Dale Bumpers: “my second amendment is one I feel strongly about--both of these--but I want you to listen to this. It would delay the…”

“my second amendment is one I feel strongly about--both of these--but I want you to listen to this. It would delay the tax cuts that are provided in this budget resolution. We are going to face all of this later on in the reconciliation bill. I know that. But what we ought to do is delay the tax cuts until the year 2002. All I do in this amendment is I strike the first $63.3 billion of tax cuts over the years 1998 to 2001. You know what that does, Mr. President? It does not balance the budget in the year 2002. It balances the budget in the year 2001. Now, why would we not, after reading the paper this morning and seeing that the Treasury Department reaped a gold mine in April--the surplus in April of income versus expenditures was $97 billion. CBO has now said that the deficit could be as low as $65 billion come September 30. That is a remarkable achievement. On this floor in August 1993, we passed a bill called the Omnibus Budget Reconciliation Act of 1993. I regret, Mr. President, not one single Republican voted for it. You know what the effect of that was? I told the President as far as I am concerned that is going to be his legacy. All these other things he is trying to accomplish, they are all laudable. I have no quarrel with them. But 5 solid straight years of real budget deficit reduction is going to be his legacy. But I will tell you how that legacy can be destroyed.…”