[Congressional Record Volume 141, Number 197 (Tuesday, December 12, 1995)]
[Extensions of Remarks]
[Page E2339]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        THE BALANCED BUDGET ACT

                                 ______


                          HON. J.C. WATTS, JR.

                              of oklahoma

                    in the house of representatives

                       Tuesday, December 12, 1995

  Mr. WATTS of Oklahoma. Mr. Speaker, the Balanced Budget Act of 1995 
could be the best holiday gift that we ever give our children and 
grandchildren. This legislation could be the first step in paying off 
the ever-mounting debts we have accumulated for future generations. And 
this legislation could be the catalyst for new and better paying jobs 
for America's workers and for students who will be entering the job 
market.
  But this legislation can be none of these things until the President 
joins us in our commitment to a true balanced budget.
  The Nation's job-creating businesses are alarmed that the President 
has not joined the Congress in bringing fiscal discipline to the 
Federal establishment. Last week, Dr. Richard Lesher, President of the 
U.S. Chamber of Commerce, wrote to President Clinton to express his 
views on the veto of the Balanced Budget Act.
  I believe that Dr. Lesher has raised important points in his letter 
to the President, and I would like to share it with my colleagues. Dr. 
Lesher's letter follows:
                                        Chamber of Commerce of the


                                     United States of America,

                                 Washington, DC, December 6, 1995.
     The President,
     The White House,
     Washington, DC.
       Dear Mr. President: On behalf of the world's largest 
     business federation, representing 215,000 businesses, 3,000 
     state and local chambers of commerce, 1,200 trade and 
     professional associations, and 75 American Chambers of 
     Commerce abroad, I am writing to express our extreme 
     disappointment over your vetoing H.R. 2491, the ``Balanced 
     Budget Act of 1995.''
       This historic legislation was the culmination of Herculean 
     efforts by Members of Congress and the American people to 
     bring about real fiscal discipline at the Federal level. It 
     reflected a delicate balance between streamlining the Federal 
     government, providing economic stimulus through tax relief to 
     America's families and businesses, and ensuring that 
     necessary government services remain strong and directed to 
     America's truly needy.
       Large and small businesses alike embraced H.R. 2491 as a 
     means of improving the nation's economic climate and job 
     creation. Eliminating our nation's annual deficits will lead 
     to lower interest rates, increased savings and investment, 
     greater productivity, additional and better paying jobs, and 
     an overall higher standard of living for all citizens. 
     Further, tax relief for America's families and businesses 
     will increase capital investment, preserve family-owned 
     businesses, and modernize outdated tax laws while making the 
     goal of a balanced budget more attainable.
       From national polls, to town hall meetings, to telephone 
     calls and letters, the American people clearly believe the 
     tax and spend approach of big government is unacceptable. We 
     agree. If H.R. 2491 is not the answer, it is incumbent on you 
     and your Administration to put forth specific proposals which 
     respond to the call for a seven year balanced budget plan.
       The impending fiscal crisis threatens every level and 
     aspect of our lives: from our competitive stance, to our 
     standard of living, to those critical services for the needy, 
     nothing escapes its clutches. This moral imperative is too 
     critical to be responded to by political rhetoric and no 
     solutions. All of us must rise above politics, exercising 
     true leadership by coming to a timely agreement.
       That is what we expect of you and our congressional 
     leaders. The time is now for you to provide the leadership to 
     finally achieve an agreement to balance the budget for 
     America's future.
           Sincerely,
     Richard L. Lesher.

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