[Congressional Record Volume 140, Number 135 (Friday, September 23, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: September 23, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
     IMPROBABLE REPUBLICAN PROMISES JEOPARDIZE THE NATION'S ECONOMY

  (Mr. TORRICELLI asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. TORRICELLI. Mr. Speaker, in 1981 Ronald Reagan called it supply 
side economics. In 1994, Newt Gingrich calls it his contract with 
America. For this country, the mathematics is the same: Increase 
defense spending, lower taxes on the wealthy, and promise a lower 
deficit. That improbable combination almost bankrupted this Nation a 
decade ago. In the 1990's, we promised things were going to be 
different.
  Mr. Speaker, through the Democratic deficit reduction plan we have 
reduced the Federal deficit by 40 percent, put this Nation on sound 
economic footing by creating 4 million jobs in 18 months. Now they 
promise to take us back to the future. We learned then. We cannot make 
the same mistake again.
  The Republican Party should learn to be responsible with its 
mathematics, be part of being honest with the American people about our 
future, and get this country again into deficit reduction, job 
creation, without jeopardizing the welfare of our own people.

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