One year ago, Bill Clinton promised to "save every penny" of the budget surplus for Social Security. Today, with budget surpluses projected well into the next century, Clinton’s FY 2000 budget proposes to grab nearly half of any future surpluses for new spending. Just as remarkable, Clinton calls for a net tax increase, not a tax cut, even though his budget assumes that Americans will pay war-era levels of tax revenues for at least the next decade.
If enacted, the president’s FY 2000 budget plan would mean: