Vetoed by President Bill Clinton

Full Bill Text

Full Bill Text

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill aiming to reduce the federal deficit by making changes to tax measures, reducing taxes, and reducing spending in Medicare, Medicaid, Welfare, and other programs.

Highlights:

• Establishes a $500-per-child tax credit for those filing a joint return with an income level less than $110,000 or an unmarried individual with an income level less than $75,000.

• Creates a deduction from an individual's gross income of 50% if a taxpayer has a net capital gain.

• Directs the Secretary of the Interior to establish and enact an oil and gas leasing program of the Arctic National Wildlife Refuge.

• Authorizes the Secretary of Agriculture to enter into seven-year payment contracts with milk producers if the producers comply with animal waste management regulations and wetland protection requirements.

• Allows the Secretary of Agriculture to enter into contract payments with food producers if they agree to accept all risk and comply with conservation plans, wetland protection requirements, and planting flexibility requirements.

• Terminates price support and quotas for certain food producers, including wheat and cotton producers.

• Sets the average national quota loan rate for peanuts at $610 per ton.

• Allows a tax deduction equal to the total amount paid in cash during the taxable year to an individual's medical savings account.

• Increases the public debt level to $5.5 trillion.

• Replaces Medicaid with the Medigrant program to give States block grants to provide medical assistance to needy families and appropriates $94.1 billion for the fiscal year 1996.

• Allows the Secretary of Energy to lease space in the Strategic Petroleum Reserve facilities to foreign governments for petroleum storage.

• Requires the President to dispose of $1.01 billion worth of cobalt, aluminum, and other materials contained in the National Defense Stockpile over a seven-year period.

• Limits the percentage of new student direct loans that may be granted for academic years 1994 to 1997.

• Establishes a uniform retirement age equivalent to the social security retirement age, starting January 1, 1996.

• Authorizes additional grants to reward States that reduce out of wedlock births.

• Specifies that an abortion is only covered under the Medigrant programs when it is necessary to save the life of the woman or the pregnancy is a result of rape or incest.

• Requires the Secretary of Agriculture to establish a program that gives grants to states to provide food assistance, wage subsidies in return for work, and funds to operate an employment and training program for needy individuals.

Passed Senate in lieu of S. 1357.

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that aims to reduce the federal deficit by making changes to tax measures, reducing taxes, and reducing spending in Medicare, Medicaid, Welfare, and other programs.

Highlights:

• Allows a tax deduction equal to the total amount paid in cash during the taxable year to an individual's medical savings account.

• Replaces Medicare with the newly-created MediGrant program that gives States block grants to provide medical assistance to needy families and appropriates $95.67 billion for the fiscal year 1996.

• Establishes a uniform retirement age equivalent to the social security retirement age, starting January 1, 1996.

• Directs the Secretary of the Interior to start a program to lease the Arctic National Wildlife Refuge (ANWR) and to transport oil and gas from the area.

• Transfers Federal land in California to the State for use as a low-level radioactive waste disposal facility.

• Requires the President to dispose over $1.01 billion worth of cobalt, aluminum, and other materials contained in the National Defense Stockpile over a 7 year period.

• Allows the Secretary of Energy to lease unused space in the Strategic Petroleum Reserve facilities to foreign governments for petroleum storage.

• Repeals price support programs and farmer owned reserve programs for wheat and feed grains.

• Authorizes the Secretary of Agriculture to enter into 7 year payment contracts with milk producers if the producers comply with animal waste management regulations and wetland protection requirements.

• Sets the price support rate for peanuts at $610 per ton for each of the 1996 through 2002 crops.

• Terminates Resolution Trust Corporation (RTC) and Federal Deposit Insurance Corporation (FDIC) which are housing programs.

• Repeals the Home Owners' Loan Act as of January 1, 1998.

• Requires each appropriate Federal financial supervisory agency to make an official notice available that lists the type of credit and services they provide to help meet the needs of local communities, including low- and moderate-income neighborhoods.

• Increases the public debt level to $5.5 trillion.

• Ends funding for governmental direct loans for higher education students.

• Repeals earned income credit for individuals without qualifying children.

• Urges the President to enforce economic sanctions against countries providing assistance to Cuba and to seek a mandatory international embargo against the Cuban government.

• Abolishes the Department of Commerce.

• Prohibits funds appropriated to a State from being used to pay for any abortion or to assist in the purchase of health benefit coverage that includes abortion coverage, unless the pregnancy is the result of rape or incest, or if the woman's life is endangered.

Full Bill Text

Full Bill Text