Commitment to a seven-year balanced budget

Text of the agreement reached Sunday night between President Clinton and congressional Republicans:

November 19, 1995

Web posted at: 8:20 p.m. EST

(a) The president and the Congress shall enact legislation in the first session of the 104th Congress to achieve a balanced budget not later than fiscal year 2002 as estimated by the Congressional Budget Office, and the president and the Congress agree that the balanced budget must protect future generations, ensure Medicare solvency, reform welfare, and provide adequate funding for Medicaid, education, agriculture, national defense, veterans, and the environment. Further, the balanced budget shall adopt tax policies to help working families and to stimulate future economic growth.

(b) The balanced budget shall be estimated by the Congressional budget office based on its most recent current economic and technical assumptions, following a thorough consultation and review with the Office of Management and Budget, and other government and private experts.

Other conditions