Byron Dorgan: “today the Congressional Budget Office released its summary of what to expect in fiscal policy in this country. I know…”

“today the Congressional Budget Office released its summary of what to expect in fiscal policy in this country. I know several of my colleagues have spoken about that today. But they predict that in the coming fiscal year, the budget deficit for this country will be $477 billion--nearly a $500 billion deficit-- easily and by far outdistancing any previous budget deficit. Last week I listened to the State of the Union in the Chamber of the House. The President described the state of the Union as he saw it. There was no discussion about the nearly $.5 trillion budget deficit this coming year. It was as if everything is just fine; don't worry about it; be happy. Days later, the Congressional Budget Office released their January review. Here is what they show. They show that in January 2001, 3 years ago, they expected us to have a surplus of $5.6 trillion during the 10- year period. As a result of that expected budget surplus, we had people scurrying around here like folks who just had not enough to do and they wanted to find some way to deal with their $5.6 trillion surplus. Some of us said this surplus doesn't yet exist. It is just a prediction; maybe we ought to be a little bit conservative, a little bit careful about how we deal with this. No.…”