When this administration came into office, it was my recollection that the Federal budget was running a surplus. Therefore, there was not only no increase in Federal interest costs, but we were, in fact, year to year, reducing Federal interest costs and had done so for 2 or 3 years prior to President Bush coming into office; is that correct?
John Sarbanes: “When this administration came into office, it was my recollection that the Federal budget was running a surplus.…”
Editor's note · Context
Discussing the federal budget and interest costs during a congressional session.
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