Date: 1981-10-28
Speaker: ROBERT C. BYRD (democrat)
Chamber: S

Mr. President. last week. this Nation passed an histoice milestone when the national debt crossed the $1 trillion mark. This Is not a milestone of pride. and it Is certainly an event which must be met with action by the Congress. For that reason. I am Introducing a bill to assure the people of this Nation that the Federal Government will act In a fiscally prudent manner. aid that the Federal Reserve Board will adequately represent the small businessmen. farmers. and homelbuyers who are the bulwark of our economy. The bill directs the Office of Management and Budget to spell out the budget cuts and tax increases It believes are necessary to keep the fiscal year 1082 deficit at or below its target of $43.1 billion. the fiscal year 1983 deficit at or below its target of $22.9 billion. and to balance the budget by fiscal year 1084. The financial markets and the citizens of this country have been needlessly confused and Worried by the "unidentified savings" and other accounting dev used to keep budget projections on get. The Government must level the people If It expects them to in their savings. The Government r tell the American people exactly it intends to meet the budget g announced. The other part of this bill directs President to appoint a small busi representative to fill the first vaci on the Federal Reserve Board. Press counts say that the administration not decided whether to appoint a oretical economist or a banker to Board next January. I believe ther already enough representation of t professions on the Board. Certainly need a person who thoroughly un stands the financial markets. but time we look to the small busines farming communities for a knowle able representative on the Federal serve Board of Governors. Recently. during discussion of amendment to the social security n mum benefits bill. my good friend. Senator from Kansas a why we should expect the adminli tion to lock itself into budget cu years in advance. I sympathize with friends concern that behind all blue smoke of "unidentified savings the painful reality of sharp budget and tax increases. My bill seeks to s. away the blue smoke. no matter harsh the clear light of day -may see I know. from watching the mar reaction this year. that Investors. sa and workers are not deluded by equ cation. they are only confused. Busi inventories go up a little one month. drop a little the next month. Investi plans drop a little one quarter. ri little the next quarter. and remain the following quarter. There is confu about what we plan to do over the few years. The investor sees a profu of paper cuts. of "undistributed savi "unidentified savings." "acrossboard cuts." and so forth. David St man asked this Congress to pass largest multiyear tax cut bil in his and Congress responded by giving detailed. firm cuts. Now. we only asl the good of the American people. thi respond in kind. by giving us det spending cuts and tax Micrease propo He set the $43.1 billion 1982 deficll ure. although the original projected cit has grown several times to get t He set the $22.9 billion 1983 figur set the balanced budget goal in l98 Public confusion about administr budget goals was made even greate cently when administration econo testified before the Senate Budget 4 mittee that. "the tax cut could b large" and they were "all coming t recognition that the deficit isnt goi evaporate rapidly." It is time to out of the smoke and clouds and int light of day. We only ask that he t how these goals will be reached. Is too much? Recently. the automobile de homebuilders. and realtors of our tion began a campaign to make Cor aware that small businessmen. far and consumers need help soon. Po