Clinton rejected the very bill he demanded. This essentially brought.
the federal budget back to square one. Clinton thought such a demand.
on Republicans to produce a budget would produce inner-party quarrels.
and cause the GOP to implode. Instead, they produced a fiscal budget.
that passed both houses of Congress, only to be stalemated by a.
stubborn Democratic President Clinton. Meanwhile, Clinton bounced back.
with a CBO scored plan with lighter, less risky cuts to politically.
sensitive areas like entitlements. Clintons plan also saved dollars.
for education and did not include a tax increase, but most cuts would.
not take effect until he is out of office, in the year 2001. Although.
Clinton is sometimes criticized for producing a stalemate in budget.
talks, the White House points out that the debt has gone down since.
Clinton took office, with unemployment also falling. Republicans are.
quick to state that Clinton originally increased taxes in 1993 and cut.
defense programs, but his overall plan was for an increasing budget.
without deficit reduction.
Startling Facts about the budget:.
As of 1996, the national debt was at an all time high of $5.
trillion dollars, with interest running at a whopping $250 billion per.
year (Rau M-1). This equals out to an individual responsibility of.
more than $50,000 per taxpayer. Nearly 90% of that debt has.
accumulated since 1970, and between 1980 and 1995, the debt grew by.
500%. Currently, the debt grows by more than $10,000 per second (Rau.
M-l), and at current rates, a baby born in 1992 will pay 71% of his or.
her income in net taxes. At current rates, our government is about to.
reach its breaking point. If thats not enough to scare a taxpayer, by.
2002, 60% of government spending will be for entitlements, and by.
2012, these programs are projected to take up all government revenue.
(Dentzer 32). Not only economic development, but also family income is.
hurt by debt.
