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NEWS
FROM THE COMMITTEE ON WAYS AND MEANS FOR IMMEDIATE RELEASE Chairman Thomas Statement on Today’s Congressional Budget Office (CBO) Surplus Projections Wednesday, January 31, 2001 Washington, D.C. - The non-partisan Congressional Budget Office (CBO) today issued its budget projections for fiscal years 2002 - 2011. The CBO projected that the unified budget surplus during that period would be $5.61 trillion, including a Social Security surplus of $2.49 trillion and a non-Social Security surplus of $3.12 billion. Last year, Congressional Republicans committed to reserving the entire Social Security surplus and the Part A Medicare trust fund surplus for Social Security, Medicare and debt relief. Chairman Thomas issued the following statement in response to the new projections: “As this bulging surplus comforts the spenders in Washington, many people in America are starting to feel some real pain. There are layoffs, higher heating bills, and a growing sense of insecurity. It's time for major, immediate, across-the-board tax relief to boost our economy, create jobs, and give Americans more confidence and more of their hard-earned money to get through these uncertain times,” said Chairman Thomas. PRINT
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