David Skaggs: “as we debate the budget resolution for fiscal year 1995, I can't help but recall a similar debate that took place in…”

“as we debate the budget resolution for fiscal year 1995, I can't help but recall a similar debate that took place in this Chamber less than a year ago. At that time, much like today, a lot of predictions were being made about the effects of the deficit reduction bill. There were those who said then that the bill was "a recipe for economic and fiscal disaster"--Mr. Crane, Congressional Record March 18, 1993. Some said "it will raise your taxes, increase the deficit, and kill over 1 million jobs"--Mr. Hefley, Congressional Record August 4, 1993. Still others claimed that the package simply "would not lower the deficit"--Mr. Herger, Congressional Record August 4, 1993. The "gloom and doom" predictions of economic devastation went on and on. There's one difference in the debate this year, however. The effects of last year's deficit reduction bill are no longer a matter of speculation. The naysayers have been proven wrong. Because of the bill we approved last year, the Federal budget deficit is finally moving in the right direction. The expected deficit next year--fiscal year 1995--is $126 billion less than President Bush predicted it would be under his policies. That's a 40-percent reduction. And the size of the deficit compared to the overall economy has been cut nearly in half, to the lowest percentage since 1979. The economy and financial markets have reacted favorably to the actions we took last year.”