[Congressional Record Volume 141, Number 13 (Monday, January 23, 1995)]
[House]
[Page H484]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


   BALANCED BUDGET AMENDMENT WOULD BE A STRAITJACKET ON FUTURE GROWTH

  (Mrs. MINK of Hawaii asked and was given permission to address the 
House for 1 minute.)
  Mrs. MINK of Hawaii. Mr. Speaker, all 50 States enact two budgets: 
one, an operating budget which pays for the day-to-day expenses; and, 
two, a capital improvements budget which pays for things like 
buildings, roads, airports, land acquisitions. The capital budget is 
paid for by borrowing, usually through the sale of bonds.
  States functions as families do. Families budget to pay for living 
expenses; but things like a home, car, or furniture, families must go 
into debt. Families assume such long-term debts in order to acquire 
these assets, the same as the Federal Governments.
  The balanced budget amendment to the U.S. Constitution, if passed, 
would deny the Federal Government the power to borrow for the purpose 
of acquiring needed physical assets, such as military hardware, a space 
station, highways, and the like. A balanced budget amendment translates 
into zero deficit. This proposal is a straitjacket which will cripple 
the future of our country.

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