[Congressional Record Volume 141, Number 165 (Tuesday, October 24, 1995)]
[House]
[Pages H10642-H10643]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   DECISION DAY FOR AMERICA'S FUTURE

  The SPEAKER pro tempore (Mr. Longley). Under the Speaker's announced 
policy of May 12, 1995, the gentleman from Pennsylvania [Mr. Fox] is 
recognized during morning business for 5 minutes.
  Mr. FOX of Pennsylvania. Mr. Speaker, we are fast approaching a 
decision date for America's future. The decision deals with balancing 
the budget for the first time since 1969. This is a bipartisan issue. 
While the Republicans are leading the way, it is for all Americans that 
we want to balance the budget. By doing so, it will generate economic 
dividends for families and individuals. It will mean, by balancing the 
budget, Mr. Speaker, lower housing costs.
  According to a study conducted by the National Association of 
Realtors and McGraw-Hill, the average 30-year mortgage will drop by 2.7 
percentage points on a 30-year $50,000 mortgage at 8.23 percent. 
Families will save $1,081 annually or $32,400 throughout the life of 
the loan.
  By balancing the budget, we will lower car expenses. Car loan rates 
will be 2 percentage points lower than they otherwise would be. On a 
$15,000 5-year car loan, Mr. Speaker, at 9\3/4\ percent interest, that 
is an extra $900 in the family budget.
  By balancing the budget we will lower college costs. Student loan 
rates will be 2 percentage points lower than they otherwise would be. A 
college student who borrows $11,000 at 8 percent interest will pay 
$2,100 almost $2,200 less for schooling.
  A balanced budget will lower taxes. A child born today will pay an 
average of $187,000 in taxes over 75 years to cover his or her share of 
the interest on the national debt. By balance the budgeting we can keep 
these payments from getting any larger.
  Balance the budgeting will mean more jobs. By lowering interest 
rates, a balanced budget will create 6.1 million new jobs in 10 years. 
That will provide greater opportunity and economic stability for high 
school graduates, for college graduates, and for those who 

[[Page H 10643]]
are looking for new opportunities. We must also, Mr. Speaker, reduce 
the tax burden for all Americans. By reducing taxes for single mothers 
with a $500 child tax credit, the single parent with 2 children will 
pay $7,000 less in taxes over 7 years. By reducing taxes for working 
families, with a $500 per child tax credit a 2-income family with 3 
children will keep $10,500 more of their own hard-earned money.
  Also by reducing taxes for senior citizens, we will repeal the 1993 
unfair tax on Social Security, which reduces the average tax liability 
of $7.7 million for our seniors, and this is something that is 
supported by the National Committee to Preserve Social Security and 
Medicare.
  We also will lower taxes for working senior citizens. Right now, Mr. 
Speaker, seniors under 70 who wish to work are capped at earning 
$11,280. If they earn $1 over, that is deducted from their existing 
Social Security. Under our plan to reduce taxes for senior citizens, we 
will be able to have them make up to $30,000 a year over the next 5 
years without having deductions from their Social Security.
  I believe, Mr. Speaker, this is a bipartisan Republican-sponsored 
package to make sure we balance the budget, which is fair to our 
seniors, fair to working-class families, and fair to all Americans. We 
are about the business here this week in the House of making sure we 
return choices to our citizens, we restore fiscal integrity to our 
country, and we reduce the cost of families trying to move ahead in 
this country to earn a living, to provide for their education of their 
family, and to make sure they are secure in their Medicare and their 
other health care needs as they move on in the years here in the United 
States.

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