“The Bush budget uses almost all of the available surplus – a surplus that is not even real – for a $1.6 billion tax plan that gives 43 percent of the benefit to the wealthiest one percent of Americans. Even worse, because the surplus projections are so uncertain, the Bush budget uses Medicare dollars to cover the cost of the tax cut. That is not a responsible approach to America’s budget, and it breaks the promise to parents and grandparents who are counting on Medicare for their health care needs. By failing to budget wisely, the Bush plan puts us on track for budget deficits, high interests rates, and a less secure retirement for today’s seniors, and tomorrow’s.
“While claiming to make education a priority, the Bush budget makes only a minimal new investment in America’s schools of 4.2 percent – far below the historic increases for education that Democrats fought for and won over the past five years. The President’s budget provides a $555 billion tax cut for the top 1 percent of taxpayers. While education on the other hand, receives a mere $41 billion over 10 years. In other words, the president spends at least 10 times more for the top 1percent than he does for education.
“Investments in energy, health care, and defense also fall victim to the Bush tax plan. At a time when Americans are struggling with energy costs, the president’s budget slashes energy efficiency and renewable energy by about $180 million, a 15 percent cut. Programs that provide health care access for the uninsured are cut by 86 percent.
“We should pass a substantial tax cut now to help lift both our sagging economy and the burden of working and middle class families. Unfortunately, the Bush plan does neither. Under the president’s plan, an individual making more than $350,000 would receive a $40,000 tax cut while a single mother making $25,000 would get nothing. Working and middle class families would see little or no tax relief for several years, much too late to boost our economy or to help families that are feeling the crunch right now.
“The president’s oversized and irresponsible tax plan not only comes at great expense, it also prevents needed investments in education, Medicare prescription drug coverage, and reducing the national debt. Budgets are not just numbers on a page -- they are about our values. We should pass a budget that spurs the economy by cutting taxes for all families, strengthens Social Security, ensures Medicare prescription drug coverage, invests in education, and reduces the national debt. This is the type of balanced approach to America’s budget that the Bush plan fails to follow. The Bush budget fails to reflect the values and needs of America’s families.”
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