1. A case can be made that Gore was slow to respond to the growing surplus estimates last summer. 2. But the surplus estimates are based on the assumption that all the excess revenues are used to reduce the national debt. 3. Foley said he expects the surplus estimate to rise, based on the strong economy. 4. Indeed, Democrats have undergone a role-reversal with Republicans, arguing for fiscal responsibility and warning the rosy surplus estimates may be wrong. 5. Moreover, the White House is all but certain to build its main surplus estimate around an assumption that spending will at least keep pace with inflation. 6. Since the economy all but stalled this spring, however, private economists and government budget analysts have been marking down their surplus estimates. 7. Such a step would result in a somewhat lower surplus estimate than the projection that starts with the assumption of a spending cut. 8. Summers said the administration had not yet calculated a new surplus estimate for the fiscal year. 9. That estimate is higher than current surplus estimates by the Congressional Budget Office and the White House, although their estimates are likely to be increased in coming months. 10. The CBO did not release any formal analysis Friday, and told congressional staff members only that it was not prepared to issue a revised surplus estimate. |