Sen. Chuck Grassley (R-IA) today issued the following statement regarding official projections that the federal budget surplus will far exceed previous estimates. President Clinton will submit his proposed budget to Congress on Monday.
Grassley serves as a senior member of the Senate Budget and Finance committees. He is chairman of the Senate Aging Committee.
"I plan to bring Midwestern common sense to the table during our work in the Budget Committee. Just a few years ago, the experts projected $200 billion budget deficits as far as the eye could see into the future. A thriving economy along with the balanced budget first sought by the Republican Congress and finally agreed to by the President in 1996 turned that around. Today, we have the very good news of even bigger budget surpluses expected well into the future.
"I'm standing guard to make sure years of hard work for the taxpayer don't unravel at the first scent of a bigger surplus. The President's plans for more government spending could mean an outbreak of surplus fever on the Potomac. What's worse, if the projected surpluses don't pan out, the administration's plans for a frenzy of new spending could send the federal budget right back in the red.
"In my view, if the budget forecasts hold, we need to meet our goals of paying down the debt and saving Social Security. I'm also committed to tax relief so that families can keep more of what both mom and dad work so hard to earn. An across-the-board tax cut would make it easier to save for their children's education and their own retirement."