Statement by Press Secretary Fitzwater on the Savings and Loan Crisis Financing Plan

The Ways and Means Committee vote would put the S&L financing plan nominally on-budget, but would waive the entire amount from Gramm-Rudman-Hollings. This amounts to a direct assault on Gramm-Rudman-Hollings budget discipline. It creates an artificial accounting approach that is called on-budget, but is in effect off-budget in terms of the way the spending is counted.

Finally, the committee action creates a contentious issue for the House floor and the conference with the Senate. That means delay, and every day we wait costs at least $10 million. The Senate completed its action a month ago. The House must act and act quickly.