John Spratt: “here are the facts. In the year 2000, the last year of the Clinton administration, our budget was in surplus by $236…”

“here are the facts. In the year 2000, the last year of the Clinton administration, our budget was in surplus by $236 billion. Members can see it right there. Our deficit reduction efforts went from a deficit of $290 billion in 1992 to a surplus of $236 billion in the year 2000. Today, this year, we are told by the Office of Management and Budget that the budget will be in deficit by $521 billion. That is a swing of $757 billion in the wrong direction. This budget before us sails into these tidewaters calling for additional tax cuts even though the budget is $521 billion in deficit, mired in deficit as far out as the forecasts go, and even though these additional tax cuts can only have one effect, they will add dollar for dollar to the deficits that are already enormous, $521 billion this year. If Members want to see what happens if we go on this course, if we take the course plotted by the President's budget, which is essentially what this budget is all about, Members can see on the first page of the CBO analysis of the President's budget, it will add $5.132 trillion to our national debt of $7 trillion over the next 10 years. It will raise the national debt to $12 trillion. We have heard it said on the House floor repeatedly that taxes are not part of the problem. Taxes are not all of the problem. We have had a terrible toll taken on our economy and budget by terrorism, by war, and a recession that was not fully foreseen.”