[Congressional Record Volume 141, Number 194 (Thursday, December 7, 1995)]
[Senate]
[Pages S18121-S18124]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            THE PRESIDENT'S VETO OF THE BALANCED BUDGET ACT

  Mr. CRAIG. Mr. President, I have been, for a few moments while the 
Senator from Michigan has been speaking, reading the wire story of the 
President's veto yesterday of the Balanced Budget Act of 1995. Let me 
quote from that some of the President's words. He said:

       I have consistently said that if Congress sends me a budget 
     that violates our values, I will veto it.

  I say to the President of the United States, I find that a very 
curious statement, in view of the budget that we have sent to you and 
that you have vetoed. How, possibly, could it be wrong, or how possibly 
would it not be in your value system to want to leave as much money 
with the average American family as is possible? That is exactly what 
the Republican Congress has attempted to do in sending to you a 
Balanced Budget Act--to go directly at middle income America, to assure 
that they have enough money in their pockets to be able to feed their 
children, to be able to buy a home and pay their mortgages, and do so 
in a way that families of 10 or 15 or 20 years ago were able to do, and 
provide then for the future.
  Mr. President, we all recognize the need to respond to the present, 
but we are terribly frustrated that you have not had the wisdom to look 
into the future, and to look into the future in a way that recognizes 
that reducing debt in this country, that reducing the annual Federal 
deficits and balancing the budget, that allowing the average American 
family to save, all mean a better future, mean that we truly are 
concerned about a generation that would be saddled with a debt that 
they had never had the opportunity to create, that the average child of 
today will look forward to an oppressive tax burden to pay off the 
$18,000 to $20,000 of their share of a Federal debt that a generation 
long before them had decided to spend on one program or another.
  Mr. President, the budget that you vetoed yesterday was just as much 
about the future as it was about the present. The only problem is--and 
I can gain from your statement--that you are worried only about the 
present, about the instant gratification of the present, and your value 
system has, in some way, no capacity for dealing with the future.
  The Senator from Michigan spoke a few moments ago and related to us 
the positive consequences of this budget on his State and the 
opportunities it created. Not for the very wealthy but for the average 
family of four, with a husband and wife, mother and father, working and 
bringing home $50,000 or $60,000 a year collectively, or less, and what 
that means to them if they start putting that $500 tax credit away on 
an annual basis for their children's future.
  We looked at my State of Idaho, where a dollar still goes a little 
ways. If a young couple, a family, having that first child, starts 
immediately to put that $500 tax credit away in savings and puts it 
there for the child's future, what can that family buy for that child 
in the form of education in the coming years when that child is ready 
for college? Well, they can pay for more than 8 full years of college 
tuition and fees in our State university system--on an average, nearly 
9 years, in today's dollars. By any calculation, that is a 

