WASHINGTON - U.S. Rep. John Spratt (D-SC) issued the following statement today on the President's Fiscal Year 2004 Budget.
"The $5.6 trillion unified budget surplus projected less than two years ago is gone. In its place, the Administration offers a budget with a $2.1 trillion deficit for the same ten-year period - an $8 trillion fiscal reversal in just two years.
"The Administration's budget spends the Social Security Trust Fund surplus for as far as the eye can see - with the baby boom's retirement beginning in just five short years. In the face of the worst fiscal reversal in U.S. history and a declining economy, the Administration's only response is to propose more of the same failed policies.
"The President continues to pursue large, multi-year tax cuts that do nothing to stimulate the economy now, while short-changing homeland security, education, transportation, health care, and law enforcement. To make the budget appear less dire, the Administration uses gimmicks and double-counting, even declining to show the long-run budget deterioration its budget causes."