WASHINGTON, DC -- "The budget proposal drafted by The Coalition is the most responsible and sensible budget before the House," said Congressman Collin C. Peterson (DFL-7th District) today during the House floor debate on the budget. The Coalition's alternative budget proposal failed the House by a vote of 100 to 325.
"The good news is we had ten Republicans vote for our plan, and I think that shows that our plan has merit," Peterson said. "Our plan is more like the one being put together in the Senate than the Republican's plan, and The Coalition is optimistic that the final budget will be much closer to what we came up with."
The Coalition budget would balance the budget by the year 2002 without a tax cut. The Republican plan also balances the budget by 2002, but it includes tax cuts.
"Because of those tax cuts, their plan also includes cuts to education, like the elimination of the Stafford loan program. The GOP plan also includes more agriculture cuts than can be sustained by the industry. Since 1985, agriculture programs have been cut sixty percent, and while we know they will have to take some cuts, they shouldn't take more than their fair share.
"The Coalition budget is based on the common-sense principle that we should not cut taxes until we have done the hard work to balance the budget. The Coalition is not opposed to tax cuts. In fact, Coalition members strongly support tax cuts to stimulate investment and savings.
"However, what the Coalition budget says very clearly is that we should make certain that the budget is on a clear path toward balance before we consider tax cuts. If we do not bring the deficit under control first, any economic benefit from tax cuts will be undercut by the continued drag that our national debt places on the economy.
"The budget we pass should make our country stronger for future generations by stopping the practice of putting an increasing burden of debt on their back and by providing funds for programs such as education, research and other programs which invest in the future of our country," Peterson concluded.