it seems to me in the last 24 to 48 hours, we have taken one or two steps forward in our quest for a truly balanced budget, a balanced budget that will pay great dividends to future generations of America in lower interest rates, better jobs, and higher incomes. And at the same time, at least one major step backward. That major step backwards, of course, is what the President of the United States has submitted as a budget for fiscal year 1997. This yellow booklet really should not carry that title because it obviously does not meet the requirements of a budget submission under the law. To the extent that it does give an outline of the President's priorities, however, it is clearly a status quo document. All of the difficult decisions, the heavy lifting, is left until after the completion of the term of the President who will be elected this fall. So, while it does not represent a step forward on the part of the President, it also, one must confess, does not represent a step backward either. It consolidates the modest gains that were attained through five separate budget submissions on the part of the President for the current year.
Editor's note · Context
Discussing the President's budget proposal for fiscal year 1997 and its implications for a balanced budget.
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