Cord Byrd: “the halls of the Capitol have been filled recently with cheers and rejoicings for the balanced-budget agreement reached…”

“the halls of the Capitol have been filled recently with cheers and rejoicings for the balanced-budget agreement reached between President Clinton and the Congressional leadership in May of this year. We have been told time and time again that balancing the budget is crucial to the future of our Nation and that enacting this budget agreement will eliminate the Federal deficit. Well, Mr. President, I find it interesting that the reconciliation legislation before the Senate today has nothing to do with balancing the budget. Rather, S. 949, the Revenue Reconciliation Act of 1997, will bring us farther away from our collective goal of balancing the budget by reducing revenues some $76 billion below what they would otherwise be over the next five years. Mr. President, the Senate has already approved legislation this week to balance the Federal budget. On Wednesday, June 25, the Senate approved S. 947, the Balanced Budget Reconciliation Act of 1997. Despite its deficiencies, that legislation provides for some $127 billion in deficit reduction over the next five years. These savings, coupled with the $96 billion in discretionary savings provided in the Budget Resolution, will likely produce a balanced budget in the next five years.”