Mark Kirk: “the $74 billion Bush tax relief plan is already yielding benefits in the form of accelerated economic activity.…”

“the $74 billion Bush tax relief plan is already yielding benefits in the form of accelerated economic activity. According to yesterday's estimates from the Congressional Budget Office, higher economic growth added $23 billion to Federal revenue in fiscal year 2002 and $16 billion in fiscal year 2003. Congress' nonpartisan analysts now show a $5 billion surplus in fiscal year 2002; and if we exercise fiscal discipline as we consider new programs and set the budget targets, this new revenue brings a balanced budget within reach for fiscal year 2003. That is good surplus news. CBO is changing budget estimates released just 2 months ago. I applaud their quick response to new economic information. However, we need to do more. We need real-world budget estimates that incorporate the effects of economic incentives on proposed policy changes. We need to hold our budget analysts accountable every year for the difference between what they have told us would happen and what actually happened. With that, we can improve future budget projections and make sure this economy is rolling again.”