[[Page S 18122]]
bachelor's degree, a master's degree, and even a doctorate. That is 
what that kind of savings offers. That is how the Balanced Budget Act--
which the President vetoed yesterday--would have empowered Idaho's 
families.
  Even in the ivy league schools, this tax credit buys a year or a year 
and a half of schooling across this country. That is a tremendously 
significant value to the average American family who holds the dream 
that their children are going to do better than they have done, and 
they are going to help provide for that child.
  In my largest metropolitan county of Idaho--and Idaho is not very 
metropolitan--it is a large State with only about 1.3 million people in 
it--but in that metropolitan county of now over 300,000, Ada County, 
which includes Boise, there are over 50,900 children that would qualify 
for the $500 child tax credit. What does that mean over this period of 
time, from now through the year 2002, about putting spendable income 
back into that community? It puts back into that community $144 million 
worth of spendable income over the next 7 years. I will tell you, under 
anybody's estimation--but especially in the State of Idaho--that is a 
lot of money. That is a tremendous opportunity for that community to 
grow, for those families to prosper, to buy a new home, to buy a car, 
and do all of the kinds of things that fulfill the American dream.
  Mr. President, I am not quite sure what is in your value system, but 
I know that there is no future image, there is no vision for America's 
tomorrow, if you are willing to veto the balanced budget that we have 
sent to you. You have vetoed a balanced budget that not only deals with 
today's needs but, for the first time in the years that I have had the 
privilege of serving Idaho in the U.S. Senate, it looks into the 
future.
  For a few moments, let us talk about that future in some real ways, 
in a national perspective, about the kind of money in the average 
family's pocket that is offered through a balanced budget with tax 
relief. We would see a decline in interest rates of well over two 
points--and that is not some exaggeration by the Senator from Idaho, 
that is according to national econometric modeling, which shows that if 
you get the budget into balance, the economy of this country begins to 
respond a great deal better. Why? Because the Federal Government is 
taking less money out of it. And the average American family has more 
money to spend and that generates jobs, and that multiplies the kind of 
economic activity that we always have seen in this country, which has, 
again, produced more revenue for Government under stable taxing 
situations.
  For example, a decrease of 1.4 percent in the conventional mortgage 
rate--and we know it could decrease a good deal more than that--means 
the relief of nearly $10,000 over the life of a 30-year mortgage. The 
Balanced Budget Act says to the American family, You have greater 
buying power. It says that an additional 104,000 new family homes would 
be constructed and purchased in that 7-year period of reduced growth in 
Federal spending and a balanced budget. Under anybody's estimation, 
that is big bucks for the economy. It benefits not just the family 
purchasing the home, but hundreds of thousands of workers--carpenters, 
carpenters' helpers, masonry workers, and plumbers--that build the 
homes for Americans that are going to be employed.
  Mr. President, what is your vision for the future? Obviously, it is 
not 104,000 new family homes. What about those men and women who work 
in the automobile industry of our country? It is estimated, by those 
same studies from the Heritage Foundation, that over 600,000 additional 
automobiles could be manufactured and purchased by the American family 
in this 7-year period. That is $10 billion worth of expenditures. I do 
not know how you think, Mr. President, but I know how the folks of 
Idaho think. They want to keep ahold of their own money. They want the 
right to spend the money they earn. They do not believe that 
transferring it to the Federal Government and giving the Federal 
Government the opportunity to spend it on something that the Federal 
Government would wish is the better way to manage it.
  Well, those are some extremely valuable and important figures that 
are all tied up in this balanced budget that the President has now 
vetoed. So, Mr. President, while your budgeteers are coming to the Hill 
on a regular basis now and are to bring with them your vision of a 
balanced budget and your proposal that the House and the Senate and the 
White House will now sit down to try to work out the differences on, 
there is one thing that is nonnegotiable and that is a 7-year balanced 
budget. That is the kind of tax relief that truly builds incentives in 
the economy to keep our economy going, to keep it prospering, to create 
new jobs, and to allow the American working family more and more 
opportunity by being able to keep more of their hard-earned income.
  A lot of people have criticized the idea of leaving the American 
family with more money. If we had, by our own studies, left the 
American family the same kind of spending opportunities that they had 
in 1950 when the Government was taxing a great deal less of the gross 
income of the average working family, I would tell you that it would 
not be a $500 tax credit today, it would be well over triple that 
amount. That is how much we have eroded the spending ability, the 
keeping ability, the savings ability of the American family by 
progressively taking away from them for what has been allegedly a 
better cause--more of their money to be spent by Government.
  These are very important issues, Mr. President. There is more at 
stake here than just the pulling out of an old antique pen that started 
the great welfare society of our country that has well run out of ink, 
and trying to find ink to veto an effort of reform that the American 
public spoke to last November.
  Mr. President, it is significant what has occurred in this country. 
It is significant that the American people have spoken overwhelmingly 
in favor of balancing a Federal budget.
  Back in 1982, when I served in the U.S. House of Representatives, I 
became one of those leaders pushing a balanced budget amendment to our 
Constitution. That was long before the debt was as big as it is today, 
or the deficit seemed to become a static deficit of around $200 billion 
on an annualized basis.
  Those were the years we really felt it was important to get the 
budget under control. As we fought to do so, one thing began to happen: 
The American people began to listen. They recognized, as they saw the 
debt of this country grow and as they saw a Congress unwilling to 
wrestle with the real meaning of a debt and to bring Federal spending 
under control, that somehow the American public was going to have to do 
it.
  I think the citizens of this country truly believe that this is their 
Government. By the action of their vote, they will tell those of us who 
represent them in their Government how we should act.
  That is exactly what I believe the American public did last November 
when they changed the 40-year-old Democratically-controlled House into 
a House with a Republican majority and they put Republicans in a 
majority here in the U.S. Senate. They said very, very clearly, ``Mr. 
President, Congress, balance the budget, and do so in a way that is 
meaningful. Not the kind of games that have been played historically 
over the last three decades. We want you to show us for the first time 
that you can and will balance the budget.''
  And, Mr. President, that is exactly what the Republican Congress has 
done. They sent to the President a balanced budget, and this President, 
lacking a vision and lacking an image for the future, vetoed it.
  Mr. President, I yield to the Senator from Oklahoma for such time as 
he might consume.
  Mr. INHOFE. I appreciate the Senator yielding to me. I think it is 
very symbolic and appropriate, the pen that the President used to sign 
the veto message yesterday was, indeed, the pen that had been used 
during the Great Society days that started this shift in attitude in 
Government, so that Government has a greater responsibility for all of 
us, beginning back in the 1960's.
  I think the fact that he is using that pen to veto the Balanced 
Budget Act of 1995 is a very interesting occasion, because that is the 
date that all of this started. 

