it has become popular to say that there are no significant philosophical differences in this town anymore. I do not buy it. Take, for one small example, an exchange that took place here in Washington just yesterday. One of our distinguished colleagues, the gentleman from Arizona [Mr. Hayworth], asked President Clinton's Treasury Secretary a very good question yesterday: Why does the President propose to cut off the $500 per child tax credit for any parent whose child reaches the age of 13? Why is it somehow less expensive for a working mom to care for a 12-year-old than it is to care for a 13-year-old? Well, said the Treasury Secretary, the Government has to be careful how it, quote, spends its scarce resources. Now, that is where I have a major difference with the administration. When a parent is able to keep some of the money that he or she works very hard to earn, that is not an example of the Government spending money. It is not our money, to begin with, here in Washington. It belongs to the people who earn it. We ought to cut taxes, and let us begin to do it now.
Editor's note · Context
Discussing tax policy and government spending during a floor speech.
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