Jim Inhofe: “I am sure that he will see that it is the constitutional responsibility of Congress to develop the budget, to pass the…”

“I am sure that he will see that it is the constitutional responsibility of Congress to develop the budget, to pass the budget on to the President. In 1980, the total revenues that were derived from the income taxes amounted to $244 billion. In 1990, 10 years later, the total revenues that were derived were $466 billion. In that interim period, in the 1980's came the largest marginal tax reductions, as the Senator has already mentioned, that we probably have had in any 10-year period in this Nation's history. The maximum rate then went down from 70 percent to 28 percent. We had some help as far as capital gains taxes are concerned. And yet during that time we actually increased the revenue from those sources. The fact is that for each 1-percent increase in economic activity we increase revenues by $24 billion. And if we can increase economic activity, we can increase revenues. What has been suggested by many of the conservative think tanks using the CBO's projections is that we can balance the budget without cutting any programs. We can balance the budget without reducing any programs. The 2-percent-growth concept which we have already talked about, the Senator and I have, on the floor of this body, is one that would actually bring the budget into balance in approximately 8 years and not reduce one Government program; without a tax increase.”