[Congressional Record Volume 141, Number 44 (Thursday, March 9, 1995)]
[Senate]
[Pages S3730-S3731]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   CBO ESTIMATE OF PRESIDENT'S BUDGET

  Mr. DOMENICI. Mr. President, I apologize to the Senate for my voice, 
but I have a cold. Nonetheless, I have something to share with you that 
I think is important.
  Today, the Congressional Budget Office has given their estimate of 
the President's budget or, might I say, reestimate. The Congressional 
Budget Office released its analysis of the President's budgetary 
proposals for 1996. The analysis debunks the President's claim that his 
budget holds the deficit in line at about $200 billion by revealing a 
total lack of restraint in the President's budget.
  [[Page S3731]] Using CBO's economic and technical assumptions, the 
deficit would climb from $177 billion in 1995 to $276 billion in 2000. 
That is a 55-percent increase in that period of time over what the 
President estimates and has told the American people.
  Even under the administration's favored measure, the deficit, as a 
percentage of the gross domestic product, will rise from 2.5 percent in 
1995 to 3.3 percent in the year 2000, a rather significant increase.
  The Congressional Budget Office estimates that the President's budget 
policies will result in higher deficits than the administration 
projected of nearly $200 billion over 1995 to the year 2000. It will be 
$200 billion higher; on average, $35 billion a year.
  Although the difference in the economic forecasts of the 
Congressional Budget Office and the administration are not great, the 
Congressional Budget Office's slower economic growth--the assumptions 
that they have--reduce the revenue take by about $65 billion.
  On the spending side, the Congressional Budget Office agrees that 
growth in Medicare and Medicaid has slowed. It is not as optimistic as 
the OMB because the CBO estimates that $79 billion higher will be the 
cost of Medicare and Medicaid over these years.
  They also estimate that the President is $27 billion low in the 
estimate of housing assistance and $10 billion low on unemployment 
compensation. That merely points out the President's budget not only 
did nothing, which all of you said, took no difficult steps, bit no 
difficult bullets, but underestimates the deficit by about $35 billion 
for each of the years from now until the year 2000, a 55-percent 
increase in the deficit. That cries out for real action.
  I only regret that we will not have the balanced budget amendment to 
help us when we undertake this ordeal. But I am reminded over the past 
4 or 5 days, some on the other side have told us that we do not need 
the balanced budget amendment to balance the budget. I hope when we 
present a way of doing it, they will support that without the balanced 
budget amendment as a hammer from the people of this country.
  I yield the floor, and I suggest the absence of a quorum, Mr. 
President.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. DOLE. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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