[Congressional Record Volume 140, Number 76 (Thursday, June 16, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


[Congressional Record: June 16, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
 DEFICIT, INTEREST RATES THREATEN TO RISE FURTHER WITH STALLED ECONOMY

  (Mr. LINDER asked and was given permission to address the House for 1 
minute.)
  Mr. LINDER. Mr. Speaker, the last several speakers who have taken 
credit for the economy have failed to note one thing: That in 1992, the 
last year of George Bush's presidency, the economy grew at a rate of 
3.9 percent. We all remember 1992. That was when the candidate Clinton 
said it was the worst economy in 50 years.
  One year later, after the retroactive tax increase and the first year 
of the Clinton administration, the economy grew at a rate of 2.9 
percent. That is a 25-percent decline in the rate of growth. It 
probably will not exceed 2.5 percent this year, and the drag is going 
to continue to increase deficits and increase interest rates, and with 
increased interest rates, we know what happens to the economy.
  Mr. Speaker, it is time to get real about this economy. It is not in 
great shape. It is slowing down, and the Clinton budget is going to get 
all the credit.

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