John Spratt: “on the chart I have just displayed it is clear from the Office of Management and Budget that the real surplus adjusted…”

“on the chart I have just displayed it is clear from the Office of Management and Budget that the real surplus adjusted for the real economy over the last couple of years is not $5.6 trillion, but $2.4 trillion. Out of that $2.4 trillion in real surplus, the Bush administration has already cut $1.349 trillion and $42 billion; add those two together and you get easily $1.4 trillion. Nearly two-thirds of the remaining surplus has been cut, has been diminished, due to tax cuts already passed now in the face of the fact that there is no remaining surplus. After you factor in these tax cuts and factor in the spending increases, mainly for defense and homeland security, which we all supported, but nevertheless, his budget left no room for contingencies like that, when you factor in those additional spending items, the surplus not only disappears, it goes deep in deficit for as far as the eye can see.”