[Congressional Record Volume 141, Number 39 (Thursday, March 2, 1995)]
[Senate]
[Pages S3375-S3376]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              THE DEFICIT

  Mr. INHOFE. Mr. President, during the time that I was privileged to 
sit in the chair, some comments were made that I think should be 
responded to.
  A comment was made that we are doing something constructively about 
the deficit today. Reference was made that President Clinton's budget 
was dramatically cutting the deficit.
  I was reminded of an article that anyone can find, if they wanted to 
get last December's Reader's Digest. It was called ``Budget Baloney.'' 
In this article, they talked about how politicians refer to cutting 
deficits as if somehow they are going to bring the deficit and the debt 
under control. They used this example. They said if a guy has $5,000 
but he wants a $10,000 car, all he does is say, ``Well, I really want a 
$15,000 car, and I have effectively taken a $10,000 car and, therefore, 
cut the deficit by $5,000.''
   [[Page S3376]] If we take to the conclusion of 5 years the budget 
that the President has submitted to us for the fiscal year coming up, 
it would increase the debt by $200 billion a year for the next 5 years. 
That is an increase in the debt at the end of that time by $1 trillion. 
I think the American people are aware of this. I think a few years ago 
they got tired of the smoke and mirrors that we were doing here in 
Washington and they became aware of what is really happening.
  The second thing that was mentioned was the cuts--all of these 
draconian cuts that would be necessary, if we had been successful in 
passing the balanced budget amendment. I would suggest to you that 
there are ways of balancing the budget without having any cuts; that 
is, just limit the growth. There was a study made using the figures 
that were supplied by the Federal Government that, if we could put 
merely a 2-percent growth cap on Government spending, we would be able 
to bring the deficit down to zero at end of 6 years. This can be done. 
But Congress in both Houses has had historically an insatiable appetite 
to spend money that they do not have, and without the discipline that 
would be imposed upon them by a constitutional amendment for a balanced 
budget, it has been demonstrated that for 40 years they are incapable 
of that discipline.
  The third thing that was talked about was the awareness of what is 
going on around the country. I suggest that there is not one Senator 
who would go home and misrepresent his or her position to his or her 
constituents. However, it has been quite evident that there are many 
people in some of the States who really believed that their Senator was 
in favor of a balanced budget amendment. Now, I think the good news in 
today's vote is they all know, and they know which Senators voted yes 
and which Senators voted no.
  Last, during the debate, I put together a profile of those 
individuals who were in support of the so-called ``right-to-know 
amendment'' to the balanced budget amendment. That was the amendment 
that says show us exactly where the cuts are going to be for the next 7 
years. I found that all 41 of those cosponsors had either a D or an F 
rating by the National Taxpayers Union. All 41 had voted for the 
stimulus bill, which was the largest spending bill increase that we 
have had in contemporary history.
  And so the bottom line is, is it just a coincidence that those 41 who 
supported that amendment also were the big tax and spenders here in the 
U.S. Senate? No, I do not think so. In fact, I am having my staff, 
right now, look at the 34 who voted against it this time. And I suspect 
that we are going to find the same thing; that is, those 34, each one 
of whom was responsible for killing the balanced budget amendment 
today,
 I suspect, was a big tax and spender. When we find out, we will give 
this report tomorrow.

  I yield the floor.
  Mr. GLENN addressed the Chair.
  The PRESIDING OFFICER. The Senator from Ohio is recognized.

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