Political Quotes

“it is the best of times and the worst of times. In 1993, it was somewhat the worst situation in this country in terms of overspending and debt. We had a $250 billion deficit every year, as far as the budgeters could project. Earlier this year in January, CBO and OMB predicted there was going to be a $26 billion on-budget surplus next year--a $28 billion surplus this year. Yesterday, they predicted a tremendous increase in tax revenues, almost three times the amount in terms of on-budget surplus this year for an estimated $84 billion. Next year, they are projecting $102 billion surplus. Our economy has been growing now for 18 years--steadily for the last 10 years. But remember, back in 1993 the Clinton administration and the Democrats made a decision that we should increase taxes in order to have deficit reduction. They passed the largest tax increase in history, $250 billion. As it turned out, half of that money was used to expand domestic social program spending. The other half used to reduce borrowing. If the goal of that huge tax increase was to have a smaller deficit and now we are looking at a projection of $4.6 trillion to $5.6 trillion surplus over the next 10 years with the unified budget, it is time to give back some of that tax increase. Let us reduce that 4.3 cent gas tax increase passed. Let us rescind and reduce the extra Social Security tax that was also part of that 1993 tax increase.”