Date: November 20, 1995
Subject: Fiscal 1996 Budget Reconciliation
Description: Hobson (R-OH) motion to concur in the Senate amendment to the conference agreement to the bill eliminating provisions that would have relaxed antitrust rules for provider services networks and exempted physician office laboratories from the 1988 amendments to the Clinical Lab Improvement Act, and to adopt the revised conference report agreement. The conference agreement would reduce projected spending by $894 billion and taxes by $245 billion over seven years to provide for a balnced budget by fiscal 2002.
Over seven years the conference report would reduce projected spending on Medicare by $270 billion, Medicaid by $163 billion, welfare programs by $82 billion, the earned-income tax credit by $32 billion, agriculture programs by $12 billion and federal employee retirement programs by $10 billion. The bill would grant a $500 per-child tax credit for families with incomes up to $110,000, reduce taxes on capital gains income, and expand eligibility for Individual Retirement Accounts. The bill would allow drilling in the Arctic National Wildlife Refuge in Alaska; impose royalties for hard-rock mining on federal lands; cap the federal direct student loan program; and increase the federal debt limit from $4.9 trillion to $5.5 trillion.
Result: Motion Agreed to, 235-192
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