Congresswoman Nancy Pelosi

Statement on the President's Budget Proposal

February 4, 2002


“The fiscal 2003 budget submitted by President Bush today properly devotes substantial resources to the war on terrorism, but it returns our nation to deficit spending, does not promote economic growth and will raid the Social Security and Medicare trust fund surpluses.

“We had hoped to hear some new ideas for promoting economic growth in the President’s State of the Union address last week, but instead we heard the same proposals for tax cuts for those who don’t need them. Today’s budget contains more of the same, despite evidence that the policies of the Bush Administration have not promoted economic growth. The Democrats have a plan that will stimulate the economy by modernizing our schools, rebuilding our infrastructure and putting people back to work.

“The President’s budget will put us further into deficit, take money from the Social Security and Medicare trust funds that both parties promised not to touch, and cut education, health care, job training, and transportation funding. It also does not contain promised Medicare reforms and fails to provide a Medicare prescription drug benefit to all seniors.

“The budget provides some foreign aid investments that will make the world more stable and boost the economy of developing nations. However, I am disappointed that the Administration has not provided adequate resources to strengthen our foreign assistance. In light of the horrific events of September 11, it is more important than ever to address the root causes of instability in the world by working to alleviate poverty so that the fury of despair will not provoke more violence.

“We will work with the President on those areas where we have our common ground, particularly in making our homeland secure and waging war on terrorism. But we will stand our ground in other areas, and try to build back into this budget a strategy to climb out of deficits and help the economy recover.”


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