[Congressional Record Volume 143, Number 111 (Thursday, July 31, 1997)]
[Senate]
[Page S8503]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             RECONCILIATION SPENDING BILL AND TAX CUT BILL

  Mrs. BOXER. Mr. President, I voted for both the spending and tax 
reform bill because I believe they will strengthen our economy and 
provide needed tax relief for millions of Americans.
  First and foremost, these bills balance the budget by 2002. This is a 
remarkable testament to the extraordinary health of our Nation's 
economy.
  In 1992, just 6 years ago, the budget deficit stood at $290 billion. 
Thanks in large part to the economic plan passed in 1993, the budget 
deficit will decline this year to $45 billion.
  In 1992, unemployment stood at 7.5 nationwide and 9.6 percent in 
California. Robust economic growth spurred by responsible economic 
policy has caused unemployment to decline to historically low levels.
  This bill cuts taxes for millions of American working families. In 
fact, this bill contains the largest tax decrease in 16 years. These 
tax cuts are directed where they are needed most, at middle class 
working families, promoting savings for retirement and education. The 
$500 per child tax credit will give parents an extra helping hand in 
providing for their children. These are tax cuts that I wholeheartedly 
support.
  I am especially pleased that this bill makes important investments in 
health care for uninsured children. I believe the $24 billion provided 
in the bill for children's health care may be the most significant 
health policy achievement in over 30 years.
  I am very pleased that the conferees on the Tax Reconciliation bill 
rejected an unwise proposal to raise the Medicare eligibility age. I 
believe that retaining health coverage for our senior citizens must 
remain a national priority.
  Two important priorities of mine were also included in the final 
reconciliation bill. My 401(k) Protection Act, which helps secure the 
retirement savings of millions of Americans will soon become law. 
Finally, I am pleased that the conferees included my Computer Donation 
Incentive Act, which provides tax benefits for the donation of 
computers to elementary and high schools.
  I am proud to support this bill and am confident that it will add to 
the strong economic growth our Nation has enjoyed over the past six 
years.




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