John Spratt: “I think we all need to bear in mind that basically what we are doing in this budget resolution for the next 5 years is…”

“I think we all need to bear in mind that basically what we are doing in this budget resolution for the next 5 years is borrowing more money so that we can fund the cost of tax cuts. Bear that in mind. Second, what we are trying to do in this motion to instruct, which we will offer shortly, is say to the conferees stick to the strict outlines of the budget agreement that we have laid out. We have decided that we can make room for $85 billion in net revenue reduction over 5 years in this budget and $250 billion over the second 5 years. Those are the limits. Please do not stretch the limits because we are concerned not just that we strike balance in the year 2002, but that we put this Government on a basis of equilibrium and we will have a truly balanced budget that will last. As to the revenues of the Government, here is the administration's design, which is basically incorporated in this package and which is what they sent up with the budget presented by President Clinton in February of this year. The Government of the United States is now spending around 20.3, 20.4 percent of GDP, gross domestic product. We are taking in taxes about 19.1 or 19.2 percent. And there is the deficit, the difference between the intake and the outgo of the Government based upon the percentage measured as a percentage of our GDP.”