[[Page S 18123]]

  I remember it so well because I was serving at that time in the State 
legislature in Oklahoma. We were so concerned at that time because the 
year that I am thinking of our total debt was $200 billion. I remember 
on a TV ad they were trying to impress upon the people of America how 
much money that was so they had $100 bills they were stacking up until 
it got to the height of the Empire State building. That is what our 
debt was.
  Of course, now that is what our annual deficit is, has been, and what 
our annual deficit would continue to be under any budget that the 
President has come forth with.
  I am going to keep an open mind. I am hoping the President will come 
forth with something that will keep his commitment that he made during 
the vote on the continuing resolution a couple weeks ago when he said 
that he agreed to come up using real numbers, CBO numbers, with a 
balanced budget by the year 2002.
  And I agree with the Senator from Idaho that it is so incredibly 
significant that we do this and do this now. I have said several times 
on the floor, I do not believe if we pass up this opportunity there 
will be another opportunity in my lifetime to have a balanced budget or 
to seek a balanced budget so we can then start working on reducing the 
debt that we have piled up in this country.
  Again, I do not look at this as a fiscal issue. It should not be 
looked at as a fiscal issue. And every time the liberals, holding on 
with white knuckles to the past, to the 1960's, to the programs where 
Government has the responsibility--an entitlement--to take care of 
people from the cradle to the grave, that Government cannot afford to 
do it.

