John Spratt: “Well, this administration is digging deeper and deeper and deeper. As I said, do not take my word for it. We have our…”

“Well, this administration is digging deeper and deeper and deeper. As I said, do not take my word for it. We have our own budget shop. As someone earlier said, it is now run by a very able economist who came from the Bush administration. According to their projection of the President's budget, every year, if the President's budget is implemented, every year from 2003 through 2013 there will be a deficit. If we do not include the surplus in Social Security, there will be a deficit of over $400 billion. The cumulative deficit over that 10-year period of time, 2003 to 2013, if Social Security is not included, is $4.398 trillion. That is the Congressional Budget Office speaking, a neutral, nonpartisan agency.”