[Congressional Record Volume 141, Number 17 (Friday, January 27, 1995)]
[Extensions of Remarks]
[Pages E199-E200]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                        CONTROLLING THE DEFICIT

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                        HON. THOMAS M. FOGLIETTA

                            of pennsylvania

                    in the house of representatives

                        Friday, January 27, 1995
  Mr. FOGLIETTA. Mr. Speaker, I share with my colleagues a grave 
concern for gaining control of the deficit because it stifles our 
national economic growth. I question the way to get there. Let me 
explain.
  During the debate on a balanced budget, we watched Members vote for a 
balanced budget amendment that would protect Social Security. Others 
voted for a version of the amendment that would strip supermajority 
provisions for increasing debt limit and raising taxes, but would 
require a balanced budget in 7 years. Still others have urged the 
proponents of these measures to identify the specific cuts needed to 
balance the budget, but would still favor a balanced budget in 7 years, 
notwithstanding how cruel the answers to the plea for a balanced budget 
plan would be.
  Allow me to state my position clearly. I do not support an arbitrary 
balanced budget amendment, by a certain year, to the U.S. Constitution 
which provides no flexibility to meet other vital national goals. I do 
favor a 
[[Page E200]] balanced budget amendment which would establish the kind 
of capital budget which States and cities now have. This enables them 
to balance their budgets, while also providing enough dollars to 
preserve the safety net, keep programs to further economic growth and 
maintain infrastructure. This kind of borrowing is both responsible and 
manageable; it could better ensure a decent standard of living for all 
Americans, regardless of income.
  We need to achieve fiscal responsibility. But more importantly, we 
cannot destroy the security of millions of vulnerable and disadvantaged 
Americans that rely upon the safety net to keep their families alive.


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