Editorial: Use caution before adopting big tax cuts

Thursday, July 15, 1999 | 9:47 a.m.

Republicans are embarking on a plan to pass the largest tax cut since 1981, but before they get too swept away by euphoria it is hoped that cooler heads prevail. Tax cuts shouldn't harm all the gains made from this decade's successful deficit reduction efforts.

New forecasts by the White House and Congressional Budget Office do indicate that the nation can expect huge budget surpluses in coming years, so there should be room for some tax cuts. But Congress needs to ensure that budget surpluses be used first to shore up Social Security and Medicare before huge tax cuts are passed. The economy may be flush now, but this is not the time to take such a risk with our nation's future.

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