Mike Levin: “the revenue provisions in the budget resolution which is before the Senate reflects the bipartisan budget agreement…”

“the revenue provisions in the budget resolution which is before the Senate reflects the bipartisan budget agreement entered into by the President and the congressional leadership. I quote from the Budget Committee's report accompanying this resolution: The Bipartisan Agreement assumes the net tax cut shall be $85 billion over the next five years and not more than $250 billion over the next ten years, to provide tax relief to American families. Under the Agreement, revenues would continue to grow, from $1554.9 billion in 1997 to $1890.4 billion in 2002, an increase of $335.5 billion over the five year period. As always, the Ways and Means Committee in the House and the Finance Committee in the Senate will determine the specific amounts and structure of the tax relief package. The tax-writing committees will be required to balance the interests and desires of many parties (while protecting the interests of taxpayers generally) in crafting the tax cut within the context of the goals adopted by the Bipartisan Budget Agreement. I also want to read those guidelines from the letter sent to the President on May 15, 1997, from the Speaker of the House and the Senate majority leader: It was agreed that the net tax cut shall be $85 billion through 2002 and not more than $250 billion through 2007.”