[Congressional Record Volume 141, Number 166 (Wednesday, October 25, 1995)]
[House]
[Pages H10753-H10754]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 PASSING THE RECONCILIATION BILL IS THE BEST THING CONGRESS CAN DO FOR 
                   THE AMERICAN ECONOMY AND THE POOR

  (Mrs. WALDHOLTZ asked and was given permission to address the House 
for 1 minute and to revise and extend her remarks.)

[[Page H10754]]

  Mrs. WALDHOLTZ. Mr. Speaker, we have heard a lot from the other side 
of the aisle about why we should not balance the budget, we should not 
reduce Federal regulations, and why we should not cut taxes. Let me 
recommend to my doubting colleagues that they get hold of the recent 
DRI-McGraw-Hill report on the economic impact of the reconciliation 
bill we will soon be considering. According to that study, the 
reconciliation bill will ``bring down interest rates for fixed rate 
mortgages by 2.7 percentage points, and those for adjustable mortgages 
by 1.7 percentage points by the year 2000.''
  The result, said DRI, would be an 8-percent boost in home values, and 
an increase in household net worth for Americans of over $1 trillion, 
$1 trillion.
  Mr. Speaker, passing this reconciliation bill is the best thing we 
can do for the people of our country, the middle class and the poor. No 
Government spending program could ever come close to achieving what 
balancing the budget will do, if we just have the courage to do it.
  Mr. Speaker, I hope the President will put aside politics for a while 
and join us to balance this budget.

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