PETERSON (PETER PETERSON, FORMER COMMERCE SECRETARY): I have nothing against tax cuts, as long as we reduce spending. But what?s going on, Chris, is my party, the Republican Party, used to be known as the party of fiscal responsibility. Now we seem to be governed by a philosophy, or I should say a theology, of any tax cut, any time. And they?ve been joined by Republicans who?ve joined the spending binge. And this isn?t Pete Peterson saying it, it?s the CATO Institute, who refers to the spending explosion. It?s Dick Armey, a very conservative majority leader whom you used to interview, who pointed out that he can?t pin this one on the Democrats because they?re in charge of everything.
PETERSON: No, what I am saying is that when George Bush?George W. Bush took over, not just Pete Peterson but Bob Rubin, Paul Volcker, Sam Nunn, Warren Rudman, Bob Kerrey and I got together and said, This economy is kind of soft. What should happen? Well, we believe, A, you can justify a tax cut. B, it ought to be temporary. C, it should go to people that are going to spend it. And four, and for God?s sakes, don?t worsen the long-term situation. This particular brew of tax cuts did not, in my opinion, meet any of those requirements.
