[Congressional Record Volume 142, Number 85 (Tuesday, June 11, 1996)]
[Senate]
[Page S6026]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   FISCAL YEAR 1997 BUDGET RESOLUTION

  Mr. DOLE. Mr. President, soon the Senate will act on the conference 
report on the fiscal year 1997 budget resolution. I had hoped that the 
Senate could have passed this conference report by today, but final 
action will occur soon.
  When the Senate passes the fiscal year 1997 budget resolution, it 
will be doing important work because no policy is more important to the 
economic future of all Americans, and particularly to the future of our 
children, than a balanced budget.
  We will also be fulfilling our promise to the American people to 
balance the budget by the year 2002. I am proud of our achievement in 
keeping our promise to the American people and I am proud of this 
budget.
  The fiscal year 1997 budget resolution balances the Federal budget in 
6 years.
  It reduces overall Federal spending by more than $700 billion over 
the next 6 years.
  It provides family tax relief of $122 billion for a $500-per-child 
tax credit to help America's working families.
  It provides for real welfare reform.
  And it would prevent the Medicare program from pending bankruptcy. 
The Medicare trustees reported last week that Medicare is going broke 
more quickly and in this budget we save Medicare from bankruptcy in the 
year 2001.
  That's why this is a good conference agreement. It represents some 
compromises between the House and the Senate. No one got everything 
they wanted. But it's the right budget for now and for putting us on 
strong course for the next century.
  Mr. President, it is no small accomplishment that all of us now agree 
that the budget should be balanced by the year 2002. That's a big 
change from this time last year when we were debating the budget. Now 
it's not just Republicans saying it, but all of us, from Republicans to 
blue dog Democrats to the President. That in itself is good news for 
America.
  But we're not there yet. Last year we passed the first balanced 
budget in a generation. But President Clinton vetoed it.
  I hope all Senators will support this budget resolution to finally 
get the job done. This budget will help define for the American people 
which of us are for more Washington spending and which of us are for 
less Washington spending; which of us are for more taxes and which of 
us are for less taxes. And most importantly, which of us are willing to 
do what's necessary to stop the stranglehold that the deficit places on 
our economic future.
  Some say deficits don't matter. But the fact is that the Federal 
budget deficit is like a tax hike on working families.
  The deficit drives up interest rates--and not by a little but by a 
lot. It is a stealth tax that every family with a home, every father 
and mother with a child in college, every young person who buys a car 
must pay, and pay, and pay.
  What does this stealth tax cost in dollars? Over $36,000 on a typical 
home mortgage. More than $1,400 on an ordinary student loan. Nearly 
$700 on a typical car loan.
  Remember that in 1994, the Federal Government spent $203 billion in 
interest on the Federal debt--more than it spent on education, job 
training, public works, and child nutrition combined. In 1994, 
Americans paid an average of $800 per person in taxes just to service 
interest on the debt--again, not to pay off the debt or even to reduce 
the debt, just to pay the interest on the debt.
  We simply cannot continue to mortgage America's future. If we 
continue current tax and spending policies, future generations will be 
saddled with effective tax rates of more than 80 percent.
  Mr. President, let's do what's right. Let's pass the fiscal year 1997 
budget resolution. Let's do everything we can this year to preserve the 
American dream of economic security for future generations of 
Americans. Our children and our grandchildren deserve no less from us.
  Mr. President, I yield the floor. I suggest the absence of a quorum.
  The ACTING PRESIDENT pro tempore. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  Mr. DOLE. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.

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