[Congressional Record Volume 141, Number 42 (Tuesday, March 7, 1995)]
[House]
[Pages H2786-H2787]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                       WE WILL BALANCE THE BUDGET

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Minnesota [Mr. Ramstad] is recognized for 5 minutes.
  Mr. RAMSTAD. Madam Speaker, over the last 30 years the Federal 
Government has only balanced its budget one time: in 1969. One balanced 
budget in 30 years.
  Madam Speaker, time and time again Congress has provided unwilling 
and unable to balance the budget. Time and time again, statutory scheme 
after statutory scheme has failed. That is why, Madam Speaker, we need 
the legal forces and the moral authority of a constitutional amendment. 
Unless we act now, the deficit is projected to be more than $200 
billion each and every year through the end of the century. This year 
alone more than 15 cents of every dollar in the Federal budget goes to 
pay interest on the Federal debt of $4.8 trillion.
  Madam Speaker, we are spending over $235 billion this year alone to 
pay the interest on the debt. This insane deficit spending must stop 
now. It doesn't take a rocket scientist to figure out we are headed for 
financial disaster unless we balance the budget now.
  Now, some politicians in this body are trying to scare people by 
playing fast and loose with the facts. They are claiming a budget 
amendment would require $1 trillion in budget cuts by the year 2002. 
What these politicians don't tell you is that the Federal Government is 
currently projected to increase spending each year until then on the 
average of 5.4 percent per year. That is a $3 trillion increase in 
Federal spending over the next 7 years.
  Only in Washington, Madam Speaker, can a smaller increase in spending 
be called a cut. The budget can be balanced by simply holding the 
spending increase to 3 percent, to an average of 3 percent per year. In 
other words, if we increase spending 3 percent per year until 2002, we 
will have a balanced budget. Or put another way, if we halted the 
incrase to 2 trillion instead of 3 trillion over the next 7 years, we 
will balance the budget.
  It is high time the Federal Government lived within its means the way 
every family in my district in Minnesota must, the way every family in 
America must. We simply can't keep mortgaging our children's and 
grandchildren's futures. We can't keep promising more than we know we 
can deliver.
  What is really mean-spirited, Madam Speaker, is to continue to 
promise people more than we can deliver, to promise, promise, promise 
to spend more than we bring in. That is why, Madam Speaker, we need the 
balanced budget amendment and the discipline that that provides. It is 
the only way to 
[[Page H2787]] truly achieve a smaller government, lower taxes and more 
money in the taxpayers' pockets. It is also the only way to avoid an 
economic earthquake in America.
  With the unfortunate defeat of the balanced budget amendment in the 
other body, it is more imperative than ever that this body now exercise 
fiscal discipline. That is exactly what the new House majority will 
deliver.
  And, Madam Speaker, I admit it won't be easy. The President 
unfortunately has abdicated its responsibility, hasn't given us 
anything near a balanced budget.
  We know the American people are behind us. They understand what is at 
stake. They are smarter than many politicians give them credit. And 
working together, we will get the job done. Working together with the 
American people, we will balance the budget.

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