Dianne Feinstein: “Mr. President, in my short 3-year tenure in this body, I have never seen a better experience in working across the aisle…”

“Mr. President, in my short 3-year tenure in this body, I have never seen a better experience in working across the aisle than the effort that the centrist coalition has gone through since last October. I can only give my strongest accolades to Senator Chafee and to Senator Breaux, who called us together in meeting after meeting and listened patiently to what each one of us had to say. We discussed it. We voted. We went back and forth, figures and calculations were done and redone when they had to be, and decisions were made. I think everyone in this coalition, all 22 of us, 11 Republicans, 11 Democrats, accepts a basic premise that we have to address the budget deficit. I want to give you three basic facts on which this premise is based. In 1963, less than 30 percent of all Federal spending paid for interest and entitlements; more than 70 percent of our spending paid for discretionary programs--defense, education, training, R&D, roads, and bridges. Today, it is reversed. Two-thirds of spending addresses entitlements, not on budget, and interest, about which we can do nothing. Only one-third goes for discretionary programs. By 2003, more than 70 percent of all spending will be directed at interest and entitlements, blocking our ability to make needed investments in education, research, and strengthen the economy.”