Word: surplus
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...roughly $400 billion in interest on the national debt that would otherwise have been retired, the cuts will cost the Treasury $2 trillion. A cut of this magnitude represents a profound threat to the successful fiscal discipline of the Clinton era. After securing the Social Security and Medicare surpluses, which many in Congress rightly feel should be reinvested in their respective programs, and after allowing for adjustments in current spending to keep up with inflation and population, the $5.6 trillion estimated surplus drops to $2.1 trillion. A tax cut that costs $2 trillion--and even more if, as Bush...
...recognize as Before the Fall, I was an innocent, and pure, and un-Napstered. This was mainly because it was difficult for me to get Napster; we have a vicious and unyielding corporate firewall here at 1271 Avenue of the Americas, and I was using a World War II surplus dial-up modem at home...
...failed campaign, but Democrats still think they can draw blood with the fairness attack. In the latest TIME/CNN poll, a narrow majority of those surveyed, 51 percent, say Bush's plan favors the rich. Daschle's pollsters tell him the public also suspects that the projected $5.6 trillion budget surplus won't fully materialize to pay for the cuts. If it doesn't - and if Bush keeps his promises to hike spending for health care, education and missile defense - the tax cut will end up being paid for with "a raid" on Social Security and Medicare, Democrats warn...
...Nervous about rosy surplus projections, Senate moderates have floated the idea of a "trigger" that would postpone tax cuts in later years if there's no surplus to cover them. Bill Thomas, House Ways and Means Committee chairman, has ideas of his own, such as moving the tax-rate cuts through his committee before taking up other parts of the package. "You know, Bill," Bush joked with Thomas at a White House meeting, "you can pass anything you want as long as it's my bill." The two men laughed - but both knew that wasn't the case...
...meantime, we're in a temporary slowdown - maybe six months, maybe nine, maybe a recurring, malaria-type thing that happens every time a NASDAQ bubble bursts. But if the surplus projections turn sour a few years down the road, it'll likely be the politicians' fault...