[Congressional Record (Bound Edition), Volume 147 (2001), Part 7]
[Senate]
[Page 9521]
[From the U.S. Government Publishing Office, www.gpo.gov]



                               GOOD NEWS

  Mr. SESSIONS. Mr. President, some good news came out this week. I 
don't know how many people saw it. It was a report of the status of the 
surplus in our accounts for the United States. As it was reported in 
the Wall Street Journal and other organizations, for the month of April 
of this year, the surplus was $30 billion larger than the surplus for 
April of last year. For the first 4 months of this year, it showed that 
the surplus was $41 billion larger than the surplus of the first 4 
months last fiscal year.
  That is a rather significant event because we are in an economic 
slowdown. As everyone knows, a vibrant economy is the greatest 
motivator for creating surpluses.
  There is a lot of fear out there that we may not continue to have 
surpluses. Since I have been in the Senate, going on my fifth year now, 
every projection on the status of the budget has understated the income 
to the Federal Government. For the last 3 years, the surplus has 
substantially exceeded what OMB and the Congressional Budget Office 
have projected for the surplus.
  To me, we have one goal as a Congress and a Government: To try to 
make sure this economy gets on its feet again and gets humming and 
makes even more money for the taxpayers and for individual Americans. 
But at the same time, we have to look at what is happening.
  The good news is that even in a time of slowdown, we have a real 
surplus churning out there. We have gone from a gross domestic product 
take by the Federal Government of 17.6 percent of GDP to 20.6 percent 
of GDP. The Government is taking a larger and larger percentage of 
American wealth to fund governmental programs.
  That is a historic change. It may not sound like much to go from 17.6 
to 20.6, but 20.6 represents the highest amount we have taken from the 
American economy for the Government since the height of World War II.
  What is at work here is an opportunity for the American people to 
say: Great, we are paying down this debt in record numbers. We are 
paying down all debt that can be paid down without a penalty being paid 
on it. We are doing the right thing as far as debt is concerned. We are 
setting aside money for contingencies, $500 billion or so for 
contingencies. That is extra spending.
  Remember, this surplus is calculated above inflation. When they 
figured how much the surplus would be, they figured in that the 
Government would increase spending at the rate of inflation every year. 
So we have the rate of inflation in there, another $500 billion for 
extra spending, and we are paying down debt at record numbers.
  It is time for us to have at least this $1.35 trillion tax cut. We 
can do that. If we do not do that, we will spend more, and we will 
continue to take more of the overall wealth of the American economy. It 
will move us into a system such as those that exist in Europe that some 
in this body admire and want for us.
  Our economy is more vibrant. Our economy is more productive. Our 
people have better health care and better incomes than Europeans. Our 
unemployment rate is lower by and large than our competitors, even 
though they have so many good things to offer their people.
  We are on the right track. I am pleased with where we are today. 
Nothing could give me greater anticipation that within hours, perhaps, 
we will be able to send to the President of the United States a piece 
of legislation that will represent perhaps the largest tax cut in over 
20 years, that could allow him to fulfill the promise on which he was 
elected to allow the American people to keep a larger portion of their 
wealth, to be able to spend it on their needs for their families, and 
for their children.
  It is a great day. I am excited about it. I hope the conferees can 
complete their work promptly and we can bring that bill to the floor 
and we can make it law promptly.
  I yield the floor.
  The ACTING PRESIDENT pro tempore. The Senator from Wyoming, Mr. 
Thomas.

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