John Spratt: “Furthermore, we now know that the surplus is gone, per OMB. They have acknowledged it. CBO, the Congressional Budget…”

“Furthermore, we now know that the surplus is gone, per OMB. They have acknowledged it. CBO, the Congressional Budget Office, says the same thing. That ought to be an alarm sound calling for us to begin developing plans like the plan we developed with the President's father in 1990, the Budget Summit Agreement, the Clinton budget in 1993, the Balanced Budget Agreement of 1997. Three times in the 1990s we did extra-special exercises on the budget that ratcheted down and helped put us in a surplus for the first time in a generation. This budget acknowledging the problems it has got now and in the foreseeable future does nothing. The most that they offer is a new disdain for deficits. They basically say deficits do not matter, a trillion here, a trillion there; it is no big deal.”