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“THE 7-YEAR BALANCED BUDGET RECONCILIATION ACT OF 1995” mentioning the U.S. Dept. of Commerce was published in the Extensions of Remarks section on pages E2065-E2066 on Oct. 30, 1995.
The publication is reproduced in full below:
THE 7-YEAR BALANCED BUDGET RECONCILIATION ACT OF 1995
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speech of
HON. MICHAEL G. OXLEY
of ohio
in the house of representatives
Thursday, October 26, 1995
The House in Committee of the Whole House on the State of the Union had under consideration the bill (H.R. 2491) to provide for reconciliation pursuant to section 105 of the concurrent resolution on the budget for fiscal year 1996:
Mr. OXLEY. Mr. Chairman, I rise today in strong support of the Seven-
Year Balanced Budget Reconciliation Act of 1995. As the name implies, this package of reforms outlines a clear path to a balanced budget in the year 2002. We promised the American people that we would bring the budget to balance in 7 years, and today we plan to deliver on that promise.
While balancing the budget in itself is an admirable and worthwhile goal, our bill does much more. These provisions, taken as a whole, mark a clear shift in power from Federal bureaucrats to families, States, and communities, who know what works best for them. I had the opportunity myself to vote in Committee on many of the provisions included in the bill, and I commend my colleagues for their fine work in constructing the other reforms included in this bill.
I would like to outline some of the major items included in our bill.
As many already know, the Medicare trustees reported last April that unless Congress takes ``prompt, effective and decisive action,'' Medicare will go bankrupt in 2002. Consequently, House Republicans have passed the Medicare Preservation Act of 1995, which has been included in this bill. This legislation will bring Medicare back onto solid financial ground by infusing it with the innovation and efficiency found in many private health plans. By giving seniors a wide choice of options, while maintaining traditional Medicare as one option, and by cracking down on waste, fraud, and abuse, we can ensure a strong Medicare Program well into the future.
Another major highlight of this legislation is the $245 billion tax cut for American families. As included in the Contract With America, our bill includes a $500 per-child tax credit, a reduction in the capital gains tax, and a repeal of President Clinton's 1993 tax on Social Security benefits. While President Clinton promised tax relief for the middle-class, and subsequently delivered the largest tax increase in American history, our bill delivers on our promise of needed tax cuts.
This package also incorporates the Personal Responsibility Act of 1995, as passed by the House earlier this year. Simply stated, welfare has become a way of life for far too many recipients. By making it easier to collect a handout than to work, the current system has destroyed individual initiative and actually perpetuated poverty. A Contract With America priority, this pro-work, pro-family bill will reform our welfare system by providing a helping hand, not a handout, to the millions of Americans caught in this dead-end trap.
As some may know, the cost of Medicaid has been growing at the uncontrollable rate of nearly 10 percent a year, and eating up one-
fifth of State budgets. Our bill includes Medicaid reform that will provide more money, fewer bureaucrats, and greater protections against fraud and abuse. With the help of our Nation's Governors, Republicans have developed a plan to block grant Medicaid funds to States in the form of new MediGrants. Given this new flexibility States will be able to design innovative, cost-effective programs targeted toward their specific needs and populations.
In our continuing effort to make Government both smaller and more efficient our bill includes language, which I personally shepherded through the Commerce Committee, to abolish the Department of Commerce. While our bill will maintain the Department's legitimate functions, such as the census and statistical recordkeeping functions, we eliminate the unnecessary and duplicative functions for an estimated $7 billion in savings.
Another issue that I was personally involved with was the spectrum auction. Our bill will expand the auction to raise an additional $15.3 billion over 7 years. Having been an early proponent of the spectrum auction, I am pleased that revenue raised by auctioning radio spectrum, which was previously given away for free, will now be used to balance the budget.
Other meaningful reforms included in our bill include: The creation of tax deductible personal medical savings accounts, the closing of corporate tax loopholes, public housing reforms to eliminate duplicative programs, terminating the overly bureaucratic and costly Direct Student Loan Program, and the adoption of a taxpayers' bill of rights.
I believe that it is time for these reforms, because the American people deserve more than higher taxes and a bigger, more bureaucratic Federal Government. This bill represents much more than your average yearly spending reconciliation plan, it represents a blueprint for the future. Under our plan Americans will have more in the family budget, greater control over the workings of their Government, and the peace of mind that their children and grandchildren will live in a debt-free America full of opportunity.
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