-Caveat Lector-
IDIOT AND LIAR RANGEL IS WELCOME TO SEND HIS REFUND
BACK!!!!!
>
> 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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