  I look at it as a moral issue when I look at my three grandchildren 
and realize that statistically--and this can all be documented--if we 
do not do something to change the course that we have set upon, that 
any child, including my three grandchildren, who is born in this 
particular time, will have to spent 82 percent of his or her lifetime 
income just to service and support Government.
  This is morally wrong. For all those people, including the President, 
trying to hold on to the past, we will win this. When the Senator from 
Idaho said, and I heard the Senator from Wyoming earlier say, this was 
a mandate and the elections of 1994--it is clearly a mandate. All the 
postelection surveys show very clearly of all the mandates that came 
with that election, that totally transformed the makeup of the House 
and the Senate, it was a mandate to balance the budget.
  We are committed to doing that. We will do everything within our 
being to see that it happens.
  Mr. President, I only have one comment on another subject because I 
think it is critical that the Senators are all aware that there is 
going to be a vote prior to the 14th having to do with the President's 
program to deploy troops on the ground in Bosnia.
  Yesterday at the Senate Armed Services Committee some very revealing 
things occurred. We had Secretary Perry and General Shalikashvili, the 
two top people representing the President and his programs to send 
troops into Bosnia on the ground. They testified. During their 
testimony, Secretary Perry was talking about all the peace that has 
existed in the Tuzla area, that northeast sector of Bosnia; General 
Shalikashvili was talking about how similar and what a fine job they 
have done in the training of our troops in the very famous 6- by 12-
mile box in Germany and how that so nearly equated to the actual 
environment in Bosnia.
  When it came time to cross-examine, I asked General Shalikashvili, 
``Are you aware that the conditions in which you are training these 
people do not even resemble the conditions in the northeast sector?''
  He said, ``No.''
  I said, ``Tell me when the last time you were there was.''
  At that we discovered, Mr. President, that the man who is the 
Chairman of the Joint Chiefs of Staff, the architect of the program to 
send Americans in on the ground in Bosnia, had never been to that part 
of Bosnia where he is proposing to send our troops.

  When Secretary Perry talked about the peace that had been in effect 
there I asked him a question. I said, ``I was in the Tuzla area. I wore 
a shrapnel jacket. I wore a helmet. We could hear the automatic weapons 
going off. This is supposedly during a cease-fire. Where is this peace 
you are talking about, and when is the last time you, Secretary Perry, 
were in Bosnia?''
  He said he had never been there, either.
  For the first time I realized why there is such a disregard for the 
hostility of the area that we are talking about sending our troops in. 
It is because they have not even been there.
  I just want to serve notice and make sure that all Senators can be 
thinking about how they will vote on a very simple straight-up 
resolution that merely says we disapprove of the President's program to 
send ground troops into Bosnia.
  Of course that does not mean we are disapproving support of the 
troops. We support our troops wherever they might be. I think we can 
certainly perform air operations that would be of support to that 
exercise, without endangering the lives of our Americans.
  Back on the budget, I am convinced that this is our last time in my 
lifetime that we will have to correct a problem that began in the 
1960's, that those individuals--the liberals here in this body and the 
other body and the President of the United States--are trying to hold 
on to, as I said before, with white knuckles.
  I commend the Senator from Idaho for all the efforts he has made and 
the leadership he has shown in this effort.
  Mr. CRAIG. Mr. President, in closing, I ask unanimous consent to have 
printed a document from the Heritage Foundation study of the impact of 
a balanced budget in tax reductions on the average family.
  There being no objection, the material was ordered to be printed in 
the Record, as follows:

  What a Balanced Federal Budget With Tax Cuts Would Mean for Family 
                             College Costs

                  (John S. Barry, Research Assistant)

       Congress's balanced budget with tax relief legislation will 
     allow families with children to save more money for higher 
     education. A balanced budget with tax cuts also will lead to 
     lower interest rates which will benefit students by lowering 
     the cost of student loans. Both of these consequences of 
     balancing the budget over seven years with tax relief mean 
     more highly skilled Americans for future workforces. These 
     are the findings of an analysis by The Heritage Foundation 
     using one of the principal econometric models of the U.S. 
     economy.
       According to this statistical analysis, the Balanced Budget 
     Act developed by Congress would mean:
       American families, over time, could save an additional 
     $14,066 per child in today's dollars to fund college 
     education costs as a result of the $500-per-child tax credit. 
     This would cover the full tuition costs at a typical public 
     university today.
       An average student could save more than $414 over the life 
     of a 10-year student loan as a result of lower interest 
     rates.
       Economists at The Heritage Foundation conducted an interim 
     econometric analysis of the congressional balanced budget 
     plan using the economic model developed by Laurence H. Meyer 
     & Associates, a nationally recognized economic consulting 
     firm.\1\ The Meyer model is used by many major public 
     agencies and private firms, such as the President's Council 
     of Economic Advisers, the Office of Management and Budget, 
     the Board of Governors of the Federal Reserve, and the 
     Congressional Budget Office.\2\
     \1\ William W. Beach and John S. Barry, ``What a Balanced 
     Federal Budget with Tax Cuts Would Mean to the Economy,'' 
     Heritage Foundation F.Y.I.No. 69, November 14, 1995.
     \2\ Laurence H. Meyer & Associates long has earned top honors 
     for forecasting accuracy when compared against similar firms. 
     In 1993, it won the ``Blue Chip'' forecasting award for the 
     years 1989-1992. Laurence H. Meyer & Associates was 
     ineligible for the award in 1994, but again was rated the 
     most accurate forecasting firm in the United States.
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        increased family savings from $500-per-child tax credit

