Bob Franks: “let me begin by observing that in my opinion both sides in this discussion are fundamentally committed to balancing the…”

“let me begin by observing that in my opinion both sides in this discussion are fundamentally committed to balancing the budget. Nobody ever said that that goal would be easy to attain. If it were easy, I suspect it would have been done long ago. But it is now clear that reaching that goal will require not only determination, but real leadership if we are to fundamentally change Washington spending habits. Against that backdrop the budget submitted by the President, in my judgment, defers simply too many of the tough decisions. It leaves them for someone else to figure out. According to the CBO, fully 98 percent of the savings needed to balance the budget will not come until the last 2 years. In those years that responsibility will fall to a different Congress and indeed a different President. But let us be honest. Any plan to balance the budget relies on the greatest portion of savings to be achieved in the final years. That is because when we make changes in the way that Washington spends money we do not see instant results. It takes time to accumulate substantial savings. But the President's budget simply relies too heavily on back- loaded savings. But there is a different problem, and it is just around the corner. For 4 consecutive years the deficit has been going down. That is to the President's credit and to ours. But the deficit now we find is at its lowest level in 15 years, but next year for a variety of reasons the deficit will begin going back up.”