With the loss of revenue from this bill. we would need to cut spending by about $1 trillion over the next 7 years to reach the goal of a balanced budget by the year 2002. It Is probably not possible to make such cuts. it Is certainly not possible to do so without cutting payments to the elderly. disabled and the poor. and without cutting funds for crime control. Immigration control. environmental protection. highways and airports. education and job training. and many other critically Important activities Americans expect from their governmentmany of which have already been cut to the bone In recent years. To make matters worse. many of the tax prov!slons are backloadedthey will cost more In the future than they will during the first few years. The capital gains Inflation indexing. the American Dream Savings Accounts. the neutral cost recovery provisions. and the phasingin of many of the tax provisions will result In exploding revenue losses in the years beyond 2000.
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Immigration