Page:United States Statutes at Large Volume 111 Part 3.djvu/651

 CONCURRENT RESOLUTIONS-JUNE 5, 1997 111 STAT. 2739 TITLE III—SENSE OF CONGRESS, HOUSE, AND SENATE PROVISIONS Subtitle A—Sense of the Congress SEC. 301. SENSE OF THE CONGRESS ON REPAYMENT OF THE FEDERAL DEBT. (a) FINDINGS. —The Congress finds the following: (1) The Congress and the President have a basic moral and ethical responsibility to future generations to repay the Federal debt, including the money borrowed from the Social Security Trust Fund. (2) The Congress and the President should enact a law which creates a regimen for paying off the Federal debt within 30 years. (3) If spending growth were held to a level one percentage point lower than projected growth in revenues, then the Federal debt could be repaid within 30 years. (b) SENSE OF THE CONGRESS REGARDING PRESIDENT'S SUBMISSION TO CONGRESS.— It is the sense of the Congress that— (1) the President's annual budget submission to Congress should include a plan for repayment of Federal debt beyond the year 2002, including the money borrowed from the Social Security Trust Fund; and (2) the plan should specifically explain how the President working with Congress would cap spending growth at a level one percentage point lower than projected growth in revenues. SEC. 302. SENSE OF THE CONGRESS ON TAX CUTS. It is the sense of the Congress that this resolution assumes that— (1) a substantial majority of the tax cut benefits provided in the tax reconciliation bill will go to middle class working families earning less than approximately $100,000 per year; and (2) the tax cuts in the tax reconciliation bill will not cause revenue losses to increase significantly in years after 2007. SEC. 303. SENSE OF THE CONGRESS THAT THE 10-YEAR REVENUE LOSS FROM THE TAX RELIEF PACKAGE SHALL NOT EXCEED $250,000,000,000. (a) FINDINGS. —Congress finds that— (1) a May 15, 1997 letter from the Speaker of the House of Representatives and the Majority Leader of the Senate to the President of the United States, representing the agreement on the tax package in the Bipartisan Budget Agreements, states that, "It was agreed that the net tax cut shall be $85 billion through 2002 and not more than $250 billion through 2007."; (2) a May 15, 1997 letter from the Speaker of the House of Representatives and the Majority Leader of the Senate to the Chief of Staff to the President, contained in the same Bipartisan Budget Agreement and referring to the tax package, states that 'The proposal shall not cause costs to explode in the outyears."; and (3) the text of the Bipartisan Budget Agreement issued on May 15, 1997 states that "If bills, resolutions or conference

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