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Why the Bush tax cuts were enacted
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12/19/2012 8:28:57 PM
Posted: 3 years ago
So "no national debt left" is troublesome. Here is why the Bush tax cuts were enacted:
With federal revenue soaring in 2000, generating budget surpluses, there was pent-up desire for a tax cut, especially among Republicans.
George W. Bush had just been elected on a pledge to cut taxes, but his plan did not get much traction among Democrats until then-Federal Reserve chairman Alan Greenspan warned Congress of a dangerous new specter " that the government would pay down the national debt, and there would be no place to park excess funds.
"At zero debt, the continuing unified budget surpluses currently projected imply a major accumulation of private assets by the federal government," he declared.
~ The Washington Post: