Byron Dorgan: “I have listened with some interest today to many of my colleagues who have come to the floor to speak about what is…”

“I have listened with some interest today to many of my colleagues who have come to the floor to speak about what is called a stimulus package. I have never quite understood the word ``stimulus'' as it applies to economics. I did teach economics in college at one point. I guess the notion of a stimulus is to excite the economy, to do something to expand the economy. The fact is, until a couple of months ago, the President was telling us the economy was doing really well; we have a strong, sound economy. The Secretary of the Treasury was telling us the economy is solid and we are on solid ground. Of course, most Americans knew better. Now we discover that the economy needs a stimulus. Let me describe why that is the case, and a response to some of the discussion on the floor of the Senate today. We have had an almost unbelievable 7 years. President Bush came to the Congress at the start of his Presidency, and he said: President Clinton has left a large budget surplus. Alan Greenspan said he couldn't even sleep; the surplus was so big. He was worried the surplus was so large it was going to be a problem. President Bush saw this projected surplus, a surplus in the first year of his Presidency and then projected for the next 10 years. He was so excited, he rushed to the Congress and said: You have to help me. We need to get rid of this projected surplus. We need to provide very big tax cuts.”