--Daniels: Lower US budget surplus estimate due to "shaky" economy
--Daniels: Bush will use US budget surpluses to cut federal debt
--Daniels sees "continued large" US budget surpluses in coming years

By Edward Kean
Washington, July 12 (BridgeNews) - U.S. federal revenues in fiscal 2001 are growing slower than forecast because of the current "dramatic" economic slowdown, U.S. Office of Management and Budget Director Mitch Daniels said Thursday.
Daniels, in remarks before the Senate Budget Committee, forecast that revenues in fiscal 2001, which ends Sept. 30, will grow about 3%, down from the earlier forecast of 5% or more.
The U.S. budget surplus this year will be smaller than previously thought, as a result of a "shaky economy," but the surplus will be "merely immense, rather than gigantic," Daniels said.
The White House budget chief said Wednesday the 2001 budget surplus will total about $160 billion, down from an earlier Congressional Budget Office estimate of $200 billion.
However, Daniels said the Bush administration expects "continued large surpluses, at least at the size of the Social Security surplus" in coming years. President Bush is "determined to preserve surpluses at this level" and continue to use those surpluses to steadily reduce federal debt, he said.