[Congressional Record Volume 141, Number 162 (Thursday, October 19, 1995)]
[Senate]
[Page S15322]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          BALANCING THE BUDGET

  Mr. DOLE. Mr. President, before we recess, I would like to take a 
moment to discuss President Clinton's appearance before reporters at 
the White House this morning.
  Republicans have been willing to work with the President in our 
efforts to finally balance the budget. Regrettably, the President's 
veto threat today makes us wonder whether he is serious about working 
with the congressional majority to fulfill the mandate the American 
people gave us. If anyone needs to think again, in my view it is 
President Clinton. Rather than continuing his cynical reelection 
campaign designed to scare the American people, particularly senior 
citizens, he should show some leadership and work with us to balance 
the budget, cut taxes for American families, protect Medicare from 
bankruptcy, and overhaul welfare.
  If any plan puts America's elderly at risk, it is the President's 
plan, which fails to offer any long-term reforms, any choices for 
seniors, and any real solutions, just sort of a Band-Aid to get us 
beyond the next election in 1996.
  I think it is interesting that the President confessed this week he 
raised taxes too much in 1993. I think a $265 billion tax increase is a 
bit too much. It affected senior citizens, people who drive 
automobiles, subchapter S corporations, a lot of Americans who did not 
consider themselves rich until the President announced that only the 
rich pay taxes. But he has learned since 1993 that other people pay 
these increased taxes, too, who are not rich, when he increased taxes 
on Social Security, when he increased taxes on gasoline, when he 
increased taxes on subchapter S corporations, and a number of other 
people who were not rich.
  So I think now that he has confessed he made a mistake on raising 
taxes, he ought to confess he has made a mistake on not wanting to 
adopt a balanced budget. He fought us in an effort to pass a 
constitutional amendment to balance the budget. He convinced six 
Democrats who voted for a balanced budget last year to vote no this 
year. We lost by one vote. We had 66. We needed 67.
  So it seems to me the President is now saying, well, I raised taxes 
too much but it was not my fault; Republicans are responsible. Not a 
single Republican in the House or the Senate voted for the tax 
increase. I do not understand how he can blame us for that. It was the 
biggest tax increase in American history. In fact, I think the Senator 
from New York [Mr. Moynihan] said, no, it was the biggest tax increase 
in world history, and it probably was.
  So I would ask the President today, now that he is feeling in a mood 
to say he has made mistakes--and we all make mistakes from time to 
time--we would be happy to have him join us in this budget debate in 
balancing the budget by the year 2002 and protecting, preserving, 
strengthening Medicare and overhauling welfare and providing tax cuts 
for families with children, the very thing that the President proposed, 
I might add.

  About 70 percent of our total tax credit goes to families. They are 
not rich. On the Senate side we have capped what your total income 
could be if you are going to be eligible for the tax credit for your 
children.
  So, Mr. President, we agree you raised taxes too much. We agree it 
hurt the economy. We agree it probably cost a lot of jobs in America. 
We agree it cost a lot of dislocation, a lot of pain, a lot of 
suffering. But now that you have confessed to making that mistake, let 
us not make another mistake. Let us work together. Let us try to 
balance the budget, Mr. President. Let us try to save Medicare, Mr. 
President, and try to have a good tax cut for families with children 
and stimulate the economy with the capital gains rate reduction, and 
then reform welfare, which the President indicates he supports.
  We are prepared. I know the Speaker is prepared. I hope that we might 
have some cooperation.
  I yield the floor. And I think it is 12 o'clock.

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