Bush Speech to Republican National Convention Aug 3, 2000: “The surplus is the people’s money-return it. The last time taxes were this high as a percentage of our economy, there was a good reason: We were fighting World War II. Today, our high taxes fund a surplus. Some say that growing federal surplus means Washington has more money to spend.”
“But they’ve got it backwards. The surplus is not the government’s money. The surplus is the people’s money. Now is the time to reform the tax code and share some of the surplus with the people who pay the bills.”
http://www.issues2000.org/2004/More_George_W__Bush_Tax_Reform.htmFebruary 2001: The most intense debate, however, has been reserved for the matter of taxes and what to do with the federal government surplus that some estimates project may be as high as $5.3 trillion over the next 10 years. While the new President proposes giving at least one-third of this projected surplus back to taxpayers in a tax cut, Democrats, and a number of moderate Republicans, feel that it is too risky to pass a $1.6 trillion tax cut plan.
They counter that it is wiser to use the surplus, where it exists, to pay down the national debt (which is currently more than $2 trillion). They note that the hundreds of billions the government is forced to pay in annual interest on this debt is the second largest line item in the annual budget. Democrats also propose using the remainder of the projected surplus, when it exists, to secure needed federal commitments (in Social Security benefits and health care) and only then, to entertain a tax cut.
http://www.aaiusa.org/wwatch/021901.htm