Unfortunately, though the president's budget requires sacrifice, it does not ask it of everyone. And while it addresses the present danger of the deficit, it neglects the future opportunity of the nation.
The nation needs to grow. It needs to help promote American exports, invest in science and technology, education and training, and protect its natural resources. Even within the limits the deficits impose, we can do these things if we are creative.
I am putting before the Senate an alternative to the administration's plan. It will cut the deficit by 1988 to the same level -- below $100 billion -- proposed by the White House. But unlike the White House budget, it will provide for investments in the growth and expansion of the economy. This alternative depends on fairness to attract support and on balance to produce results.
The package I will propose includes revenues and will freeze for one year COLA increases on entitlement programs, except for those with low incomes. It will require of the Pentagon a level of efficiency to produce a strong defense and a reduction in the federal deficit.
This alternative plan cuts spending $7 for every $3 in revenues. It cuts domestic spending more than it curbs military spending. And its main objective is to tie serious deficit reduction with a positive program for economic growth.
The revenues included in the Chiles alternative would not raise individual tax rates. The revenues would be used to reduce deficits and achieve a better level of fairness in the tax code. Many wealthy people and rich corporations in this country are not paying their fair share.
I will concede that many of the profitable corporations create jobs and build wepons to defend America. They are doing something for their country. But their country -- through the tax code -- is doing even more for them. The country pays them fabulous sums, then gives them a bonus in the form of a tax refund.
That should stop. We should ask everyone to make a reasonable contribtuion. Additional revenues should not come from the person or family in the middle who works hard and pays taxes, but from those companies that pay nothing.
The alternative budget I am offering restores fairness in how we cut the deficit but also makes room for investment to promote exports, develop science and technology and advance our educational programs.