[Congressional Record Volume 142, Number 83 (Friday, June 7, 1996)]
[Senate]
[Page S5972]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              THE DEFICIT

  Mr. INHOFE. Mr. President, I am going to wind up here. I will only 
mention the last thing that was stated by the Senator from North Dakota 
in response to something the distinguish Senator from Texas, Senator 
Hutchison, said this morning.
  When she started in business, she made it grow, and it was difficult. 
He said, ``I bet you started with debt.''
  ``Yes.''
  The difference is this: The business Senator Hutchison is talking 
about and the businesses that are started with debt have to pay that 
debt back. We do not, and that is the difference. Our debt just 
accumulates, and that is why we are looking at $5 trillion. The 
difference is, they pay it back, and we do not.
  Getting to the comments made by the distinguished senior Senator from 
Kentucky--and I think so much of him; I have held him in very high 
regard--we just disagree philosophically.
  When he talked about the deficit reduction programs of 1990 and 1993, 
yes, one of those was a Republican President. In 1990, it was George 
Bush. I disagreed with him at that time, and I even went on 
``Nightline'' and talked about how we should not have caved in to the 
Democrat-controlled Congress. As a result of that one cave-in by 
President Bush, he lost the election.
  The next one is 1993. In 1993--he can call it a deficit reduction 
plan--it was the largest single tax increase in the history of public 
finance in America or anyplace in the world, and that is not a quote 
from conservative Republican Jim Inhofe, that is a quote from Senator 
Dan Moynihan, who was then chairman of the Senate Finance Committee.
  So you look at these things in a different light. I would just say to 
those who are holding on to the past and those who do want to have 
business as usual and want to go back to and continue the social 
revolution of the middle 1960's, those days are behind us.
  The last thing I will say, I hope that the Senator from Kentucky did 
not mean it when he implied that I impugned his integrity. All I was 
doing was quoting him, and regardless of how we interpret the quotes, I 
do not think he wanted me to quote his entire statement that was page 
after page.
  But I will say this: These are the two resolutions we talked about. 
The Senator from North Dakota said that does not include the amendment 
by Senator Nunn. I think you are talking about the judicial review 
amendment. I suggest to you that, verbatim, that same amendment was 
offered and passed by Senator Danforth in 1994. So we have identical 
resolutions, and regardless of whether the distinguished Senator from 
Kentucky was quoted or misquoted, he still supported this back then, as 
the Senator from North Dakota did, and opposed it yesterday.
  I yield the floor.
  Mr. SIMPSON addressed the Chair.
  The PRESIDING OFFICER. The Senator from Wyoming.
  Mr. SIMPSON. Mr. President, I ask unanimous consent to proceed as in 
morning business.
  The PRESIDING OFFICER. Is there objection? Without objection, it is 
so ordered.

                          ____________________