Cliff Stearns: “good morning. I have got some good news. Perhaps a lot of the Members do not know about it. There has been a CBO update.…”

“good morning. I have got some good news. Perhaps a lot of the Members do not know about it. There has been a CBO update. The economy now seems poised for a more sustained recovery with CBO estimating growth of nearly 4 percent in the year 2004. Because of that growth, moreover, the recent surge in Federal budget deficits will peak in the year 2004. That is right. If growth continues, even at the CBO estimated 3.3 percent a year from the year 2005 to 2008, Federal revenues will begin to rise again and deficits will fall through the rest of the decade just as they always do amid prosperity. What this tells us, Mr. Speaker, is that President Bush's decision to use fiscal policy, tax cuts, to promote growth has been the right priority, and it seems to be paying off now in accelerating business purchases. This is crucial to restoring vibrant growth because the economy has to survive and has had so much trouble with the burst in the stock market. This is also one of the explicit goals of President Bush's dividend and marginal income tax rate cut proposals. Mr. Speaker, this is good news. No guarantee but good news for today.”