-Caveat Lector-
Helping the Rich steal from the till while there's still something in it.
WHO is the money being borrowed from? Who profits from the interest?
----- What a country! ----------------------------------------------Nurev
RANGEL REACTS TO TREASURY DEPARTMENT
ANNOUNCEMENT THAT IT WILL HAVE TO BORROW
MONEY TO PAY FOR "REFUND" CHECKS
WASHINGTON - 07.30.01 | Noting the Treasury Department's
announcement today that it will need to borrow a net $51 billion in this fiscal
quarter in part to pay for "tax rebates" included in the recently enacted tax
bill,
Rep. Charles B. Rangel (D-NY) warned today that the bill poses short and long
term threats to reserves committed to providing promised Medicare benefits.
"The government is bleeding red ink again. Thanks to the fiscal discipline of
the Clinton Administration, we had thought that the era of big deficits was
over.
Well, thanks to the gimmicks the Republicans played in the big tax bill,
deficits
are already back. It will be difficult for Democrats to resist saying 'I told
you so',"
said Rep. Rangel.
In April, the Treasury Department had said it expected to pay down about $57
billion in debt held by the public in the July-September quarter, according to
published news reports. However, the large tax cut pushed through by President
Bush included shifts in corporate tax-due dates and $38 billion in "refund
checks" that Republicans added to the tax bill in the last days before passage
to
make the larger bill seem more palatable to a skeptical public.
"The whole Republican rationale for passing such a big tax cut is that we
needed to send the surpluses back to the people. How ironic is it that we are
now
borrowing from the people in order to pay them their checks?" said Rep. Rangel.
"Unfortunately, this is just the beginning. The Republicans are already writing
confidential memos that acknowledge that the economic slowdown, Republican
budget plans, and the Bush tax cut will force a raid of the Medicare and Social
Security surpluses."
Rep. Rangel was referring to a memo obtained by the BNA news organization
and reported on in July 27th's Daily Report for Executives. According to that
report, the internal Republican memo said: "We are possibly already into [the]
Medicare [Part A] trust fund this year and every year through FY05" ... "We
also
are very close to touching the Social Security surplus in FY03."
According to published reports, corporate tax revenues received by the
Treasury have fallen behind those from last year. Rep. Rangel pointed out that
whatever errors there are in short-term projections are likely to extend into
later
years.
"This information already calls into question the rosy economic forecasts
which President Bush used to justify a bloated and back-loaded tax bill. If we
can
not even pay for the first year of the bill without endangering the Medicare
trust
fund, we'll be in big trouble when the revenue losses increase dramatically in
future years."
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