Sen. Chuck Grassley issued the following comment today regarding the administration's mid-session review of the federal budget. Sen. Grassley is the second-most senior member of both the Senate Budget and Finance committees.
In its review, the administration projects that under the President's budget proposal, the overall surplus this year will be $211 billion. This is the largest surplus ever in dollar terms and the largest as a percentage of the gross domestic product since 1948.
"The good news is the economy is still strong. The bad news is American families are still paying too much of their income in taxes. The federal tax on marriage and death are the most egregious.
"In addition to tax relief, we have an obligation to future generations not to squander this surplus on bigger bureaucracy. That means we need to keep paying down the federal debt and prepare programs like Social Security and Medicare for the baby boomers' retirement."