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Politics : PRESIDENT GEORGE W. BUSH
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To: Neocon who wrote (172251)8/17/2001 12:17:02 PM
From: ColtonGang  Read Replies (2) of 769667
 
The Buzz: The Incredible Shrinking Surplus


Thursday, August 16, 2001

FOX NEWS

The Bush administration will soon announce that the federal budget surplus outside Social Security will be next to nothing by the end of this year and the political battle over who is to blame has already begun.

While a slowing U.S. economy has knocked corporate tax receipts down by an estimated $40 billion, congressional Democrats charge that President Bush’s tax cut — which sent $74 billion back to taxpayers — was too hasty. The White House argues that last-minute spending deals between the Congress and President Clinton last fall drained another $34.5 billion out of the surplus.

Asked whether the Bush tax plan caused the evaporation of the surplus, Lawrence Lindsey, special assistant to the president for economic policy, responded that the tax cut "is there to stimulate an economy that has been declining rapidly for over a year."

"If we didn't have that tax cut, we would be in much, much worse shape," Lindsey added. "The tax cut is there to sustain the economy to keep money in people's pockets. So that that this economy can grow again."

But Gene Sperling, former President Clinton's top economic advisor, places the blame squarely on the Bush administration’s tax cut.
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