Date: November 17, 1995

Subject: Fiscal 1996 Budget-Reconciliation

Description: Motion to recede and concur in the conference agreement to the bill eliminating provisions with a further amendment to strike provisions, favored by doctors, that would relax antitrust rules for provider service networks and exempt physician office laboratories from the 1988 amendments to the Clinical Lab Improvement Act. The conference agreement would reduce projected spending by $894 billion and taxes by $245 billion over seven years to provide for a balanced 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 oil drilling in the Arctic National Wildlife Refuge in Alaska; impose royalties for hardrock 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, 52-47

Democrat: 0 Yeas, 46 Nays, 0 Not voting
Republican: 52 Yeas, 1 Nays, 0 Not voting

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