Although the major broadcast and cable news networks carried the speech live, many Iowans at the end of February may have missed the 43rd president’s first address to a joint session of Congress. That’s when President Bush returned to Capitol Hill to outline his budget blueprint for the new fiscal year that begins Oct. 1, 2001. Some people may shrug their shoulders, wondering what’s in it for them. There’s at least 1.6 trillion reasons why it matters.
For starters, American taxpayers, whose hard work and productivity have contributed to swelling surpluses at the Federal Treasury, have reason to rejoice. Referring to the $5.6 trillion surplus projected over the next 10 years, President Bush stood before Congress and requested a tax refund for hard-working taxpayers. With the federal government flush with cash, it’s only fair to send some back and improve the taxpayers’ cash flow. His plan would provide relief for every American who pays income taxes by reducing marginal rates, doubling the child tax credit, reducing the marriage tax penalty and phasing out the death tax.
President Bush mapped out a plan that fits within a responsible budget. I characterize his $1.96 trillion 2002 budget like quality Iowa beef. It's lean where it should be, and fat just where it counts. It's principled, fair and restrained. For the first time in a long time, taxpayers can breathe a sigh of relief. The federal government is not going to free load its way into overspending your hard-earned money. President Bush signaled he's prepared to stop runaway government spending in favor of substantial investments in education, national security and medical research.
In what ought to be music to the ears of every American, the president is keeping his campaign promises to reduce taxes, strengthen education, save Social Security, add a Medicare prescription drug benefit, and boost the military. More importantly, his agenda saves plenty of room to pay down the public debt as far as it can go. President Bush proposed to slash the debt by more than $2 trillion over 10 years, bringing it down to its lowest level as a share of the economy since the early 20th century.
As far as Social Security is concerned, I think Congress and the American people can appreciate straight talk over shop talk. We all know what's under Social Security's hood. It takes a bold leader to jump-start the inertia that has kept reform efforts idling indefinitely. Seeking to get the stalled debate out of park, the president announced he will appoint a commission with a strict set of principles and a short deadline. The sooner Washington joins hands and accepts the need to restructure Social Security for the long haul, the easier it will be to fix the system for 21st century retirees and taxpayers.
Now it's time for Congress to get to work. As chairman of the Finance Committee, which bears legislative jurisdiction over taxes and Social Security, I look forward to digging into the details of the president’s agenda. Unlike the critics who are bent on stirring up the politics of fear, I know we can do the most good for America by starting with a 'can-do' attitude versus 'no-go' nonsense.