This partial transcript of Hd News Sunday,September 2, 2001 was provided by the Federal Document Clearing House. Click here to order the complete transcript.
TONY SNOW, HOST: Let me pose a question: What's so hot about a budget surplus?
Here we are with a sagging economy and the federal government this year will take in at least a $160 billion more than it needs. So stop and think. If you wanted to rev up the economy, where would you put the money, in the economy or a government vault?
Now consider the issue from another angle. From 1993 to 1997, all deficit years, Congress actually cut spending on programs it could control. But since the turnaround -- that is, since deficits ended -- spending has taken off, jumping 24 percent in just a couple of years. By the way, taxes have risen, too.
In other words, we got a surplus in part because Congress behaved itself for a few years and now we're losing it in part because politicians are trying to buy votes with our money.
My view is that surpluses, like deficits, are lousy. If my money produces a surplus, I want to see it in my bank account, not Uncle Sam's.
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