Ehrlich on Washington column, January 4, 1998

MEWS FROM Robert L. Ehrlich, Jr. Second Congressional District of Maryland 1 407 York Road, Suite 304 Lutherville, Maryland 2 1 093 315 Cannon House Office Building Washington, D.C. 20515 EHRLICH ON WASHINGTON Week of January 4, 1998 By Congressman Robert L. Ehrlich, Jr. SURPLUS TALK IN WASHINGTON As we begin the New Year, some of you are still deciding how best to spend your Christmas bonuses. Perhaps you will use this extra money to pay off some bills, or maybe you will buy yourself something you have always wanted but could never quite afford. When Congress reconvenes in January, my colleagues and I could be facing a similar decision. Soon we may be addressing one of the happier consequences of a balanced budget — a surplus. Just before Christmas, the government released figures showing that the budget deficit for the first two months of fiscal year 1998 (which began on October 1) is $24.4 billion lower than at this same point during FY 1997. If this trend continues — and that’s still a definite “if’ at this point — not only could the deficit be wiped out this year, but a substantial budget surplus may be achieved. Deciding what to do with this possible surplus is, as Speaker Gingrich describes it, "one of the most important dialogues we are going to have in our generation.” As you can imagine, legislators of both parties have very definite ideas about how surplus funds should be spent. Some want to spend more on public works and highways, while others advocate spending more for military defense, biomedical research, or child care. I believe we must resist falling into the same behavioral pattern which resulted in high