Nick Smith said "I urge you to submit a budget in February that recognizes and addresses the rapid increases in deficit spending. The need to raise the debt ceiling within the next few weeks and the new CBO projections showing budget deficits in 2002 and 2003 underline the challenges we face. While the weak economy has played a substantial part, overspending is the primary cause of the current problem. When the last budget limitation agreement was reached in 1997, the Congressional Budget Office projected Federal revenues of $1.408 trillion for 2002 for a balanced budget. The actual figure was $1.893 trillion, or 41 percent more than was projected. So revenues are higher than expected. Unfortunately, spending grew even more--to $2.003 trillion--enormously beyond the 1998 projections. We need to take a more serious role and I would insert the letter in the Record." @ PoliticalQuotes.com

On the recordJanuary 23, 2002

I urge you to submit a budget in February that recognizes and addresses the rapid increases in deficit spending. The need to raise the debt ceiling within the next few weeks and the new CBO projections showing budget deficits in 2002 and 2003 underline the challenges we face. While the weak economy has played a substantial part, overspending is the primary cause of the current problem. When the last budget limitation agreement was reached in 1997, the Congressional Budget Office projected Federal revenues of $1.408 trillion for 2002 for a balanced budget. The actual figure was $1.893 trillion, or 41 percent more than was projected. So revenues are higher than expected. Unfortunately, spending grew even more--to $2.003 trillion--enormously beyond the 1998 projections. We need to take a more serious role and I would insert the letter in the Record.

Said by

Nick Smith

Republican · Michigan

Source

govinfo.gov

Editor's note · Context

Addressing budget deficits and urging the President to submit a budget recognizing deficit spending.

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