HAMDT 7 - 97 Copy

HAMDT 7 - 97

An amendment in the nature of a substitute to decrease budget authority by 9.7 billion dollars and outlays by 4.7 billion dollars, and to increase revenues by 28.8 billion dollars. For FY '82 it would provide a 7.8 billion dollar surplus instead of the committee's 35.6 dollar deficit. It assumes a tax cut of 56.5 billion dollars from current policy levels to be offset by revenue increases of 52.2 billion dollars. Defense spending is cut to 196.9 billion dollars. It provides 20.3 billion dollars for income security programs, 4.6 billion dollars for housing programs, and 12.6 billion dollars for education, training, and social services programs. It provides a series of tax cuts and also increases taxes in some areas.