(2003-07-15) — Congress and the Bush administration have agreed to radically cut federal government spending to bring it in line with projected 2003-04 tax revenues.
The agreement will reduce spending on entitlement programs, cut layers of bureaucracy throughout government and eliminate programs which could be done more effectively by the private sector. Insiders say the U.S. Constitution may have been consulted during the closed-door budget negotiations.
“Expenditures simply cannot exceed income,” said Sen. Ted Kennedy, D-MA. “We must live within our means, and return to the vision of the founders, reducing the government’s role in the lives of citizens.”
Republicans said the agreement came after the Congressional Budget Office projected a $450 billion spending deficit for the next two years.
“It’s outrageous that we would take peoples’ money and mismanage it this way,” said Senate Budget Committee Chairman Don Nickles, R-OK. “Everyone was blaming the tax cuts, the weak economy and the war on terror. That’s bunk. When you get right down to it, deficits come from spending more than you take in. And we already take in more than we really need.”
A White House spokesman said the spending cuts were a “novel approach to fiscal management, and an interesting experiment.”

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