[Congressional Record Volume 141, Number 175 (Tuesday, November 7, 1995)]
[Senate]
[Page S16730]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          THE BALANCED BUDGET

  Mr. EXON. Mr. President, there is a great deal of rhetoric going on 
today about where the Nation is going with regard to the balanced 
budget that this Senator supported for a long, long time. I remind the 
Senate it was this Senator who voted with the near majority to reach 
the required number of votes for setting a constitutional amendment for 
a balanced budget. I have been known as a conservative Democrat for a 
long, long time, who has been against the wild-eyed spending that has 
engulfed our Nation for far too long. I stand ready with Senators on 
both sides of the aisle to march forward if we can, in a bipartisan 
fashion, not dictated by the budget resolution that was passed in the 
Senate.
  The first thing I would like to do is address some of the talk that 
is going on today, talk I am very fearful is impinging upon the basic 
tenets of our Government. It seems to me the majority of Republicans in 
the Senate and the majority of Republicans in the House, at least their 
leadership, are now, unfortunately, working their way to try and thwart 
the rightful duties guaranteed under the Constitution to the President 
with regard to the veto process.
  This is all centered now around the extension of the debt ceiling. I 
think it is time, now, we strip aside the facade that the Republicans 
have fashioned about their objections to raising the debt limit.
  If you examine the Republican bill and reasonably add up the numbers, 
you discover the necessity by the Republicans to raise the debt ceiling 
by $1.8 trillion, from its present $4.9 trillion to $6.7 trillion by 
the year 2002. This is the best kept secret in Washington.
  It is necessary for them to raise the debt ceiling to help 
accommodate their $245 billion tax break for the wealthy and cover the 
ever-increasing interest costs resulting therefrom. It is significant 
to note that in the Republican bill, they are increasing in the short 
term the National debt by $600 billion in the years 1996 to 1997.
  Since this is the Republican's clearly needed goal, why do they 
refuse to do it now--to avert the threat of a train wreck? Such action, 
if it were taken by the Republicans, would avert playing Russian 
roulette with the economy and would avert the cloud on the economy that 
would be caused. Clearly, if we do not raise the debt ceiling, it would 
result possibly in closing down Government and defaulting on Uncle 
Sam's obligations for the first time in its history in not issuing 
Social Security checks.
  Mr. President, this is wrong. The process that the Republican 
leadership in the House and Senate are on right now in this regard is 
wrong from every standpoint, as I see it.
  I am sure that the Republican majorities in both the House and the 
Senate will pass the conference report. I am just as sure that 
President Clinton will veto that bill, and he would be right to do so.
  The Republicans do not have the votes to override a Presidential 
veto. And I am glad they do not. We will eventually have to sit down 
and start crafting a workable budget together.
  I pledge cooperation, but not capitulation. To that end, all should 
know where this Senator stands and where many other Senators stand who 
want a balanced budget. Playing games with the debt ceiling is not a 
yearly casino night at the local men's club. The Republicans should not 
be gambling with the full faith and credit of the United States.
  These budget negotiations are delicate, and they will take time. At 
the very least, we should extend the debt ceiling into early next year.
  The same is true with the next continuing resolution. We should not 
be taking hostages in these negotiations.
  Second, we cannot, and will not, accept the Republican's current 
level of reductions in projected Medicare and Medicaid requirements. 
These are extreme, and they are excessive. They must be pared back if 
there is any hope of winning Democratic approval.
  The same is true with tax breaks for the rich and the tax increases 
for working families eligible for the earned-income tax credit. Deny it 
as much as you want, but there is a relationship between the size of 
the tax breaks for the wealthy and the Medicare expenditures. The tax 
breaks have to be scaled back and targeted more toward middle-income 
Americans.
  There are, of course, many others areas that will be on my list, 
particularly with regard to rural America which has been mauled in this 
budget. But I wanted to give you at least what I believe is the 
starting point for a balanced budget that will win bipartisan 
congressional support and the signature of the President of the United 
States.
  I say to my colleagues on the other side, instead of trying to see 
who will blink first, why do not we try to see eye to eye on a few of 
these issues? That is what the American people want. That is what they 
deserve.
  I stand ready to be of assistance to anyone on either side of the 
aisle in coming together where both sides are going to have to give, 
and give on issues that they feel very strongly about. It is in the 
interest of the United States of America, though, to get away from this 
Russian roulette that we are now headed toward, obviously with regard 
to the debt ceiling extension.
  Mr. President, I say again, come, let us reason together.
  Mr. President, I thank the Chair. I yield the floor.

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