[Congressional Record Volume 140, Number 66 (Tuesday, May 24, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: May 24, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
   WITH GOVERNMENT SPENDING AND TAXES UP, INFLATION THREATENS TO RISE

  (Mr. WALKER asked and was given permission to address the House for 1 
minute.)
  Mr. WALKER. The news reports indicate that once again long-term 
interest rates are on the rise. We remember just a few weeks ago when 
Democrats were on this floor counting the President's economic program 
as a program that was keeping interest rates down, and particularly 
talking about long-term interest rates, about how the President's 
economic program was managing to keep long-term interest rates at 
historic lows.
  The fact is that now, because of the President's economic program, 
interest rates are on the rise, the administration and some Democrats 
want to say, ``Well, this is because of the Federal Reserve doing 
things that are wrong.'' The fact is that the Federal Reserve is 
responding to the reality of the President's economic program.
  The President made clear in the campaign in 1992 that his economic 
program was to increase inflation. That is exactly what the analysis is 
now, that the President is putting inflation in place in the economy.
  How are they doing this? Well, they are doing this by new taxes and 
with new government spending. Government spending is up, taxes are up, 
and the result is that inflation is poised to go up.
  Why can we say that? Because the only thing holding it down at the 
present time is energy prices on the world market at historic lows. The 
moment those energy prices go up, the fact is that inflation is poised 
to go up and interest rates are reflecting that today the President's 
economic program is poised for disaster.
  Madam Speaker, the President's economic program is something which we 
cannot afford to continue. We cannot afford to continue high taxes and 
we cannot continue to afford high government spending.

                          ____________________