July 20, 1976
Page 22813
Mr. MUSKIE. Mr. President, the Senate is now considering the conference report on the Housing Amendments of 1976. This bill continues a number of current housing programs and authorizes significant new budget authority for them. A primary objective of these programs is to stimulate new housing construction and thereby increase both housing supply and employment in the construction industry.
Providing the opportunity for decent housing at reasonable costs for all citizens of the United States is a goal shared by all Members of Congress.
In passing the First Budget Resolution, Congress affirmed its determination to overcome recession, reduce unemployment and to relieve the condition of disadvantaged citizens.
This legislation authorizes an important stimulus to the housing industry and speaks to the country's need to provide housing for citizens of low income and the elderly.
We should note that S. 3295, the authorizing legislation that is before us today, if fully funded would provide $2.6 billion more in budget authority than assumed in the First Budget Resolution.
However, on June 26 the Senate passed the fiscal year 1977 appropriations for these programs administered by the Department of Housing and Urban Development. The HUD appropriation bill was brought to the floor well within the allocation made to the subcommittee in accord with section 302(b) of the Budget Act. As passed by the Senate, appropriations for housing programs are $7 billion less in budget authority than assumed in the first budget resolution. I commend the distinguished chairman of the Appropriations Subcommittee, Mr. PROXMIRE, for the fiscal restraint exhibited in that bill.
Supplemental requirements for housing stimulus funds will depend on the state of the economy, the housing industry and the money markets and cannot be predicted at this time. Should supplemental budget authority be necessary, there still remains some room within the HUD appropriation subcommittee's allocation under section 302(b) of the Budget Act to accommodate it.
Because of the spending restraint that is reflected in the appropriation bill for the programs authorized by S. 3295, I will not oppose this conference report despite the fact that the level of funding that is authorized is well above the assumptions of the first budget resolution.