Kent Conrad: “In 1993, the Democrats passed an economic plan that was a 5-year plan. That plan cut spending and it also raised income…”

“In 1993, the Democrats passed an economic plan that was a 5-year plan. That plan cut spending and it also raised income taxes on the wealthiest 1.5 percent of the people in this country. Many criticized us for that plan at the time, doubting that it would reduce the deficit as we believed, doubting that it would strengthen the economy as we believed, and doubting that it would reduce unemployment and inflation as we believed. But now we are able to look back and see the record and the record is clear. The 1993 economic plan has worked and worked remarkably well. It worked so well that this year we are actually contemplating a balanced budget on a unified basis. That will be the first time in 30 years that the United States has had a balanced budget on a unified basis.”