William Bradley: “The Senate finds that-- (1) continuing budget deficits and the accumulation of Federal debt have a detrimental impact on…”

“The Senate finds that-- (1) continuing budget deficits and the accumulation of Federal debt have a detrimental impact on the Nation's long- term economic growth prospects; (2) in the absence of further fiscal restraint, the Congressional Budget Office estimates that the Federal deficit will increase to $365,000,000,000 by 2004 and the national debt held by the public will grow to approximately $6,000,000,000; (3) tax expenditures are growing significantly; and (4) in some instances, tax expenditures may have the same effect as direct Federal spending and should be subject to the same level of budgetary review. (b) Sense of the Senate.--It is the sense of the Senate that-- (1) the Congress should consider targets for the growth in tax expenditures similar to the targets for the growth of mandatory spending; (2) such targets should be specified in any reconciliation instructions included in a budget resolution; and (3) such targets should be enforceable separately from any revenue targets included in the reconciliation instructions.”