Political Quotes

“Mr. Chairman, today we are debating a supplemental appropriations bill, but this debate is really all about what Congress should do with the on-budget surplus for fiscal year 2000. Let me explain what this surplus is because there is, understandably, a lot of confusion about budget surpluses. Last year, Congress, for the first time in 30 years, stopped the raid on Social Security surpluses, and that was a terrific step. This year, after saving and setting aside the entire Social Security surplus, the Federal Government is still taking in more tax revenue than it is spending for the rest of its programs. We call this the on-budget surplus or sometimes the non-Social Security surplus. Now, despite increasing discretionary spending in fiscal year 2000 by about 5 percent over fiscal year 1999's levels last fall through the regular appropriations bills, the economy is so strong, and tax revenues were so high that this on-budget surplus that we are talking about is about $26 billion for fiscal year 2000. Let us keep in mind that this fiscal year is about half over, so this amount is quite certain at this point. So today's debate is really over what to do with this $26 billion on-budget surplus. This is a historic debate. We have not had a surplus like this in over 30 years, and even then only briefly and very small.”