Magazine article The CPA Journal

Advancing the Contract with America

Magazine article The CPA Journal

Advancing the Contract with America

Article excerpt

Preparatory to passing the recent budget legislation for fiscal 1995/96, Congress passed-and the President signed-the Contract with America Advancement Act, H.R. 3136, containing four sections.

The first section raised the Federal debt limit from $4.9 trillion to $5.5 trillion. This increase provides authority for the government to run further into the red well into fiscal year 1997. Senate Finance Committee Chairperson Roth (R-Del) noted that of the 33 times the debt limit has been raised since 1980, this is the third largest increase. The largest was part of the ill-fated (for President Bush) 1990 budget deal and the second was part of the 1993 budget arrangement worked out by President Clinton.

The second part of the bill introduces the line-item veto. This gives the President the same power over spending enjoyed by 43 governors. Under the law, the President has 10 days to veto or rescind any appropriation; spending measure; targeted, revenuelosing tax benefits affecting 100 or fewer persons; or tax-law-related transition rules affecting 10 or fewer persons. …

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