[Congressional Record Volume 141, Number 188 (Tuesday, November 28, 1995)]
[House]
[Pages H13667-H13668]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          A BALANCED BUDGET: GOOD FOR NEW YORK AND NEW YORKERS

  (Mrs. KELLY asked and was given permission to address the House for 1 
minute and to extend her remarks.)
  Mrs. KELLY. Mr. Speaker, many of my colleagues have talked generally 
about the national merits of our achieving a balanced Federal budget. 
However, I want to talk about the balanced budget and what the 
subsequent 

[[Page H 13668]]
lower interest rates mean for my friends and neighbors in New York's 
Hudson River Valley.
  Lower interest rates will be good for homeowners. In fact a reduction 
in interest rates will not only help middle-class families save on 
their home mortgages, but it will also help those first-time home 
buyers make that crucial first step on the path toward long term 
financial security.
  Because of this, experts agree that the average New York family will 
achieve annual mortgage savings of at least $2,643. And the Federal 
Reserve has stated that it is quite possible that once we achieve a 
balanced budget, we will see mortgage interest rates drop even lower to 
5\1/4\ percent--a rate which hasn't been seen in generations.
  Another benefit of a balanced budget is an increase in the overall 
affordability of college education. The average New York student loan 
is $2,783, and a 2.7-percent drop in interest rates would mean that 
students would save $557 over each year of the life of their loan.
  Mr. Speaker, President Clinton agreed to help us balance the Federal 
budget. The country will hold him to this promise. And I believe that 
New Yorkers need him to keep his promise. Our childrens' futures are at 
stake, and the President must remember it.

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