       The high cost of a college education prices many families 
     out of the higher education market or forces students and 
     parents to incur large amounts of debt to cover the costs of 
     college.
       The $500-per-child tax credit included in the Balanced 
     Budget Act of 1995 would benefit more than 28 million 
     families raising some 51 million children and could allow 
     many families to save enough money to send their children to 
     college. A family that chooses to dedicate the entire $500-
     per-child tax credit to savings for higher education would 
     accumulate about $14,066 in today's dollars over 18 years for 
     each child's education. Thus, a family with two children 
     would be able to save an additional $28,132 for college 
     expenses. In today's dollars, an additional $14,066 per child 
     in family savings for education amounts to: Five full years' 
     tuition and fees at an average public university; one full 
     year's tuition and fees at an average private university; or 
     more than the 

[[Page S 18124]]
     difference between the four-year cost of an average public university 
     and the two-year cost of an average public community college.


                   lower student loan interest rates

       The economic simulation conducted by analysts at The 
     Heritage Foundation indicates that households and businesses 
     would face lower interest rates under the congressional 
     balanced budget and tax cut plan than under current budget 
     and tax policy. Lower interest rates also would benefit 
     students with student loans. A student beginning his or her 
     education in 1996 would face interest rates that averaged 
     half a percentage point below what is expected under current 
     law: a savings of $414 over the life of an average ten-year 
     student loan.\3\ More young Americans will be able to afford 
     a college education as a result of these savings. In 
     addition, some students who otherwise would have to defer 
     their education plans could enter college earlier, thus 
     increasing their lifetime earnings.
     \3\ This is based on a student loan of $13,044, the average 
     cost of a public university, at an initial interest rate of 
     8.25 percent. The Heritage Foundation econometric analysis 
     assumes that the Federal Reserve System makes no change in 
     the reserve requirements of its member banks and refrains 
     from stimulating the economy by increasing the growth of 
     monetary reserves. This assumption means a relatively smaller 
     decrease in interest rates. Thus, the 0.5 percent decrease 
     can be viewed as a conservative estimate of the potential 
     savings to a student from lower interest rates.
---------------------------------------------------------------------------
       Alternatively, lower interest rates would allow students to 
     borrow more money for education at the same effective cost. 
     In essence, students would be able to purchase more education 
     for the same price. The additional $414 might be used for 
     such things as: One full year of books and supplies; two 
     additional courses at an average public university; or about 
     one-third the cost of a personal computer.


                         technical assumptions

       For assumptions that underlie the econometric simulation of 
     the congressional balanced budget legislation, see William W. 
     Beach and John S. Barry, ``What a Balanced Federal Budget 
     with Tax Cuts Would Mean to the Economy,'' Heritage 
     Foundation F.Y.I. No. 69, November 14, 1995.
       For purposes of calculating the amount of savings from a 
     $500-per-child tax credit, it was assumed that the money was 
     placed in a super-IRA (as defined by the Congressional Budget 
     Resolution of 1995) earning a real rate of return of 5 
     percent per year.
       The initial rate of interest charged for a student loan was 
     assumed to be 8.25 percent. The 0.5 percent figure is an 
     average decrease below baseline for the life of a ten-year 
     student loan. This 0.5 percent decrease was projected in the 
     above-cited econometric simulation.

