Political Quotes

“I want commend the distinguished Senator from New Jersey [Mr. Bradley] for bringing to the Senate's attention the critical importance of tax expenditures in deliberations over the Federal budget. The Senator is quite correct that tax expenditures in many ways have the same effects as direct Federal spending. The importance of tax expenditures is currently reflected in the President's annual budget, which devotes an entire chapter to tax expenditures. This year it appears as chapter 6 in the Analytical Perspectives volume in the fiscal year 1995 budget. Similarly, it may also be useful to display levels of tax expenditures in the concurrent resolution on the budget--for informational purposes. This would be useful for Senators in our annual budget deliberations and I commend Senator Bradley for bringing this concept to the Senate's attention. However, as chairman of the Committee on Finance, I would oppose any attempt to include specific ceilings for tax expenditures or specific reconciliation instruction for tax expenditures in the budget resolution.”