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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Bill who wrote (154721)	6/21/2001 3:15:04 PM
From: Scumbria	Read Replies (2) \| Respond to of 769667

Bill, Deficit reduction was pretty much all Clinton was talking about before the 1993 DRA was passed. No point arguing with you though, because you really don't seem interested in the facts. Scumbria

To: Bill who wrote (154721)	6/21/2001 3:19:57 PM
From: Scumbria	Read Replies (1) \| Respond to of 769667

Your Link Here President Clinton's deficit-reduction policies have set the economy humming By MYRIAM MARQUEZ The Orlando Sentinel President Clinton recently returned from an island vacation with great news. And, no, the "news" is not that his Labrador pup is completely trained, though we now know Buddy does swim. More to the point, we also now know that because the economy is doing swimmingly, the federal budget deficit for fiscal 1997 is $22 billion. And that's great news! That figure is $100 billion below old projections. Republicans in Congress had criticized those projections as too rosy. Say what you will about Clinton's character flaws and penchant for poll-pandering, but you've got to hand him this one: He pushed through his deficit-reduction package his first year in office without one Republican vote, and the economy has been humming ever since. Oh, sure, the Republicans won the 1994 elections in Congress and pushed for a balanced budget, too. If you're honest, though, you'll agree the Republicans always set their sights more on tax cuts, primarily for the wealthy, than on a balanced budget. Trickle down and all that. In any case, the balanced budget, which the White House and Congress agreed to reach by 2002, might very well be a reality by the end of this year. Will Republicans resist the temptation to hand out more tax breaks based on their projections of future prosperity? We already tried the trickle-down theory during the Reagan years, and it got us deficits of almost $300 billion by the time Clinton was elected in 1992. At that time, the deficit was projected to grow to $357 billion by this year. Clinton didn't let things slide. In his first budget, he proposed a $496 billion package of tax increases and spending cuts for the next five years. It increased income taxes for the wealthiest 1.2 percent of Americans -- 1.4 million in all -- and raised the federal gasoline tax by less than a nickel a gallon. The plan also cut back on programs, including elimination of more than 200,000 federal jobs. When historians focus on the Clinton years, there will be plenty to write, much of it not kind to the president. However, any fair reading of his presidency must give him high marks for his deficit-cutting proposals, which led to a strong economy that, in turn, helped bring down the deficit more quickly than anticipated. And any fair reading has to note that Republicans were way off the mark on their predictions of gloom and doom. U.S. House of Representatives Speaker Newt Gingrich, who was minority leader in 1993, predicted Clinton's tax increases would lead to a "job-killing recession." Never happened. In the first year after the tax package went into effect, more new businesses incorporated than at any time since World War II ended. But back in 1993, another Grand Old Party leader, Rep. Robert Michel, said, "This plan is a silent, greedy destroyer of family budgets, a dreadful virus in the economic bloodstream of our nation." reporternews.com

To: Bill who wrote (154721)	6/21/2001 5:55:40 PM
From: J_F_Shepard	Read Replies (2) \| Respond to of 769667

"there is no such thing as the "Deficit Reduction Act of 1993". " The only thing officially called a Deficit Reduction Act was signed in 1984 not 1985, however the Omnibus Reconciliation Act of 1993 is most often called the Deficit Reduction Act of 1993. Here's a search using "Deficit Reduction Act of 1993".....there are 35 web sites that show up. google.yahoo.com Of particular interest, I think is this one: brook.edu Here's an excerpt from it.... "In 1987, Congress passed two bills to cut the budget deficits over the following two years. By curtailing a variety of outlays, the two measures together reduced the deficit by $33.4 billion in fiscal 1988 and $42.7 billion in fiscal 1989. In 1990, Congress hiked taxes to bolster budget reduction efforts. The bill raised taxes on the 600,000 highest-income taxpayers while offering 4 million more a small tax cut. The maximum rate rose from 28 to 31 percent. The bill was expected to raise $137 billion in additional revenue over five years. The Deficit Reduction Act of 1993 combined increased taxes with spending reductions. OMB predicted that these reforms would reduce the deficit by $504.8 billion over five years. The CBO, using a different formula, set the estimate at $433 billion." Note the reference to the the Deficit Reduction Act of 1993 ...... It appears you are in error sir......