William R. Richardson: “Mr. Speaker, a year ago our friends on the other side were predicting economic disaster if we passed the budget…”

“Mr. Speaker, a year ago our friends on the other side were predicting economic disaster if we passed the budget resolution. Alan Greenspan, the Chairman of the Federal Reserve Board, recently commented that we are seeing the best economic outlook we have seen in decades. The fact is that because of the budget resolution we passed last year, the economy is growing all the way from Wall Street to main street. This budget is a tough budget. It cuts the deficit to $171 billion, the lowest figure we have seen in 5 years. It continues the successful spending cuts of the Committee on the Budget last year, cutting more than the President did, initiates over 100 Federal programs being killed and 200 others drastically reduced. Discretionary spending in 1995 is below last year's dollar level, and total Federal spending is at its lowest level in 15 years. At the same time, we are investing in people; $13.6 billion of the President's $14 billion request for new initiatives are in education, training, research and development, infrastructure, health, and human services.”