[Congressional Record Volume 143, Number 75 (Wednesday, June 4, 1997)]
[House]
[Pages H3435-H3436]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          BALANCING THE BUDGET

  The SPEAKER pro tempore (Mr. Cooksey). Under a previous order of the 
House, the gentleman from Texas (Mr. Sessions) is recognized for 5 
minutes.
  Mr. SESSIONS. Mr. Speaker, not long ago his excellency, President 
Eduardo Frei of Chile, spoke to a joint session of the Congress. He 
gave us some advice. He began by saying, I want to share with you why 
we Chileans are ever more satisfied with the dividends of freedom, why 
we do not want to look back, why we wish to

[[Page H3436]]

have a part in the new history, the history mankind is now beginning to 
write.
  I did not find his remarks presumptuous, as some did, because I 
believe we have a lot that we can learn from Chile. Chile was in a 
period of stagnation and suffered many of the budgetary perils that 
exist today in the United States. But Chile rose above it. Chile today 
has sustained 14 years of growth averaging 7 percent annually.
  Real annual wages have risen over 4 percent. Per capita income has 
doubled in Chile in just the last decade. Chile's savings rate is close 
to 25 percent. All of this has been achieved not in spite of but as a 
direct result of 5 consecutive years of balanced budgets and fiscal 
surpluses.
  Listening to President Frei, I was most impressed how he described 
the character of the Chilean people and its leaders. He said: We have 
learned to be patient. Chile does not begin anew with each election. 
Rather, we build on our creativity and on our work.
  We are well aware that we have a unique historic opportunity to 
achieve full development in a free market of political freedom. We 
value our achievements but we give equal attention to the challenges 
that are ahead of us.
  Mr. Speaker, I say that balancing the budget is about discipline, the 
discipline to do the right thing, the discipline to tell the American 
people the truth. With annual revenues of $1.45 trillion, the Federal 
Government spends more than $1.56 trillion each year. That means that 
the Government spends $4.3 billion every day, $178 million every hour 
and $3 million every minute. That also comes out to be $50,000 per 
second. But more importantly, it means that the President and Congress 
cannot do what American families do every single day, and that is to 
spend only what they have.
  We have reached a historic accord with the President now, one that 
will balance the budget by the year 2002.
  It came as a result of compromise and fair dealing. The Republicans 
in the House and the Senate have dealt with the administration in a 
direct and honest fashion, negotiating in good faith. Now it is up to 
the Democrats to meet us at this historic crossroads. This country has 
a great history of standing up to whatever challenges God sends our 
way. When we were oppressed, we fought for independence against 
overwhelming odds. When tyranny threatened our neighbors, we stood up 
against it and conquered it twice. When poverty sapped our Nation's 
energy, we rose from it to retain our place as the greatest Nation in 
the world.
  Today we face similar challenges. One of the most important things 
President Frei said was that his countrymen did not need excessive 
government in their lives. He said: Our people want no more 
paternalism. They are ready to forge their own destiny.
  Now we have come to an agreement on the budget. Americans should be 
calling on Members of Congress from both parties to sign on the dotted 
line and to pass this balanced budget.
  With this balanced budget, we will provide $85 billion in tax relief 
over 5 years. It is not as much as we conservative Republicans think 
the American people deserve, but it will mean a child tax credit, death 
tax relief, capital gains tax relief, expanded IRAs and relief for 
parents who send their kids to college. This balanced budget saves 
Medicare for 10 years, providing America's seniors more choice and 
enacts real reforms that slow the growth of spending by $115 billion 
over 5 years.
  In addition, it provides funding for domestic priorities, including 
transportation, housing and education.
  I will fight for this balanced budget so that we can secure freedom 
for the future of all Americans and those Texans that live within the 
Fifth District. My constituents deserve leadership that tells them the 
truth, that can make tough decisions and that will make their life 
better.
  Like Chile, our character is strong enough to withstand the path to a 
better future for our children.

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