Jack Kingston: “Mr. Speaker, I have with me the gentleman from New Jersey [Mr. Pappas] and the gentleman from Pennsylvania [Mr. Fox]. We…”

“Mr. Speaker, I have with me the gentleman from New Jersey [Mr. Pappas] and the gentleman from Pennsylvania [Mr. Fox]. We wanted to talk about the budget agreement that took place on May 2, last Friday. We think it is very important, very, very significant. Unlike other budget agreements, this agreement was hammered out on a bipartisan basis, and instead of having the promises now and the spending reductions later, it has the promises now and the spending reductions now. The bill basically does five things which I think are truly significant. First, it balances the budget by 2002. Second, it provides tax relief for middle-class families now, not 5 years from now, not in 2002, but it does it now, in recognition that middle-class families need a tax cut and that tax cuts can, in fact, promote growth, which is one of the easiest ways to reduce the deficit. Third, this bill addresses the Medicare problems and solves Medicare's immediate concerns for the next 10 years. Fourth, it has major entitlement reform which, as the Speaker knows, is about 51 percent of our entire annual expenditures. Then No. 5, it includes funding for many, many of our important domestic programs such as transportation, housing, and education.”