William F. Goodling: “in designing his budget, the President has failed to address our Nation's priorities: deficit reduction, controlling the…”

“in designing his budget, the President has failed to address our Nation's priorities: deficit reduction, controlling the debt, shrinking Government, maintaining national security, and highlighting key initiatives such as health care reform, welfare reform, and efforts to combat crime. This administration continues to confuse reductions in the percentage of increased spending with actual spending cuts. Moreover, the administration does not explain that while the annual deficit may be reduced in the short term, each fiscal deficit continues to add to the burgeoning national debt. In fact, under the Clinton budget, the Federal debt will grow from $4.6 trillion in fiscal year 1994 to nearly $6.3 trillion in fiscal year 1999, an increase of $1.7 trillion over 5 years. Additionally, the deficit will increase from $176 billion in fiscal year 1995 to $201 billion in fiscal year 1999. The $176.1 billion deficit, which is the lowest the deficit has been since the mid-1980's, reflects three factors which had nothing to do with President Clinton's policies. The country does not have to spend $27 billion for the savings and loan cleanup process, $25 billion for reduced Medicare costs, or $20 billion due to economic growth. Moreover, the Congressional Budget Office [CBO] now estimates the deficit will exceed $365 billion by the year 2004. It is painfully obvious that Federal spending is not being controlled.”