Budget surplus is good, but barely reduces federal debt
Thirty years of federal deficits have taken their toll on the federal budget. Two budget “surpluses,” although a step in the right direction, will scarcely make a dent on the actual federal debt oppressing both
the government and the people. Our “gross federal debt” is inching closer and closer to a $6 trillion dollar figure! We are in a quagmire of debts.
I have heard comments that we (the Congress and this Administration)
have taken steps to cut the federal deficit, but what is not being said is that the budget “surplus” has little effect on the federal debt. We have indeed managed to cut the deficit out of the equation, but the answer to the relevant
question, -- are we reducing the total federal debt at the same time, -- is NO. The surplus only cuts the debt’s rate of growth.
Source: Statement to Congress
Jun 14, 1999
Voted YES on prioritizing national debt reduction below tax cuts.
Vote to table [kill] an amendment that would increase the amount of the budget that would be used to reduce the national debt by $75 billion over 5 year. The debt reduction would be offset by reducing the tax cut in the budget framework from $150 billion
