Date: March 23, 1994
Subject: Fiscal 1995 Budget Resolution
Description: Domenici (R-NM) substitute amendment to cut an additional $318 billion over five years, chiefly through a $180 billion cut in non-defense discretionary spending and by using savings from Medicare and Medicaid for deficit reduction and not to finance a health care overhaul. The substitute also would have provided for a $500-per-child tax credit for families, indexed capital gains for inflation, saved $33 billion by overhauling the welfare system, created individual retirement accounts for homemakers and first-time home buyers, and increased defense spending by $18.5 billion over five years. This Republican alternative budget would have reduced the deficit to no more than $100 billion by 1999.
Result: Amendment Rejected, 42-58
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