   A FAMILY SAVING THE ENTIRE $500 PER CHILD TAX CREDIT FOR 18 YEARS COULD ACCUMULATE $14,066: PAYING FOR THEIR CHILD'S EDUCATION AT AN AVERAGE PUBLIC  
                                         UNIVERSITY OR MORE THAN A YEAR'S WORTH AT A TYPICAL PRIVATE UNIVERSITY                                         
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                                                                             Years of savings                                          Years of savings 
                                         Public university     4 year cost   from the $500 tax     Private university    4 year cost   from the $500 tax
                                                                              credit will buy                                           credit will buy 
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Alabama.............................  U. of Alabama at             $10,044                5.6   Spring Hill College....      $48,492                1.2 
                                       Birmingham.                                                                                                      
Alaska..............................  U. of Alaska Fairbanks.        9,952                5.7   Sheldon Jackson College       37,520                1.5 
Arizona.............................  U. of Arizona..........        7,576                7.4   Prescott College.......       39,840                1.4 
Arkansas............................  U. of Arkansas.........        9,208                6.1   John Brown University..       28,344                2.0 
California..........................  U. of California--Los         15,572                3.6   Loyola Marymount              55,072                1.0 
                                       Angeles.                                                  University.                                            
Colorado............................  U. of Colorado at             10,796                5.2   Regis University.......       51,040                1.1 
                                       Boulder.                                                                                                         
Connecticut.........................  U. of Connecticut......       18,848                3.0   Saint Joseph College...       48,800                1.2 
Delaware............................  U. of Delaware.........       16,400                3.4   Wesley College.........       41,180                1.4 
Florida.............................  Florida State                  7,192                7.8   Barry University.......       45,160                1.2 
                                       University.                                                                                                      
Georgia.............................  U. of Georgia..........        9,408                6.0   Mercer University......       47,952                1.2 
Hawaii..............................  U. of Hawaii...........        6,228                9.0   Chaminade University of       42,400                1.3 
                                                                                                 Honolulu.                                              
Idaho...............................  U. of Idaho............        6,192                9.1   Albertson College of          55,808                1.0 
                                                                                                 Idaho.                                                 
Illinois............................  U. of Illinois at             14,792                3.8   Loyola University             46,000                1.2 
                                       Chicago.                                                  College.                                               
Indiana.............................  Indiana University--          13,492                4.2   Huntington College.....       40,800                1.4 
                                       Bloomington.                                                                                                     
Iowa................................  U. of Iowa.............        9,820                5.7   Drake University.......       53,680                1.0 
Kansas..............................  U. of Kansas...........        8,152                6.9   Benedictine College....       38,640                1.5 
Kentucky............................  U. of Kentucky.........       10,040                5.6   Centre College.........       48,800                1.2 
Louisiana...........................  U. of New Orleans......       12,208                4.6   Loyola University in          45,380                1.2 
                                                                                                 New Orleans.                                           
Maine...............................  U. of Maine............       14,644                3.8   Westbrook College......       46,600                1.2 
Maryland............................  U. of Maryland College        13,920                4.0   Loyola College.........       52,720                1.1 
                                       Park.                                                                                                            
Massachusetts.......................  U. of Massachusetts--         21,868                2.6   Regis College..........       50,800                1.1 
                                       Amherst.                                                                                                         
Michigan............................  U. of Michigan--Ann           21,888                2.6   Northwood University...       38,660                1.5 
                                       Arbor.                                                                                                           
Minnesota...........................  U. of Minnesota Twin          13,568                4.1   Saint Mary's College of       43,520                1.3 
                                       Cities.                                                   Minnesota.                                             
Mississippi.........................  U. of Mississippi State       10,244                5.5   Millsaps College.......       47,616                1.2 
                                       University.                                                                                                      
Missouri............................  U. of Missouri Columbia       13,776                4.1   Saint Louis University.       43,880                1.3 
Montana.............................  U. of Montana--Missoula        8,032                7.0   Carroll College........       35,760                1.6 
