Jane Harman: “today, this chamber continues the important progress first begun in 1993 to reduce the Federal deficit and reach a…”

“today, this chamber continues the important progress first begun in 1993 to reduce the Federal deficit and reach a balanced budget by the year 2002. The 1993 budget was one of the most difficult votes I have cast, yet for 5 straight years, its effect has been to cut the deficit. The deficit is now at its lowest level in more than 20 years. This bipartisan balanced budget resolution keeps the momentum moving forward. It is based on realistic economic and policy assumptions that will sustain economic growth. But while the outline of the balanced budget before us is historic, let us not disguise the difficult steps ahead to translate that outline into specific legislative language. The resolution continues important investments in our society. It assumes extension of health insurance coverage to 5 million low-income children, the largest investment in education in more than 30 years, restoration of SSI eligibility to the elderly and disabled legal immigrants cut off last year, and maintenance of a strong national defense. Lastly, the resolution assumes enactment of needed tax changes for families and investors that will be paid for. The resolution sets forth a glidepath for reducing spending at a relatively constant rate for the next 5 years. Unlike previous budget plans, it does not postpone the most difficult cuts to the later years.”