James A. Leach: “If I could proceed on my own time, let me point out that in a broad macroeconomic way, this Congress, in less than 3…”

“If I could proceed on my own time, let me point out that in a broad macroeconomic way, this Congress, in less than 3 rac{1}{2} years, has moved from a fiscal deficit to a fiscal surplus, something absolutely disbelieved by the American public, disbelieved or doubted, I think, by many in this body, including some in the party who helped to achieve this. At this point we have three options. One of those options is to put forth a tax cut, because we are in a surplus circumstance. This is a credible option. Another option is to keep the status quo and continue to pay back some of the enormous debts that have been built up over the last several decades. This also, is a credible option. The third option is to increase spending because we are in a surplus situation. That is an option that this side of the aisle thinks is less credible. And so, I would suggest to my colleagues, as we move forth in all areas of Federal spending, we are going to have to be very careful to restrain the budget.”