Date: 1981-02-06
Speaker: ROBERT C. BYRD (democrat)
Chamber: S

Mr. President. I am informed that the figure $963 billion. on the basis of information submitted by the Department of the Treasury and the Congressional Budget Office. would be sufficient to take the administration well into the month of May before any request. even if then. would have to be made to further extend the debt limit. So that. instead of reducing the $50 billion figure by a total of $27 billion. the reduction would only be $22 billion. The $985 billion would become $963 billion. rather than $958 billion. Mr. President. I hope that the Scnate will adopt this amendment. It is offered for a number of reasons. one being that the Senate ought to be dealing with a debt limit extension figure based on the assumptions of President Reagan. which. in turn. would be based on his economic package. expected to be submitted to a Joint session of the Congress and the American people on February 18. The $985 billion figure is based on the Carter budget. Mr. Reagan Indicated in a speech In September of last year. in Chicago. that. in his judgment. by making a comprehensive effort to wipe out fraud and abuse In Federal programs. the overall fiscal year 1981 budget could be cut by 2 percent. possibly even 3 percent. That would be within the range of $13 to $18 billion. So. in view of the fact that the budget limit extension request by Mr. Reagan is based on the Carter budget and he has indicated that he can execute such savings. those of us who suport the amendmient feel that before we extend the debt linmit beyond. let us say. May. we ought to have before us the details of the economic package which the President intend. to reveal to the Joint session and the American people on the 18th. Then we can go from there. If there is a request in May or at some Point later to extend the debt limit further. we can make that decision on the basis of the needs at that time and. also. we would have before us the details of the Presidents economic package. That is the reason. the main reason. for our submitting this amendment at this time. We certainly want to be reasonable. The $958 billion figure that was chosen Yesterday and which was Incorporated Into the amendment as it was first offered was what we thought would be a reasonable figure to get the administration into Aprilcertainly Into March. midMarch. perhaps. But we have decided to revise the figure upward. We do not want to unduly create pressures on the President and the administration. We feel that. based on the Treasury numbers. the new figure would be more flexible and more reasonable. and therefore we modify the amendment accordingly. I have asked all Democratic Senators to withhold offering any other amendment to the debt ceiling bill. Senator METZENDAum had indicated previously that he Intended to offer an amendment to recontrol the price of oil until September. 30. 1981. as had been the case before the Presidents action on decontrolling the price. I know that this Is a matter about which Senator METZENDAum and a number of other Senators feel very deeply. I have discussed the matter with Mr. METZENBAUM on several occasions during the last few days and yesterday morning and again this morning. He has agreed to my request not to offer the amendment. I have assured him. In return. that I will assist him in bringing this issue to a vote at the earliest possible date. So I wish personally to express my appreciation to him. I know how reluctant he is to refrain from offering the amendment at this time. He feels very strongly about it. But other Senators on my side of the aisle have acceded to a similar request by me.