Excerpt from Economic and Budget Outlook; Fiscal Years 1995 Through 1999: Hearing Before the Committee on the Budget, House of Representatives, One Hundred Third Congress, Second Session, February 2, 1994
A 5-year deficit reduction package designed to balance the budget by 1999, which is the first year that the requirement could be in effect, would necessitate about $600 billion in tax increases and spending cuts. This is substantially more than the $433 billion package that barely squeaked through the Congress this past sum mer. I don't have to tell you that it would not be easy to craft or pass such a larger package.
In summary, a congressional requirement to balance the budget is problematic. It is not clear that achieving balance in every year is attainable, or even desirable. But it would be particular folly to pass a balanced budget amendment and then to ignore the need to expeditiously enact legislation that Would offer some hope of-com plying with that requirement.
That concludes my summary statement. I will be glad to answer any questions that you or the members of the committee might have, Mr. Chairman.
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