Washington, D.C. -- Senate and House Conference Committee negotiators announced an agreement today made on measures providing for a balanced budget and tax relief.

Senator Enzi commented on the plan.

"The bottom line is that we are providing the American people with the first balanced budget in years and it's going to be in the context of having tax relief for the American family, the first in 16 years. That includes a $500 per child tax credit expanded beyond what the Senate version was. It provides for capital gains, and very importantly, it provides for some relief in death taxes. That's particularly for the farms, ranches and small businesses. I was a part of that in the budget process and the appropriations process with amendments and I was glad to see it stand up through the conference committee portion.

"We have provided for major tax relief for American families. I'm pleased with that. It's a beginning. We still need to simplify the tax process and to add more tax cuts within the framework of a balanced budget. "

A few features in the package

• The tax agreement would provide a total net tax cut of $91 billion over five years.
• This is the biggest tax cut Americans have received in 16 years. It was done in the framework of a balanced budget.
• The draft agreement calls for a $1.3 million immediate death tax exclusion for small businesses/family farms.
• The agreement provides for education tax relief in the form of tax-free Education Savings Accounts, deductions for interest on student loans and other educational enhancement items.
• It provides for a $500 per child tax credit for families with children under age 17 starting in 1999. The credit will be $400 in 1998.
• Contributions to Individual Retirement Accounts would be raised to $10,000 for couples and $5,000 for singles until current law thresholds are doubled to $50,000 for singles and $80,000 for married couples.
• Also included were provisions to accelerate the phase in of self-employed health insurance deduction and the reinstatement of the home office deduction.

Senator Enzi said that while these things are good, they are only the beginning. He stressed the continued need for a tax policy that sets goals on what Americans want to achieve in the tax system, whether it be strengthening families or protecting 'mom and pop' businesses. Another item, which he said wasn't addressed in this plan but must be addressed soon is simplifying the tax code.

The package must still be voted on in the Senate and House and the President must sign the legislation before it will take effect.