[Congressional Record Volume 141, Number 166 (Wednesday, October 25, 1995)]
[Senate]
[Pages S15611-S15612]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         REPUBLICAN BUDGET PLAN

  Mr. MOYNIHAN. Mr. President, earlier in the day, this morning, I was 

[[Page S15612]]

speaking without notes. I stated that under the Republican budget plan 
the national debt will increase by $700 billion in the next 7 years. I 
would like now to correct that to be the precise number, which is $669 
billion. That is how much more we will borrow.
  I surely cannot think of any figure more explicitly to state the 
irresponsibility of a $245 billion tax cut. We will borrow every penny 
of that tax cut. If that were not the last thing to say, it turns out 
that the tax cut is a tax increase on average for taxpayers with income 
up to $30,000--half of all taxpayers--because of the reduction in the 
earned income tax credit. For the rest the bill reduces taxes. And we 
will borrow every penny of the tax cut, and persons working, paying 
taxes, and trying to get along will pay for every cent of the tax 
increase.
  Mr. President, there is no way to get rid of a $5 trillion debt. I 
hope we know. Once again, to say, if it were not for that Contract With 
America, we would not be talking about a $245 billion tax cut on this 
floor, in this Chamber. We know it. We all know it. And I need not 
repeat it again.
  I thank the Chair. I appreciate the courtesy.
  Mr. ROCKEFELLER addressed the Chair.
  The PRESIDING OFFICER. The Senator from West Virginia.

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