March 25, 1980
Page 6465
Mr. WARNER. Mr. President, I should like to voice my support for the efforts that Senator ROTH is making on behalf of working toward a balanced budget for our Nation.
This country is in the midst of its biggest economic crisis since the 1930's. I think it is apparent to all of us that inflation is out of control, that the taxpayers are looking to the Congress of the United States to take what action we can to help correct this situation. Indeed, it is highly debatable, the measure to which the proposed balanced budget will bring into correction this inflation.
I feel very strongly, irrespective of any doubt about the eventual curtailment of inflation, that we, as the Congress, must go forward with action to bring the budget into balance. I am heartened by the leadership that our President has taken this measure and am encouraged that the House of Representatives has taken prompt steps to express their approach.
Now, of course, it is the responsibility of this body to take the steps that we feel are appropriate.
The problem, of course, is the method that we will pursue.
The question that I have thus far with respect to the President's recommendation is the new taxes.
As my distinguished colleague from Delaware has already informed the Members of this body, the new oil import fee is but one of a series of taxes that have been thrust on the American people in the very recent past.
I, personally, have great reservations about the propriety of this new import oil fee. I will await a full deliberation in this body before I make the final judgment with respect to supporting this oil fee.
Those of us who have supported Senator ROTH’s resolution feel very strongly that we should not balance the budget by imposing enormous tax increases on the American people.
Mr. MUSKIE. Will the Senator yield?
Mr. WARNER. Yes, indeed.
Mr. MUSKIE. I want to make it very clear that the balanced budget which I expect the Budget Committee to report out can be balanced without any new taxes, as of May 15 — except, of course, to the extent that inflation drives people up into higher tax brackets, no new taxes.
I have heard the statement which the Senator just made repeated over and over again. It does not happen to be accurate, as I will point out later.
I thought the Senator might like to know that will be part of my argument in the facts I present later. I thought this might be an appropriate place to mention it.