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Chairman Mack, Congressman Saxton, and Members of the Committee, I am pleased to be with you this morning to review the budgetary plan that the Clinton Administration released on June 13. The budget that the Administration submitted in February for fiscal years 1996 through 2000 would not have substantially changed the projected budget deficits. By contrast, the Administration's revised budgetary plan for fiscal years 1996 through 2005 includes additional reductions in spending and increases in taxes designed to make large reductions in the federal deficit (see Figure 1). In my statement today, I will describe the Congressional Budget Office's (CBO's) preliminary assessment of the Administration's new plan and explain the differences between CBO's estimates and those of the Administration.

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