J. Exon: “Many of my colleagues have given very thoughtful and rigorous descriptions of the economic growth of our Nation under…”

“Many of my colleagues have given very thoughtful and rigorous descriptions of the economic growth of our Nation under the dedicated leadership of President Clinton. Much of that growth is due to the deficit reduction in the President's 1993 budget that we passed with strictly Democratic votes, and not a single Republican vote in either the House or the Senate. The Federal Reserve Chairman, Alan Greenspan, agrees. He said, earlier this year, that President Clinton's budget was 'an unquestioned factor in contributing to the improvement in economic activity that occurred thereafter.' Mr. President, we have been on the right course since we passed the 1993 deficit reduction plan. At that time, dire predictions were made on that side of the aisle. If anybody is interested in those, I would be glad to supply the doomsday forecast if that became law--which it did--from that side of the aisle. In 1992, the deficit was $290 billion, the highest dollar level in history. Today, thanks to the President's budget, it has been cut more than in half, to $117 billion.”