Pete Domenici: “passing this Balanced Budget Act of 1997 will force the Federal Government to finally live within its means. It makes…”

“passing this Balanced Budget Act of 1997 will force the Federal Government to finally live within its means. It makes permanent change that will reduce Government spending by some $320 billion in the next 5 years and more than $1 trillion over the next decade. The agreement will also give families relief by cutting gross taxes, as I have indicated before, by $135 billion in the first 5 years and gross taxes by as much as $350 billion over 10 years. Seniors can be assured that Medicare will remain solvent, ensuring this solvency for 10 years by enacting reforms that slow the growth of spending while providing seniors with more choices, which is what we need in the Medicare system. But nobody should assume that this budget resolution... is going to be needed within the next 5 to 6 to 7 years to meet what everybody understands is a very, very large population increase, where the demographics begin to change dramatically because of the baby boomers.”