John Kerry: “Today, the Senate will approve a budget which will go beyond a balanced budget and create a surplus for the first time…”

“Today, the Senate will approve a budget which will go beyond a balanced budget and create a surplus for the first time in more than a generation. This has been a key objective for me since I came to the Senate in 1985. So there is reason for some satisfaction and relief tonight. However, as we balance the budget, the picture is not entirely appealing. Unfortunately, we have failed to provide adequate support for the critical needs of our nation's children. The Federal government has run a deficit continuously for more than 30 years. It soared to dangerous levels in the 1980s during the Reagan and Bush Administrations. As a result of these deficits, our national debt has multiplied several times, exacting a toll on our economy, increasing interest rates, squeezing federal spending and making debt service one of the largest expenditures in the Federal budget. In 1993, following President Clinton's election, we began the long journey back from crushing deficits and toward fiscal responsibility by passing an enormously successful economic plan.”