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Public Statements

Pascrell--Bush Budget an Absolute Sham

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Date:
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"Although a 401 page document on the federal budget is rarely considered an enjoyable read, I'm not sure if any current fiction can match the Bush Administration's latest effort for glaring fantasy. When you get past the glossy pages and the campaign brochure pictures that comprise the Bush Budget, you will find illusions, deception and chicanery. Unfortunately, the creativity employed is far from innocuous, and the austere realities will bring forth dangerous consequences to our nation's strength and stability.

"As the Administration projects a record deficit of $521 billion in FY04, the President insists, with child-like determination, to continue to cut taxes-this time reducing revenues by more than $1 trillion and driving the budget deeper into the red.

"While the President justifies his deficit-financed tax cuts on the grounds that they will create additional employment, over the last three years-under these very policies-the economy has lost 2.9 million private-sector jobs. Ralph Waldo Emerson's quote "A foolish consistency is the hobgoblin of little minds" clearly rings true in the halls of this White House.

"This foolish consistency will force our children and grandchildren to repay the record amounts of debt we are borrowing today, burdening them with untold harm. This is unconscionable.

"In addition to compromising the financial health of future generations, this Budget administers harsh cuts to current, needed programs. With the recent mad-cow outbreak, we have seen that our nation's food supply is vulnerable-and a possible avenue for attack. Yet the Bush Administration reduces the Department of Agriculture's funding by 8.1 percent.

"This budget exemplifies reckless fiscal irresponsibility. Our strength and security will be compromised as a sea of red ink washes over our financial landscape. The President's theatrical proposal to hold domestic appropriation's to 1 percent growth for 2005 would do virtually nothing to reduce the current deficit. President Bush promised not to pass our problems to future generations. What happened Mr. President, what happened? "

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