FOR IMMEDIATE RELEASE: July 30, 1997
CONTACT: Dana Hagerty 202/225-2165
WASHINGTON, DC -- It was a historic day in the U. S. House of Representatives, as Members passed the Balanced Budget Act of 1997, to balance the Federal budget by the year 2002.
"The Balanced Budget Act is a good bill, and while it didn't include everything I wanted, it will move the country in the right direction -- toward the first balanced budget in a generation," said Congressman Collin C. Peterson (DFL-7th District). "As a co-founder of The 'Blue Dog' Coalition, I am proud to have helped bring President Clinton and the Democratic Party together with the Republicans to achieve this goal.
"Many portions of this bill were first conceived by the 'Blue Dogs', and we fought hard to see that they were included," Peterson continued. Former Senator Warren Rudman, appearing on "Fox In-Depth" with Peterson earlier this week, agrees. "The final agreement looks a lot like the Blue Dog Budget," said Rudman.
"The Coalition's tax cut bill also moved the conference in the right direction, and the tax cut bill we will vote on later this week is a good compromise," Peterson said. "The capital gains reduction rewards long-term investments by small businesses and farmers by providing additional reductions in capital gains taxes based on holding periods. This was also first proposed in The Coalition plan.
"We also successfully lobbied the administration to support income averaging for farmers, a provision that would help farmers adjust to wide fluctuations in incomes between years," Peterson added. This provision provides income averaging over a three-year period effective until 2001.
"When we began this session of Congress, the 'Blue Dogs' pushed for balancing the budget. We are accomplishing that today, while providing fair tax relief and a balanced budget that is good for Minnesota and for Mainstream America."