As Clock Ticks, Lawmakers Revisit Bush Tax Cuts : audio

 

When George W. Bush was sworn into office as president in January 2001, he inherited a record budget surplus. Five weeks later, he addressed a joint session of Congress, urging lawmakers to act swiftly on his signature campaign promise: $1.6 trillion in tax cuts.

"I hope you'll join me in standing firmly on the side of the people," the president said. "See, the growing surplus exists because taxes are too high and government is charging more than it needs. The people of America have been overcharged, and on their behalf, I'm here asking for a refund."

Republicans cheered. But Democrats were deeply skeptical of a tax cut based on projections of a $5.6 trillion surplus over 10 years that, in fact, never came about. At the time, North Dakota's Kent Conrad was the ranking Democrat on the Senate Budget Committee.