[Congressional Record Volume 141, Number 62 (Tuesday, April 4, 1995)]
[House]
[Page H4120]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                           THE NATIONAL DEBT

  (Mr. TAYLOR of Mississippi asked and was given permission to address 
the House for 1 minute.)
  Mr. TAYLOR of Mississippi. Mr. Speaker, by the clock on the wall, it 
is 20 minutes after 12. By 30 minutes after 12 this Nation will have 
spent another $5 million on interest on the national debt. Because of 
the national debt, we are spending $1 million every 2 minutes just to 
pay the interest. That is not the principal; that is just the interest.
  That is why I want to compliment my Republican colleagues on passing 
some much-needed cuts. They were not the cuts I would have made, but 
they were necessary because we have to reduce spending.
  Let me criticize them for not taking those savings and applying it 
toward our annual operating deficits but instead to give a tax break to 
millionaires.
  This Nation will still spend about $200 billion more than it collects 
in taxes this year. That means the debt goes up and that means the 
interest on that, for those of you who are wondering where your tax 
money goes, the biggest portion of the money that you pay in taxes goes 
to pay interest on the national debt, does not pave an inch of highway, 
does not buy one round for one M-16, does not educate a child.
  It goes to some rich lending institution and the chances are one out 
of three that that money goes to a German or a Japanese lending 
institution because they are the ones who control our debt.

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