On the recordApril 18, 2002
I just wanted to quickly respond to the last speaker about tax cuts being the source of the loss of the surplus this past year. That is simply not the case. Seventy-three percent of the loss of the surplus this past year came because our economy went into a recession. People lost their jobs and they did not pay taxes, and the surplus dried up because we went into recession. These tax cuts will grow the economy and get us back on track and grow those surpluses.
Source
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