Bobby Scott said "after the President's budget was adopted, the economy kept going down and down. And so some of this recalculation is an acknowledgment that the President's budget had caused the economy to tank, and they had to recalculate it based on the new numbers. When President Clinton's budget was adopted, they always underestimated the effect because that budget was improving the economy and every year the economy was doing even better than expected. The stock market was improving; unemployment was going down. When this President's budget was adopted, things just kept getting worse. And they had to recalculate it based on that new forecast. So it is all not just technical miscalculations. Some of it, a lot of it, is recalculation based on how poorly the economy was doing." @ PoliticalQuotes.com

On the recordFebruary 11, 2003

after the President's budget was adopted, the economy kept going down and down. And so some of this recalculation is an acknowledgment that the President's budget had caused the economy to tank, and they had to recalculate it based on the new numbers. When President Clinton's budget was adopted, they always underestimated the effect because that budget was improving the economy and every year the economy was doing even better than expected. The stock market was improving; unemployment was going down. When this President's budget was adopted, things just kept getting worse. And they had to recalculate it based on that new forecast. So it is all not just technical miscalculations. Some of it, a lot of it, is recalculation based on how poorly the economy was doing.

Said by

Bobby Scott

Democratic · Virginia

Source

govinfo.gov

Editor's note · Context

Discussing the impact of the President's budget on the economy during a floor speech.

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