[Congressional Record Volume 141, Number 189 (Wednesday, November 29, 1995)]
[House]
[Page H13737]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               BALANCED BUDGET WILL RECHARGE OUR ECONOMY

  (Mr. SMITH of Texas asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. SMITH of Texas. Mr. Speaker, our Nation needs a balanced budget, 
not because it's a good accounting device, but because it will help 
every American.
  A balanced budget will recharge the economy. It will cause interest 
rates to drop. And reduced interests rates mean lower mortgage 
payments, lower car payments, lower student loan payments.
  As part of the Republican plan to balance the budget in 7 years, 
there are income tax cuts for families. And there is a capital gains 
tax cut for job growth. This will generate more investments, more 
business expansion, and more jobs.
  Before he was elected, President Clinton said he could balance the 
budget in 5 years. After the election he said it wasn't necessary. Now 
he says that he wants to balance the budget in 7 years but he still has 
not presented a plan.
  The Republicans do have a plan. Let's balance the budget, cut taxes, 
and create jobs now.

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