John Doolittle: “Mr. Chairman, while CATS appreciates the hard work of the Committee on the Budget and especially its chairman, we feel…”

“Mr. Chairman, while CATS appreciates the hard work of the Committee on the Budget and especially its chairman, we feel that more can and should be done to reduce the size of Government, lessen the tax burden on American families, and stimulate economic growth. Like the committee resolution, the CATS substitute balances the budget by 2002 while protecting national defense and transportation spending. Our substitute improves upon the committee budget, however, by cutting an additional $109 billion in discretionary spending and returning those savings to American families through lower taxes. Unlike the committee budget, the CAT substitute contains sufficient tax relief to fully fund the $500 per child tax credit, a 50-percent reduction in the capital gains tax rate, real inheritance tax relief, and expanded IRA's. The CATS budget pays for these tax cuts by simply reducing discretionary spending to the level set out in President Clinton's fiscal year 1997 budget. The choice tonight is not whether we should balance the budget, Mr. Chairman; we have won that debate. The real question is whether we think we can find enough wasteful Washington spending to cut so that, as we balance the budget, we can allow American families to keep a little more of what they earn. We think we can. I urge an 'aye' vote.”