Sean Patrick Maloney: “Mr. Chairman, when President Clinton took office, the deficit was out of control and the economy was reeling. In 1993…”

“Mr. Chairman, when President Clinton took office, the deficit was out of control and the economy was reeling. In 1993, we took bold steps to restore fiscal responsibility by cutting the deficit from $290 billion to less than $100 billion today, and from close to 5 percent of the GDP to just 1 rac{1}{2} ext{ percent}. As a result, unemployment is at a 24-year low and inflation has stayed below 3 percent a year. Economic growth has been expanding. Today, the Federal Reserve appears to have voted in support of this budget by not raising interest rates. This is a good beginning based on a strong economy. As we fill in the details, we must make sure that this budget invests in education according to the President's plan, expands child health care, protects Medicare and Medicaid, and provides tax relief for all working Americans. I am especially pleased that this budget includes my bipartisan bill to allow for annual mammograms for women over 65 in Medicare. Who would have thought in 1992 that today we would be on a trend toward a balanced budget in 2002? This is about raising living standards for American workers. This is a victory for President Clinton, a victory for bipartisanship, and, most importantly, a victory for the American people.”