Act would save surplus for tax cuts, debt reduction
WASHINGTON- Today Americans for Tax Reform announced its support for the Save Our Surplus for Debt Reduction Act of 2000 (SOS), sponsored by Rep. Pat Toomey (R-PA).
In early February, President Clinton unveiled the last budget proposal of his presidency, which proposed spending $1.3 trillion of the expected $1.9 trillion non-Social Security surplus over ten years.
The SOS act would create a point of order against any legislation reducing the FY 2000 non-Social Security surplus if it is not used for debt reduction, tax relief, structural Social Security reform, or structural Medicare Reform.
Grover Norquist, president of Americans for Tax Reform, issued the following statement on the SOS Act of 2000:
"Today Americans for Tax Reform urges members of Congress to support this legislation, demonstrating fiscal resolve to reduce taxes, pay off the debt, or enact structural reform to bloated entitlement programs.
"This legislation is critically important to the taxpayers of America. If the surplus is squandered foolishly, surely a tax increase lies in wait.
"This is an historic time in America. For the first time in almost thirty years, there is a significant budget surplus. The fundamental question now before Congress is do we act irresponsibly and squander this surplus or act responsibly and provide tax relief or debt relief. The taxpayers of America call on Congress to act responsibly with the non-Social Security surplus.
"We applaud Rep. Toomey for sponsoring this important legislation. We also applaud those in the House and Senate who support this legislation, including Sen. Rod Grams (R-MN), Rep. Mark Sanford (R-SC), Rep. Jim DeMint (R-SC), and Rep. Nick Smith (R-MI)."