Steven Holt: “I seem to recall standing here on the floor with the gentleman from Virginia (Mr. Scott) and the gentleman from North…”

“I seem to recall standing here on the floor with the gentleman from Virginia (Mr. Scott) and the gentleman from North Carolina (Mr. Price) 3 years ago saying that the majority should not be so quick to spend this surplus. They began salivating at the sight of this projected surplus. I recall my friends here saying number one, it is projected; number two, things happen. We should not spend it all down. We should not give it all back in tax cuts; there might be some unforeseen events. Well, indeed there were. It happened on September 11; it happened with a stock market bubble popping. We were caught unprepared because the budget allowed absolutely no leeway. It was built on the most optimistic of circumstances and predictions, as well as, I would say, the greediest of ingredients.”