Nebraska............................  U. of Nebraska at              9,660                5.8   Creighton University...       43,856                1.3 
                                       Lincoln.                                                                                                         
Nevada..............................  University of Nevada           6,960                8.1   Sierra Nevada College..       36,200                1.6 
                                       Las Vegas.                                                                                                       
New Hampshire.......................  U. of New Hampshire....       18,236                3.1   Daniel Webster College.       49,648                1.1 
New Jersey..........................  Rutgers University.....       17,828                3.2   Seton Hall University..       47,200                1.2 
New Mexico..........................  U. of New Mexico.......        7,536                7.5   College of Santa Fe....       45,512                1.2 
New York............................  SUNY at Albany.........       11,744                4.8   Saint Johns University-       39,200                1.4 
                                                                                                 New York.                                              
North Carolina......................  U. of North Carolina at        6,096                9.2   Wake Forest University.       55,400                1.0 
                                       Chapel Hill.                                                                                                     
North Dakota........................  U. of North Dakota.....        9,712                5.8   Jamestown College......       30,480                1.8 
Ohio................................  Ohio State University..       12,348                4.6   University of Dayton...       47,320                1.2 
Oklahoma............................  Oklahoma State                 7,568                7.4   University of Tulsa....       47,000                1.2 
                                       University.                                                                                                      
Oregon..............................  U. of Oregon...........       13,032                4.3   University of Portland.       48,800                1.2 
Pennsylvania........................  Pennsylvania State            20,144                2.8   Drexel University......       52,304                1.1 
                                       University.                                                                                                      
Rhode Island........................  U. of Rhode Island.....       16,968                3.3   Bryant College.........       50,400                1.1 
South Carolina......................  U. of South Carolina at       12,784                4.4   Wofford College........       50,720                1.1 
                                       Columbia.                                                                                                        
South Dakota........................  U. of South Dakota.....       10,320                5.5   Augastana College......       44,460                1.3 
Tennessee...........................  U. of Tennessee--              9,916                5.7   Maryville College......       45,400                1.2 
                                       Memphis.                                                                                                         
Texas...............................  Texas A&M University...        7,080                7.9   Rice University........       41,600                1.4 
Utah................................  U. of Utah.............        9,524                5.9   Westminster College of        35,280                1.6 
                                                                                                 Salt Lake City.                                        
Vermont.............................  U. of Vermont..........       26,608                2.1   Trinity College of            45,080                1.2 
                                                                                                 Vermont.                                               
Virginia............................  U. of Virginia.........       17,920                3.1   Washington and Lee            55,540                1.0 
                                                                                                 University.                                            
Washington..........................  Washington State              11,632                4.8   Gonzaga University.....       52,000                1.1 
                                       University.                                                                                                      
West Virginia.......................  West Virginia                  8,512                6.6   University of                 38,000                1.5 
                                       University.                                               Charleston.                                            
Wisconsin...........................  University of                 10,948                5.1   Marquette University...       46,440                1.2 
                                       Wisconsin--Madison.                                                                                              
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 Note.--All figures are in 1994 dollars.                                                                                                                
                                                                                                                                                        
 Source.--School costs from Department of Education, ``Projections of Education Statistics to 2003.''                                                   

  Mr. CRAIG. Mr. President, let me close by saying to the President of 
the United States: Mr. President, stand forward and tell the truth to 
the membership of Congress and to the American people. Tell them that 
this budget does, in fact, protect Medicare; that the average recipient 
today is receiving $4,800 in benefits; and that under the budget you 
just vetoed that average recipient by the year 2002 will receive $6,700 
in benefits. That is a 7-percent annual increase.
  Mr. President, tell the truth about the budget that you vetoed. What 
we heard from you yesterday was not a vision of the future, but was 
looking back into the spoiled American dream of big Government and big 
debt that somehow you hung yourself to, that does not represent the 
kind of opportunity that the American family wants and deserves.
  I yield the floor.
  The PRESIDING OFFICER. Who yields time?

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