Bobby Scott: “as we look at that chart where each year under the Clinton administration was better than the one before, and we went…”

“as we look at that chart where each year under the Clinton administration was better than the one before, and we went into such surplus that when Chairman Greenspan was testifying before Congress in 2001, he was answering questions like, What happens if we pay off the entire national debt? What is going to happen to the bond market? What is going to happen to interest rates? We had at that point projected we would be able to pay off the national debt held by the public by 2008. By 2013, if we were continuing to run surpluses, we would be able to put all of the money back in the trust funds. Members talk about Social Security being empty. Social Security would have had gotten all its money back, and there would be assets in the trust fund, not the IOUs we have now. But in 2001, Congress passed massive tax cuts, President Bush signed them, and we see what happened. Now, Members will remember in 1995 when the Republicans took over the United States House and Senate, they also passed massive tax cuts. What happened to those tax cuts in 1995? What did President Clinton do to those tax cuts?”