Maxwell Frost: “Mr. Speaker, here we are today on the last day of this session of the Congress before the big recess engaged in the big…”

“Mr. Speaker, here we are today on the last day of this session of the Congress before the big recess engaged in the big lie, the big lie. This is a balanced budget agreement. Well, after we voted yesterday, the Congressional Budget Office came up with an analysis, and the analysis is, guess what? Deficits have gone down for the last 5 years, but next year for the first time in 5 years they will go up and we will double the deficit by 1999. The American people know we cannot give away huge tax breaks, increase spending, and balance the budget. Congress did this once before in the early 1980's, and guess what. Three years later they came back and they had to repeal substantial portions of what they did. This bill today will reduce revenues to the Federal Government by $275 billion over 10 years, and it is going to balance the budget. This is great. We are going to have zero tax on capital gains, the Republicans tell us now by next year, and that will balance the budget. We will not tax capital gains, but all those little people who work for wages will pay taxes, and that is how we will balance the budget. What an absurd and very, very cynical assertion on their side of the aisle.”