[Congressional Record Volume 141, Number 189 (Wednesday, November 29, 1995)]
[House]
[Page H13733]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        WHAT DOES A BALANCED BUDGET MEAN TO THE AVERAGE CITIZEN?

  (Mr. HORN asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. HORN. Mr. Speaker, during the next 2 weeks we will make the most 
serious attempt at balancing the budget that we have had in the last 
three decades. An average citizen probably says, ``What is in it for 
me? So what if you balance the budget? I am doing OK in many ways.'' 
Here is what is in it. It is not just balancing the budget, it is doing 
fair and compassionate spending levels to meet the basic needs of this 
country as we have in saving Medicare.
  What is in it for the average citizen was well said by Mr. Greenspan, 
Chairman of the Federal Reserve Board, in testimony before a committee 
of the Senate yesterday. What he said several months ago was in 
essence; if we can balance the budget, interest rates in America will 
be reduced 2 percent for the average mortgage on a house, for the 
average consumer loan, for the average automobile loan.
  To summarize, here is what he said yesterday on the subject. It is 
something we should realize, that if we continue this commitment that 
we have to balance the budget, we will have the story of a prolonged 
growth in our economy versus a spurt that might not last. This is 
important to get this economy going.
  We will keep that commitment to balance the budget, Mr. Speaker. We 
will keep that commitment.

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