March 14, 2003

The Senate Centrists Flex Their Muscles

The center of the Senate flexes its muscles. It is a good sign. It would have been a better sign if they had also said that tax cuts must be frontloaded--that it is worth increasing the deficit over the next two years or so to stimulate employment, but that this year's budget should produce projected surpluses between seven and ten years from now:

Dear Majority Leader Frist and Minority Leader Daschle:

With the international challenges our nation faces, including a possible military engagement with Iraq, continuing tension on the Korean Peninsula, and the ongoing war on terrorism, coupled with sluggish economic growth, we believe it is critical a budget resolution for Fiscal Year 2004 (FY2004) be enacted this year. We are committed to working in a bipartisan manner to this end.

We believe that our nation would benefit from an economic growth package that would effectively and immediately create jobs and encourage investment. We appreciate President Bush's leadership in identifying this need and beginning this important debate with his economic growth proposal.

Given these international uncertainties and debt and deficit projections, we believe that any growth package that is enacted through reconciliation this year must be limited to $350 billion in deficit financing over 10 years and any tax cuts beyond this level must be offset, All signatories to this letter are committed to defeating floor amendments that would reduce or increase this $350 billion amount.

We look forward to working with you on a bipartisan budget.



Posted by DeLong at March 14, 2003 02:00 PM | TrackBack

Post a comment