Thomas Daschle: “for the past several days, Republican and Democratic Senators alike have said they support the goal of a balanced…”

“for the past several days, Republican and Democratic Senators alike have said they support the goal of a balanced Federal budget. Indeed, so do I. The idea of a balanced budget, in the abstract, has universal support. But if one thing is clear, it is that no budget is balanced in the abstract. Budgets are balanced in the context of existing circumstances. Today, the political circumstances are very clear. The elements of the Republican Contract With America are the priority for action. There is a lot of fine print in the contract. But there is no doubt about the central selling points: A tax cut, a defense increase, and a balanced budget amendment to the Constitution. That is what our Republican colleagues campaigned on: Cutting taxes, increasing defense, and balancing the budget while protecting Social Security. It is a bold program. It is also the echo of an earlier program. Republicans campaigned in 1980 on a program of cutting taxes, raising defense spending, and balancing the budget. In 1980, Republican candidates won a majority in the Senate, in part by campaigning on that program. President Reagan won the White House. The bottom line on the chart beside me illustrates the campaign promise. A budget gradually coming into balance by 1983. It is based on the Reagan economic plan announced in 1980 in Chicago. What happened? That is illustrated by the top line on the chart beside me.…”