[retiredguy123]

Originally Posted by blueash

The last time the US gov't had a surplus was a stretch from 1998, 99, 2000, and 2001. Every other year from 1970 to 1997, and every year from 2002 - now have run at deficits. Those 4 good years should be credited to both parties. Clinton was President and the GOP controlled Congress. They actually worked well together on economic issues. Both sides gave in on things they would have liked.

In 2001 the laws were changed because of a belief then that the gov't should not have a surplus and the money should be returned to the people.
As President to be Bush wrote in 1999 :

"There are only two things that can be done with a surplus. It can be used by government, as the president [Clinton] proposes. Or it can be used by Americans, to save and build and invest. As you can see from this tax plan, I have made my choice. I choose the creation of wealth, over the care and feeding of government."

Since the tax changes of 2001 were enacted, no surplus has occurred, no paying down the debt. Additional significant unanticipated costs have also created debt, 9-11, the Iraq and Afghan wars, Medicare expansion to cover drug costs, and more. And more tax cuts.

So I am offering for your consideration a tax increase. I know in some circles there is never a reason to increase taxes. I actually believe in taxation and in trying to get it equitable. Gracie thinks I should only offer opinions on medicine. Fair enough. But I'd even like to hear hers about a stock transaction tax. I'd have no problem with wording in the legislation limiting the income from this tax to use in lowering the debt for those who worry it would just be diverted into general funds.

Ever hear about the debt ceiling? It is legislation that limits the amount of Federal debt to a specific amount. The problem is that Congress passes new legislation almost every year to raise the limit.