[Congressional Record Volume 143, Number 112 (Friday, August 1, 1997)]
[Extensions of Remarks]
[Pages E1591-E1592]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      CONFERENCE REPORT ON H.R. 2015, BALANCED BUDGET ACT OF 1997

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                               speech of

                          HON. STENY H. HOYER

                              of maryland

                    in the house of representatives

                        Wednesday, July 30, 1997

  Mr. HOYER. Mr. Speaker, I rise today in support of the balanced 
budget agreement recently negotiated between the President and 
congressional leaders. And, while this agreement is not perfect in the 
eyes of many, it is an example of the democratic process and the 
consensus building and compromise that it embodies. It is an agreement 
which incorporates all of the principles which I believe are essential 
in a budget agreement. In this legislation, we will achieve a balanced 
budget for the first time in a generation, invest in our people for the 
future, and provide substantial middle-class tax relief.
  Four and a half years ago, we set out on a course toward economic 
recovery, striving to get our fiscal house in order. And, as we revel 
in our accomplishments on this day, to finish the job of balancing the 
budget, we must not overlook the magnitude and importance of the 1993 
budget plan. For it was that historic and courageous vote that cut the 
deficit from $290 billion in 1992 to a projected $41 billion this year. 
That comprehensive budget strategy made difficult spending cuts and 
raised needed revenues by asking our Nation's wealthiest to contribute 
to our economic recovery. The leadership of the President and the 
Democratic Congress in adopting that budget plan has contributed to 
record economic growth, low inflation, the creation of over 12\1/2\ 
million new jobs in our Nation, and a deficit that has shrunk by more 
than 80 percent. The bipartisan budget plan that we enact today would 
not be possible had we not made the tough choices, politically and 
substantively, that we did in 1993.
  Mr. Speaker, there are some today who advocate finishing the job of 
balancing the budget before we enact tax cuts of any kind. Others in 
the Congress believe that enacting tax cuts will help spur the economy 
and contribute to the economic stability we all seek. I believe that 
this is a sound agreement and a good

[[Page E1592]]

compromise that melds the priorities of Democrats and Republicans in a 
way that will allow all Americans to prosper.
  At the heart of this balanced budget is a historic investment in 
education--the most significant increase in education funding in 30 
years. It includes $40 billion in tax relief to help make a college 
education a reality for millions of Americans. It includes the largest 
increase in Pell grant scholarships in three decades and will give 
communities substantial tax cuts to help build and modernize our 
schools.
  Second, this budget agreement extends health insurance coverage to 5 
million children by investing $24 billion in quality medical care. One 
of our greatest challenges, in this era of budget cutting, is to ensure 
that we continue to invest in our children and their future and this is 
a major step toward that goal. At the same time, this agreement honors 
our commitment to our parents by preserving the Medicare trust fund for 
a decade and implementing new market-oriented reforms.
  This agreement bolsters environmental enforcement by doubling the 
pace of Superfund cleanups and delivers tax cuts to clean up and 
revitalize urban areas. It protects the community oriented policing 
services [COPS] initiative, which will put 100,000 more police officers 
on the street by 2000. And, it improves upon the welfare reform 
legislation that enacted last year by protecting our most vulnerable 
people. While providing $3 million to move willing and motivated 
Americans from welfare to private sector jobs, the agreement treats 
350,000 legal immigrants fairly by restoring their disability and 
health benefits.
  Finally, Mr. Speaker, for the first time in a generation, this 
agreement provides mainstream, middle-class tax relief while spelling 
out specific, sufficient spending and entitlement reductions to pay for 
it and balance the budget at the same time. The final budget deal 
provides the $500 child tax credit to the Americans most in need: 27 
million middle- and low-income, hard-working families; 13 million 
children from families with incomes below $30,000 will receive the 
child tax credit, nearly 7.5 million more than the Republican plan 
would have covered.
  Democrats have succeeded in providing tax relief which invests in our 
children by helping middle-class parents trying to pay for their 
children's college tuition. The budget plan includes the President's 
$1,500 HOPE scholarship to make the first 2 years of college 
universally available. And, it provides for a 20-percent tuition tax 
credit for college juniors, seniors, and graduate students, and for 
working Americans trying to upgrade their skills.
  I am also pleased to see that the estate tax provisions resemble the 
President's proposal and legislation which I introduced earlier this 
year which seeks to provide relief, immediately, to those most in need: 
small businesses and family farms.
  Mr. Speaker, this agreement continues the job started in 1993. It 
balances the budget by 2002 and puts the budget in surplus at least 
through 2007. The job is not done, Mr. Speaker. We must never allow 
ourselves to revert back to the irresponsible policies of Reganomics 
which today still confront our generation and generations to come in 
the form of a $5\1/2\ trillion national debt. We must ensure that we 
follow through with the spending cuts outlined in this agreement while 
not allowing ourselves to succumb to future pressures to borrow from 
future generations to pay for what we buy today. And, we must 
vigorously ensure that the budget deficit goals included in this 
agreement are enforced and reached.
  Mr. Speaker, as we applaud the bipartisan budget plan which we will 
enact today, let us not forget the 1980's and the fiscal instability 
which strangled our Nation when President Clinton inherited exploding 
budget deficits in 1993. A decade of large deficits had weakened the 
foundation of our economy and challenged our Nation's power and 
prosperity abroad. In the President's first term he set out to cut the 
deficit in half. Working with the President, Democrats in Congress 
enacted the 1993 budget plan which has far exceeded our expectations. 
The President, who had the courage and vision to reverse this trend, 
deserves our thanks and praise.
  When the President was reelected last year, he was determined to 
fulfill his goal of balancing the budget, but was unrelenting in his 
commitment to invest in our Nation's core values of education, health 
care, and the environment. This bipartisan budget agreement protects 
our priorities, solidifies the Nation's economic foundation, and 
bolsters America's position as the greatest economy in the world.
  Policymaking is a series of tradeoffs and tough decisions. This bill 
unfairly targets Federal employees by asking them to pay additional 
retirement contributions without any increase in benefits. 
Nevertheless, on balance, this is a good budget and will have a 
positive effect on the lives of millions of Americans as we head into 
the next century. It reflects the values and priorities of our Nation 
and with the enactment of this agreement, our Nation will have taken a 
historic step toward a vibrant and prosperous 21st century.

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