Bill Bennett: “I do, however, know that over 50 percent of the shortfall in the projected surplus that we were talking about at the…”

“I do, however, know that over 50 percent of the shortfall in the projected surplus that we were talking about at the time we started, in 2001, is due not to the tax cut and not to increased spending but to the downturn in the economy. If the economy should come back to be as strong as it was before--and there are signs that it is recovering nicely now--that 50 percent could be recovered. So, no, I agree that we will not remove the deficit, but I think it is an inaccurate statement to say it will be exactly the $87 billion. We do that around here and it frustrates me as a former businessman. It frustrates me as a legislator. We are constantly taking the latest numbers from CBO and assuming that they are cast in stone. Then 3 months later, when we get the next set of numbers that completely contradict the earlier ones, we say: Oh, these are the true numbers, and we go on and on. I am not arguing with the Senator's general direction, but I wanted to be a little careful in the specificity with which he outlines this.”