[Congressional Record Volume 146, Number 93 (Tuesday, July 18, 2000)]
[House]
[Pages H6362-H6363]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                THE BEST OF TIMES AND THE WORST OF TIMES

  The SPEAKER pro tempore. Under the Speaker's announced policy of 
January 19, 1999, the gentleman from Michigan (Mr. Smith) is recognized 
during morning hour debates for 2 minutes.
  Mr. SMITH of Michigan. Mr. Speaker, it is the best of times and the 
worst of times.
  In 1993, it was somewhat the worst situation in this country in terms 
of overspending and debt. We had a $250 billion deficit every year, as 
far as the budgeters could project. Earlier this year in January, CBO 
and OMB predicted there was going to be a $26 billion on-budget surplus 
next year--a $28 billion surplus this year. Yesterday, they predicted a 
tremendous increase in tax revenues, almost three times the amount in 
terms of on-budget surplus this year for an estimated $84 billion. Next 
year, they are projecting $102 billion surplus. Our economy has been 
growing now for 18 years--steadily for the last 10 years.
  But remember, back in 1993 the Clinton administration and the 
Democrats made a decision that we should increase taxes in order to 
have deficit reduction. They passed the largest tax increase in 
history, $250 billion. As it turned out, half of that money was used to 
expand domestic social program spending. The other half used to reduce 
borrowing.
  If the goal of that huge tax increase was to have a smaller deficit 
and now we are looking at a projection of $4.6 trillion to $5.6 
trillion surplus over the next 10 years with the unified budget, it is 
time to give back some of that tax increase. Let us reduce that 4.3 
cent

[[Page H6363]]

gas tax increase passed. Let us rescind and reduce the extra Social 
Security tax that was also part of that 1993 tax increase.
  And of course the President pushed for and got an increase in the 
income tax going to a new top rate of 39.6 percent, increased the death 
tax, and increased the payroll tax on workers.
  It could help make this the best of times for the American people 
during these times of huge surpluses, by repealing some of those tax 
increases that the other side of the aisle along with Mr. Clinton and 
Mr. Gore got passed in 1993.

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