[Congressional Record Volume 140, Number 91 (Thursday, July 14, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: July 14, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                  THE SUCCESSFUL DEFICIT REDUCTION ACT

  (Mr. DERRICK asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. DERRICK. Mr. Speaker, last year critics of the 1993 Deficit 
Reduction Act disparaged the plan, claiming it would increase the 
deficit and ruin the middle class. Nevertheless, ever since its 
passage, we have heard nothing but good news as the deficit shrinks and 
the economy grows.
  Today, there is more good news for supporters of the package. Coupled 
with the strengthening economy, the Deficit Reduction Act has become 
even more of a success than anticipated.
  For the first time in two decades the deficit has decreased 2 years 
in a row. As a percentage of the gross domestic product the deficit is 
down to 2.4 percent, half its previous level.
  Projections indicate a deficit for 1994 $85 billion less than 
previously hoped for. However, we can do better. Our job is only half 
done. Passing a health care reform act will hammer the lid down on the 
deficit and ensure the economy's growth and the middle class' 
stability.

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