[Congressional Record Volume 141, Number 206 (Thursday, December 21, 1995)]
[Extensions of Remarks]
[Page E2437]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          BALANCING THE BUDGET

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                            HON. RON PACKARD

                             of california

                    in the house of representatives

                      Thursday, December 21, 1995

  Mr. PACKARD. Mr. Speaker, the Clinton administration made a 
commitment a month ago to balance the budget in 7 years using the 
honest numbers of the non-partisan CBO. My Republican colleagues and I 
responded to that commitment by offering smaller reductions in the rate 
of growth in Government spending in certain areas favored by the 
President while still achieving balance in 7 years.
  Through hard work and compromise, we obtained a promise from the 
President. Congress has held up its end of the bargain both to the 
President and the American people. The question now is whether Mr. 
Clinton's word and his signature mean anything--whether his 
administration has any intention of balancing the budget. Yesterday, 
the President finally agreed to take personal charge of the budget 
negotiations--instead of using various members of his staff--and once 
again committed to work toward crafting an agreement by New Year's eve.
  Perhaps I do not have to reiterate this point, but a balanced budget 
is essential for the future of the country. A recent survey by the 
Joint Economic Committee shows that the financial cost of not balancing 
the budget would be about $2,300 per family. A failure to balance the 
budget would cause slower economic growth, higher interest rates, and 
taxes. This in turn would result in mortgages, student loans and car 
loans costing families more each year.
  Mr. Speaker, this renewed interest in the budget negotiations by the 
President is a step in the right direction. We now have reason for 
optimism in the new year, but only if the President remains committed 
to his word.

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