Bush's tax cuts were signed into law on June 7, 2001 - ten years ago(AP) President Bush said Saturday that the most important number in the budget he sends to Congress next week is the $5.6 trillion surplus it projects over the next 10 years.
Mission Accomplished -June 7, 2001
That huge projected surplus provides the underpinning of all the administration's tax-cut and spending plans, Mr. Bush said in his recorded weekly radio address.
"A surplus in tax revenue, after all, means that taxpayers have been overcharged," the president said. "And usually when you've been overcharged, you expect to get something back." The surplus figure "counts more than any other" in the budget, he said.
Democrats cautioned that surpluses projected over so long a period can turn into elusive fool's gold. And they continued to insist that as it stands the Bush tax-cut plan unfairly favors the wealthy over those of more modest means.
Mr. Bush said his budget plan proposes a "reasonable" 4 percent growth rate, which he said is "little more than inflation."
He asserted that given the size of the expected surplus, his proposal leaves plenty of room for a large tax cut, while paying for increases in spending on education and for dealing with Social Security and Medicare...
"Social Security and Medicare will get every dollar they need to meet their commitments," Mr. Bush said. "And every dollar of Social Security and Medicare tax revenue will be reserved for Social Security and Medicare."
He pledged that his spending plans will not neglect the national debt, now totaling about $5.7 trillion.
"After paying the bills, my plan reduces the national debt, and fast," Mr. Bush said. "So fast, in fact, that economists worry that we're going to run out of debt to retire. That would be a good worry to have."
How did that work out?
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