[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 55 Introduced in House (IH)]







106th CONGRESS
  1st Session
H. RES. 55

  Providing a sense of the House of Representatives that at least one-
third of the budget surplus over the next 10 years should be dedicated 
         to paying down the national debt of the United States.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 11, 1999

    Mr. Upton (for himself and Mr. LaHood) submitted the following 
   resolution; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                               RESOLUTION


 
  Providing a sense of the House of Representatives that at least one-
third of the budget surplus over the next 10 years should be dedicated 
         to paying down the national debt of the United States.

Whereas the current national debt of the United States is $5.6 trillion;
Whereas in 1997 the Government spent over 15 percent of its budget to pay 
        interest on the national debt;
Whereas net interest payments amounted to $243 billion last year;
Whereas interest payments on the national debt for the next five years are 
        projected to be $977 billion;
Whereas debt held by the public in 1998 was 44 percent of Gross Domestic 
        Product;
Whereas a smaller debt would make more credit available for private sector 
        investment and other productive investments that would help future 
        economic growth; and
Whereas a smaller debt would also result in lower interest rates and would 
        increase the level of national savings: Now, therefore, be it
    Resolved, That--
            (1) in addition to other policy decisions by the Congress, 
        lowering the national debt must be a central element in the 
        debate over the use of projected budget surpluses; and
            (2) at least one-third of the projected budget surpluses 
        over the next 10 years should be dedicated to paying down the 
        national debt of the United States.
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