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Politics : Ask Michael Burke

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To: Les H who wrote (70230)	11/8/1999 6:15:00 PM
From: gnuman	Read Replies (2) of 132070

Les, re: <Budget surplus was also helped by higher taxes passed by Bush/Democrats in 1990/1991, the end of S&L bailout in 1993/1994, defense spending cuts, shifting borrowing from 30-year bonds to shorter-term maturities, etc.> Didn't these programs merely reduce the size of the deficit? Even our current surplus of $161 billion has only a $14 billion contribution from non-SS sources. It's my understanding that the Government paper issued as IOU's to the entitlement programs are "Special Treasury Securities" used mainly as a bookkeeping entry -( an intergovernmental IOU), and is an indicator of federal commitments for future spending. But when these "Special Securities" need to be redeemed at some future date, where will the money come from?

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