Frank Lautenberg: “Mr. President, as we begin consideration of the fiscal 1997 budget resolution, we ought to take a good look at the…”

“Mr. President, as we begin consideration of the fiscal 1997 budget resolution, we ought to take a good look at the history of what has happened to the Federal budget in the last 15 years. The fiscal records of Presidents Clinton, Bush, and Reagan could not be more different. For 12 years the Reagan and Bush administrations racked up $2.3 trillion a day. In fact, if we did not have to pay the interest on the debt that was chalked up in these 12 years, the budget would be balanced in fiscal 1996. Just to be sure there was not too much confusion to make the point, let me repeat that, if we did not have to pay the interest on the debt that was stacked up in these 12 years, the 12 years of the Reagan and Bush administrations, $2.3 trillion worth of debt, the budget would be balanced in fiscal year 1996. Not once did President Reagan or President Bush propose a balanced budget. Fortunately, President Clinton's 3-year record is much different. President Clinton promised a change in 1992, and he has produced one. If you would consider the following, it makes the point very clearly. The deficit has gone down for 4 straight years. The deficit for the year that we are in now is expected to be only $144 billion which is 1.9 percent of our gross domestic product. This is the lowest annual percentage of any industrialized country.”