Others want the surplus money earmarked for other areas such as paying down public debt or providing more funds for Medicare and Social Security. But many of moderates complained the resolution had no teeth. This debate is about downsizing the power of Washington. The Clinton Administration and congressional Democrats remain united in their opposition of a large Republican tax cut, arguing it would jeopardize the long-term solvency of Social Security and Medicare, and that surplus funds that remain after those entitlement programs are shored up should be used to fund domestic spending in areas like education. Treasury Secretary Lawrence Summers also warned Tuesday that huge tax cuts also could have unwanted economic consequences, including higher interest rates, greater inflation and a larger public debt.
Confidence is crucial.
It is time for us to make the right and prudent decision. CNN's Bob Franken and The Associated Press contributed to this report. Inc. All Rights Reserved. Terms under which this service is provided to you. Read our privacy guidelines .