The current Congress has spending authority only through 1996. Future Congresses may stay the course or reverse it. Some say spending addictions built over forty years cannot be undone in one cold-turkey term. They endorse tentative steps. While the journey s first step is important, the considerable distance to the ultimate goal demands longer strides.
History indicates seven years of uninterrupted steady growth are unlikely.
Yet, Clinton demands even rosier assumptions to forecast higher tax revenues. Doing so allows higher spending levels while reaching budget balance on paper. When the rosy revenue projections inevitably prove faulty, Clinton is betting Congress will lack the discipline to reduce actual spending accordingly. He may be right. Third, the child tax credits aren t enough.