[Congressional Record Volume 141, Number 61 (Monday, April 3, 1995)]
[House]
[Pages H4075-H4076]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           A BALANCED BUDGET

  The SPEAKER pro tempore (Mr. Kingston). Under a previous order of 
[[Page H4076]] the House, the gentlewoman form Ohio [Ms. Kaptur] is 
recognized for 5 minutes.
  Ms. KAPTUR. Mr. Speaker, is it any wonder that the citizens of the 
United States grow increasingly cynical about this Congress? Expediency 
and the next election will dominate this week's likely battle over the 
Republican proposed tax cuts and their impact on our worsening budget 
deficit. We have got a bidding war underway here to see who can flatter 
the most voters. Cutting spending, reducing the deficit and balancing 
the budget may not be popular with the hotshot pollsters who have got 
their eye on next year's elections but is it not time that we do what 
is right for America and for America's future?
  Keep this in mind. According to the Congressional Research Service, 
the United States budget has not been balanced since 1969. President 
Clinton in 1993 and 1994, to his credit, began to make a dent in this 
fiscal mess. Every Member here who supported him in that effort did 
what was right. The annual deficit was projected to be close to $300 
billion a couple of years ago but has been brought down now to around 
$170 billion, still not perfect but a whole lot better. In fact, the 
deficit as a share of our total gross domestic product has been cut by 
more than half, from nearly 5 percent in 1992 to about 2.5 percent 
today. This level is lower than at any time since 1979, which means it 
is not so much of a drag on the economy. This marks the first time 
since Harry Truman was President that the deficit has gone down 3 years 
in a row. But overall, our Nation has accumulated an unpaid debt of 
over $4.7 trillion as of January of this year, over $3 trillion of that 
$4.7 trillion total, nearly three-quarter of it, during the 12 years of 
the so-called supply side economics. Last year alone as a result, 
taxpayers, us, we had to pay nearly $300 billion just in interest on 
the accumulated debt accounting for about 15 percent of total Federal 
spending.
  Of this $300 billion in interest that people are paying, $44 billion 
of it is being paid to foreign creditors we are borrowing from to 
finance our overspending. The interest we pay on the debt just this 
year is enough to pay the entire defense budget of the Nation for 1 
year as well as all of the medical costs for our veterans and the 
entire cost of our college student loan program.
  So what does the Republican Contract on America intend to do about 
all of this? It intends to enact a tax cut that will make matters $700 
billion worse over 10 years.
  After we have cut the deficit by $130 billion over the last 3 years, 
which is not small potatoes, we are now going to throw reason out the 
window and sop up all our progress. What is really sad about all of 
this is that interest rates in America are rising, 7 times in the last 
year, to offset our prior credit orgy. So even if a tax cut passed, the 
benefit to any family in America has been lost already by higher 
interest rates they are paying due to our Nation's accumulated debt and 
its draw on our credit markets.
  Is it not time for some courage and wisdom in this Congress? Is it 
not time to vote for what is right for the next generation, not the 
next election? Is it not time for statesmen and stateswomen to be 
elected here and send the election hucksters back home?
  It is time to vote for a balanced budget.

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