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

To: Neocon who wrote (588412)	7/7/2004 7:18:42 PM
From: Steve Dietrich	Read Replies (2) \| Respond to of 769670

<<I doubt that dry predictions of aggregate revenues have that much influence, however. What is more important is hyping the whole high tech phenomenon, and intimating that the business cycle has been overcome.>> But who in the administration was doing that? I remember touts on CNBC (Republicans Larry Kudlow, and James Glassman come to mind) hyping the unstoppable stock market but not the Clinton administration. And you yourself don't seem to have much respect for the business cycle having argued Bush 1 caused a recession with his tax increase. It was Clinton and Gore who wanted to be prudent with the projected surpluses, noting they were mostly projected. But it was Bush who budgeted like he'd just won the lottery. From his first speech to congress as President: My budget has funded a responsible increase in our ongoing operations, it has funded our Nation's important priorities, it has protected Social Security and Medicare, and our surpluses are big enough that there is still money left over. Many of you have talked about the need to pay down our national debt. I have listened, and I agree. My budget proposal pays down an unprecedented amount of public debt. We owe it to our children and grandchildren to act now, and I hope you will join me to pay down $2 trillion in debt during the next 10 years. At the end of those 10 years, we will have paid down all the debt that is available to retire. That is more debt repaid more quickly than has ever been repaid by any nation at any time in history. We should also prepare for the unexpected, for the uncertainties of the future. We should approach our Nation's budget as any prudent family would, with a contingency fund for emergencies or additional spending needs. For example, after a strategic review, we may need to increase defense spending, we may need additional money for our farmers, or additional money to reform Medicare And so my budget sets aside almost a trillion dollars over 10 years for additional needs -- that is one trillion additional reasons you can feel comfortable supporting this budget. We have increased our budget at a responsible 4 percent, we have funded our priorities, we have paid down all the available debt, we have prepared for contingencies -- and we still have money left over. Steve Dietrich