[Congressional Record Volume 144, Number 24 (Tuesday, March 10, 1998)]
[House]
[Page H919]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              SURPLUS? WHAT SURPLUS? WATCH THE DEBT MOUNT

  (Mr. BARTLETT of Maryland asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. BARTLETT of Maryland. Mr. Speaker, for the first time since 1969, 
29 years ago, the Federal Government is supposed to balance its budget 
and have a surplus. But will we really? Here is a lesson in government 
accounting.
  In 1998, the Congressional Budget Office, CBO, projects there will be 
a surplus of $8 billion, and the national debt will be $5.5 trillion. 
Remember, the national debt is the total from accumulated deficits and 
interest payments.
  In 2002, after 5 years of balanced budgets, CBO projects the surplus 
will be $67 billion, and the national debt will be $6.4 trillion. Let 
me repeat, the national debt in 1998 will be $5.5 trillion; after years 
of surpluses, the national debt in 2002 will be $6.4 trillion.
  What is wrong with this picture? How can the government say the 
Federal budget will be in surplus at the same time that the national 
debt will increase by nearly $1 trillion? It is easy, if we do not 
count billions spent every year from government trust funds like Social 
Security.
  Clearly there is no surplus. If the debt continues to go up, the 
budget is really not balanced, now is it?

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