Conrad: Long-term budget is ‘unsustainable’

The current spending-intensive budget plans before the Congress are unsustainable, Senate Budget Committee Chairman Kent Conrad (D-N.D.) said Monday.

“We’re seeing the prospect of another doubling of debt, and that’s unsustainable,” Conrad said during an appearance on MSNBC. “We’ve got to do a much better job of getting that long-term debt under control.”

While Conrad said that many deficit hawks understood the need to spend in the short-term to “give lift” to the economy, once the economic situation in the U.S. has recovered, Congress would have to act aggressively to balance spending — and revenue.

“I think we’re going to have to take a look at the revenue base in the country,” Conrad said, obliquely referencing tax code reform. “We’ve got a revenue system that’s hemorrhaging to offshore tax shelters.”

Conrad would not say whether or not he favored new taxes on healthcare expenses, arguing it would depend on the details, but indicated concern that “deductability for healthcare plans is unlimited.”

He said that the long-term budget would depend most, though, on healthcare reform.

“That really is the 800 lb. gorilla,” he explained. “If you look at our long-term budget, that’s where we’re off-track.”