[Congressional Record Volume 148, Number 24 (Thursday, March 7, 2002)]
[House]
[Page H742]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     CBO PREDICTS SURPLUS FOR 2003

  (Mr. KIRK asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. KIRK. Madam Speaker, the $74 billion Bush tax relief plan is 
already yielding benefits in the form of accelerated economic activity. 
According to yesterday's estimates from the Congressional Budget 
Office, higher economic growth added $23 billion to Federal revenue in 
fiscal year 2002 and $16 billion in fiscal year 2003. Congress' 
nonpartisan analysts now show a $5 billion surplus in fiscal year 2002; 
and if we exercise fiscal discipline as we consider new programs and 
set the budget targets, this new revenue brings a balanced budget 
within reach for fiscal year 2003.
  That is good surplus news. CBO is changing budget estimates released 
just 2 months ago. I applaud their quick response to new economic 
information. However, we need to do more. We need real-world budget 
estimates that incorporate the effects of economic incentives on 
proposed policy changes. We need to hold our budget analysts 
accountable every year for the difference between what they have told 
us would happen and what actually happened. With that, we can improve 
future budget projections and make sure this economy is rolling again.

                          ____________________