THE BUDGET BATTLE : Text of 7-Year Commitment
Following is the text of the agreement reached Sunday night between President Clinton and congressional Republicans:
“Commitment to a Seven-Year Balanced Budget”
(A) The President and the Congress shall enact legislation in the first session of the 104th Congress to achieve a balanced budget not later than fiscal year 2002 as estimated by the Congressional Budget Office, and the President and the Congress agree that the balanced budget must protect future generations, ensure Medicare solvency, reform welfare and provide adequate funding for Medicaid, education, agriculture, national defense, veterans and the environment. Further, the balanced budget shall adopt tax policies to help working families and to stimulate future economic growth.
(B) The balanced budget shall be estimated by the Congressional Budget Office based on its most recent current economic and technical assumptions, following a thorough consultation and review with the Office of Management and Budget, and other government and private experts.
1. Continuing resolution at 75% until Dec. 15. [meaning no agency has to operate over the next three weeks with less than 75% of the funds that it had in 1995.]
2. Back pay. [meaning federal employees will not lose wages during the time the government was shut down.]