[Congressional Record Volume 141, Number 11 (Thursday, January 19, 1995)]
[House]
[Page H372]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  URGING SUPPORT FOR THE STENHOLM-SCHAEFER CONSENSUS BALANCED BUDGET 
                               AMENDMENT

  (Ms. McCARTHY asked and was given permission to address the House for 
1 minute and to revise and extend her remarks.)
  Ms. McCARTHY. Mr. Speaker, next week this House will take up several 
proposals to amend our Constitution to require a balanced Federal 
budget. I urge my colleagues to support the bipartisan consensus 
version of this amendment that will be offered by my colleagues, the 
gentleman from Texas, Charlie Stenholm, and the gentleman from 
Colorado, Dan Schaefer.
  This measure has several important features not found in competing 
proposals. it requires a balance of actual outlays against actual 
receipts. It would not include securities held by the Social Security 
trust fund when the fund is running a surplus. It requires the 
President to submit a complete budget plan that is in balance. it 
includes a thoughtful exemption requiring that the United States be 
engaged in military conflict before Congress could vote to waive its 
requirements.
  Under current policies, according to the analytical prospectus volume 
of the budget of the United States, future generations are projected to 
face a lifetime net tax rate of 82 percent in order to pay the bills 
that we are leaving them. For these reasons, I urge my colleagues to 
support the Stenholm-Schaefer balanced budget amendment, as I am doing.

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