Orrin Hatch: “President Clinton chose to veto the Balanced Budget Act of 1995, just as in 1993 he turned his back on the American…”

“President Clinton chose to veto the Balanced Budget Act of 1995, just as in 1993 he turned his back on the American family and vetoed the bill that would have gone a long way toward reversing the tax increases he pushed through in 1993. President Clinton's veto of the Balanced Budget Act cost a family of four a minimum of $1,217 a year. A minimum. For many families, it will cost a lot more than that. That is the average family of four. This figure does not even begin to take into account possible tax savings from capital gains tax rate reductions, the adoption credit, the enhanced IRA provisions or deductions for student loan interest. Can you imagine what it really cost the American family? The least it costs them is $1,217 a year. Also, that does not take into account the substantial savings that would accrue to American families on mortgage interest, auto loans, student loans, other private borrowing, that a balanced Federal budget would mean by lowering interest rates by an estimated 2 percent. Those are economic realities. I am the first to agree this 4.3-cent-per-gallon tax repeal would not solve all of our problems. I agree with that. But it is an important start in reversing the trend toward taxing Americans to death.”