While I hope our economy rebounds and our country’s fiscal house is in order in 10 years so that we can continue the largest tax cut in two decades beyond 2010, this is a vote that should happen in 10 years, not now.  Not now, unless we can demonstrate with out a shadow of a doubt that the money will not come from raiding the Social Security trust fund.

This is not a partisan issue for me.  I was one of only 28 Democrats to vote for the President’s tax cut last year.  But America today is staring at the face of a potential financial crisis.   We are setting up a train wreck for our kids and our grandkids:  a $5 trillion projected surplus that has disappeared,  $5.9 trillion in debt.  

What does that mean to the American people?  $1 billion every single day this country pays, using your tax money, in interest--not principal, just interest--on the national debt.  How much is one billion?  That is 200 brand new elementary schools every single day in America.  That is new highways.  That is more economic opportunities for our people.  

Experts agree that Social Security is broke in 2041.  That is assuming that we find a way to pay back the $1 trillion that we have already borrowed from the Social Security trust fund.   And next year we are proposing to deficit spend for the first time since 1997--$80 billion by the President’s estimate—all of it coming from the Social Security trust fund.  

Now is not the time to permanently repeal the sunset on last year’s tax cuts.  This is an issue that should be properly debated when the time comes.  Now is the time to be fiscally responsible for the sake of our children and our grandchildren.