[Congressional Record Volume 141, Number 23 (Monday, February 6, 1995)]
[House]
[Page H1222]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            PRESIDENT CLINTON'S BUDGET INCREASES THE DEFICIT

  (Mr. SMITH of Michigan asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. SMITH of Michigan. Mr. Speaker, Members of Congress were given 
the President's budget today, and once we look at that budget, I hope 
every Member, Republican and Democrat, as well as the American people, 
will be as upset as I am as I have gone through this budget.
  Here is what I see: Spending every year goes up faster than 
inflation. Even the so-called reductions are gimmick accounting. They 
are not truly reductions.
  Let me tell the Members what happens to the national debt.

                              {time}  1440

  At the end of 1994, the national public debt of this country was $4.6 
trillion. This budget, by the year 2000, increases the debt to $6.67 
trillion, from $4.6 to $6.67 trillion in this 5-year period. Ladies and 
gentlemen, the interest on the public debt this year is going to be 
$339 billion. That is 25 percent of all revenues coming into the 
Federal Government.
  We have to do it better. Let us do it.

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