[Congressional Record Volume 141, Number 162 (Thursday, October 19, 1995)]
[Senate]
[Page S15326]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       THE BUDGET RECONCILIATION

  Mr. COCHRAN. Mr. President, I was just looking at a letter that was 
given to me by the chairman of the Budget Committee, the Honorable 
Senator from New Mexico [Mr. Domenici], advising that the Congressional 
Budget Office has had an opportunity to review the budget 
reconciliation package that has been assembled and will be presented to 
the Senate, we assume during next week. The good news is that the 
Congressional Budget Office's analysis of the bill as assembled at this 
point, assuming that the tax bill being reported in the Finance 
Committee is within the budget reconciliation targets, not only will 
achieve a balanced budget by the year 2002 but will actually result in 
a small surplus.
  The letter from the Director of the Congressional Budget Office goes 
into more detail with the analysis that she and her staff have made of 
this reconciliation package. But I hope that between now and next week, 
when the Senate will have an opportunity to take up and debate the 
reconciliation bill, Senators will review these documents and the 
analysis that has been done, because this is the centerpiece of the 
effort to achieve the balanced budget by the target that was set in the 
budget resolution that has passed both Houses and is reflected in the 
conference report that earlier passed the Congress.
  This is the centerpiece, this is the heart and soul of the effort to 
achieve a balanced budget. And we are about to embark upon a very 
historic debate for the first time in anybody's memory on a plan to 
actually achieve an annual operating budget that is in balance, that 
changes entitlement programs as well as the appropriated bills that 
have passed the Congress which is about to take place. I hope that we 
will have an opportunity as we approach that period to talk about some 
of the changes that we foresee and the resulting influence that it is 
going to have for good on the fiscal policies of the country, as well 
as the effect on interest rates, the effect on the general overall 
economic environment for job creation and business activity, which will 
be positive and continue to move us in the right direction in terms of 
economic growth and economic well-being as a nation.
  But I congratulate the distinguished chairman of the Budget 
Committee, Senator Domenici, for his good work and his strong 
leadership in bringing us to this point. We look forward to the debate 
on the resolution.
  Several Senators addressed the Chair.
  The PRESIDING OFFICER. The Senator from North Dakota.

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