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U.S. Sens. Bennett and Hatch urge caution on spending federal surplus; warn states to avoid long-term commitments
Summary
Sen. Robert Bennett and Sen. Orrin Hatch addressed the Utah House, urging prudence about the projected federal surplus and advising state lawmakers to avoid permanent spending commitments; both answered legislators' questions on taxes, the Internet, tobacco settlement funds and Social Security.
U.S. Sen. Robert Bennett spoke to the Utah House on Feb. 17, urging caution about federal budget projections and advising state lawmakers not to rely on uncertain long-term revenue when making spending commitments. "We don't know," Bennett said of the Congressional Budget Office's 10-year $4 trillion surplus projection, quoting Alan Greenspan's warning that the surplus could prove temporary and arguing that the safest course is to let surpluses pay down the national debt.
Bennett told legislators that if policymakers "can't resist the impulse to do something" with a surplus, the next-best option is to return money to taxpayers through temporary tax…
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