FOR IMMEDIATE RELEASE: May 21, 1997
CONTACT: Dana Hagerty 202/225-2165
WASHINGTON, DC -- Congressman Collin C. Peterson (DFL-7th District) late last night voted for the Balanced Budget Agreement of 1997, which passed the U.S. House of Representatives by a vote of 333 to 99.
"This budget isn't everything I would have liked, but I supported it because it does what we need it to do -- it balances the budget by 2002," Peterson said. "I would have preferred to delay tax cuts, but the resolution does call for two reconciliation bills -- a spending bill that will be paid for and a tax cut bill that will be paid for."
The Budget Resolution passed by the House balances the budget by 2002, calls for $85 billion in net tax cuts that will be paid for, and $115 billion less in Medicare spending, along with long overdue policy reform in the program. The tax bill will include a tax credit for children, capital gains tax reduction, and estate tax reduction.
"I am disappointed that this Resolution doesn't include the enforcement language developed by The Coalition to guarantee that this budget blueprint will actually eliminate the deficit," Peterson continued. "The Blue Dogs worked hard to have this language included, but the majority would not even allow a vote on our proposal."
The differences in the House and Senate versions of the Budget Resolution, which are expected to be very small, will be ironed out in conference this week.
"This Budget Resolution is only a broad outline. The real work -- making the spending cuts and tax changes -- lies ahead in a Medicare bill, a Medicaid bill, a tax bill, a possible budget reconciliation bill, and all of the 13 appropriations bills," Peterson concluded.