Cord Byrd: “I read this in the first section: ``Total outlays for any fiscal year shall not exceed total receipts for that fiscal…”

“I read this in the first section: ``Total outlays for any fiscal year shall not exceed total receipts for that fiscal year.'' I know there are some loopholes whereby we might vote by three-fifths of a majority of each House, about which I will express myself at another time. But this amendment, we are now being told, does not require a balanced budget. Let me ask the Senator this: He also said in his statement that we-- meaning the Congress--are unwilling to do anything about it--meaning these massive deficits; we are unwilling to take the courageous action that is needed to bring them under control. We are unwilling to do it. Mr. President, I remind my friend that we in the Congress were willing in 1990, under the agreement that was achieved at the so-called budget summit, where the representatives of the Bush administration sat, and the leadership on both sides of the aisle in this body and the leadership on both sides of the aisle in the other body were present. We agreed on a package that would reduce the deficits over a period of 5 years by something like $482 billion. And then in 1993, working with President Clinton, the Democratic Congress enacted legislation that, over a period of 5 years, reduces the budget deficit by $432 billion. I know it really cuts, because we froze domestic discretionary spending, and because of that package, we are presently operating under a freeze. So we really cut discretionary spending, which includes both defense and domestic.”