When Bush took office the United States had a projected budget surplus of $305 billion. After Bush’s 2001 tax cuts that surplus disappeared and the budget went into deficit. At that time Bush said this was “Incredibly positive news.”
President Bush said today that there was a benefit to the government’s fast-dwindling surplus, declaring that it will create “a fiscal straitjacket for Congress.” He said that was “incredibly positive news” because it would halt the growth of the federal government.
Today Bush said,
“The tax cuts we passed worked,” Bush told a White House audience of aides and Republican members of Congress.