the English language are ``I am from the Federal Government, and I am here to help.'' That is basically how he summarizes this budget: We are just here to help the American people.

The problem is that this budget puts us on a tax-and-spend budget, which is really the worst of both worlds. It dramatically grows the size of Government over the next 5 years. This is not just 1 year, this is a 5-year budget, and it contemplates a record increase in taxes and explodes the debt. It contemplates the largest tax hike on the middle-class families and farmers and entrepreneurs in our Nation's history--about $736 billion over the next 5 years.

Unfortunately, this tax increase will take place without a vote of the Congress because what it will do is take advantage of expiring temporary tax relief we passed back in 2003 which has produced an economic explosion in this country and the creation of about 7.8 million new jobs just over the last 4 years. We all know this tax relief has helped the economy grow and create jobs.

On this point, I am especially disappointed that this conference report does not include an amendment I authored which passed the Senate on a bipartisan vote by 63 to 35. That amendment, which is not included in this conference report, created a 60-vote budget point of order against any legislation that raised income tax rates on taxpayers, including middle-class families, college students, and entrepreneurs. In addition, the Senate unanimously voted to instruct its conferees to include the point of order in the conference report. But, once again, I guess we are asked to suspend our disbelief because here in Washington, inside the beltway, things happen differently.

We pass amendments by a vote of 63 Senators, we unanimously vote to instruct conferees to include that point of order in the conference report, and that prohibits an increase in tax rates unless at least 60 Senators agree; and, miraculously, it doesn't appear in the conference report.

While I am aware of the procedural ramifications, I think it would have been a powerful message for the Senate to make taxpayers across the country, to make this point to them that, as the chairman of the Budget Committee has said, there will not be an increase in taxes, to reassure them that there won't be. But, frankly, I think the numbers belie some of the statements being made, to the extent that we are not contemplating tax increases over the next 5 years, when in fact this budget contemplates a historic increase in taxes, just to be able to keep up.

The fact is this amendment highlights an essential point--that 63 Members of the Senate, a bipartisan majority, believe tax rates should not be raised. Unfortunately, the way I read this budget, it does contemplate dramatic increases in taxes, and I don't see anything else at the end of the day happening.

Finally, a few comments on the spending side of the ledger. While the chairman said there will not be higher rates next year under this budget, there will be, with no question, higher Government spending--approximately $23 billion above what the President requested, which I may add is not paid for, which goes directly to the debt. In other words, it is an IOU we hand down to our children and grandchildren. In fact, this budget contains billions of dollars in new spending on Washington programs--$205 billion over the President's request over the next 5 years.

When it comes to entitlement reform, this budget does absolutely nothing to address the $69 trillion long-term entitlement crisis we are facing. I wonder when things are going to change around here, when our rhetoric is matched by action. We on this side of the aisle have said we are determined to work with our colleagues on the other side of the aisle to deal with this growing mountain of entitlement spending and debt. Yet we are told, no, not this year, maybe some time in the future.

My question is: If not now, then when? We need the answer to that question. The American people need an answer to that question because the debt continues to pile up through uncontrolled spending on entitlement programs that are on auto pilot, and the bill is being sent to our children and grandchildren. That is wrong and we need to fix it. If not now, I wish to know when.

In fact, if we do nothing over the next 30 years, we won't have a dime to pay for anything else, except four things: Social Security, Medicare, Medicaid, and a part of the interest on the debt. We will not have the resources necessary for other important priorities such as national security, fighting the global war on terror, securing our borders, veterans health care, or education.

For these reasons, I cannot support this budget, which would dramatically increase spending and return us to an era of big Government, known as tax and spend. It passes the IOU down to our children and grandchildren and, at the same time, increases the debt by $2.5 trillion.

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