Political Quotes

“there is now clear evidence that at least for the short run, both the economy and the budget have attained to a singular degree of stability. Consider the following facts: The current economic expansion is now in its seventh year and shows no sign of ending; the unemployment rate is below 5 percent for the first time in 24 years; the current official inflation rate, which may be--and almost certainly is--overstated, is about 2 percent; the deficit has been reduced from $290 billion in fiscal year 1992 to $23 billion in fiscal year 1997, or just three-tenths of 1 percent of our gross domestic product; the Congressional Budget Office projects that, under present law, the unified budget will have a surplus of $86 billion in the year 2007. I repeat that unfamiliar phrase--a surplus of $86 billion. The Congressional Budget Office also projects that, under present law, the debt held by the public will fall from about 50 percent of gross domestic product this year to about 30 percent by 2007. May I suggest to my colleagues that, for the first time in 20 years or more, such good economic news is upon us and was previously thought unattainable.…”