Republicans Take Credit For Projected Budget Surplus
WASHINGTON (March 4) -- House Republicans are taking credit for the
Congressional Budget Office's projected $8 billion surplus for 1998.
House Budget Chairman John Kasich (R-Ohio) pointed out that "the last time
this happened was when we walked on the moon," nearly 30 years ago.
House Speaker Newt Gingrich (R-Ga.) said in the summer of 1994, before
Republicans took control of the House, "everyone was projecting deficits for
the rest of our lives."
Republican-led reforms paved the way for the budget surplus, Gingrich
said, "because we reformed welfare, because we cut discretionary spending,
because we reformed the entitlements, because we were prepared to begin the
process of change in health, in things like medical savings accounts."
Gingrich also gave Republicans credit for dropping interest rates, surging
revenues, and for producing a healthier economy.
The surplus is announced at the same time that members from both parties
are pushing plans for how to use it, cutting taxes, or boosting spending.
President Bill Clinton has proposed solving the problems of the Social Security
system before touching the surplus.