[Congressional Record Volume 141, Number 193 (Wednesday, December 6, 1995)]
[Extensions of Remarks]
[Page E2298]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         THE BALANCED BUDGET ACT OF 1995 IS GOOD FOR CALIFORNIA

                                 ______


                            HON. RON PACKARD

                             of california

                    in the house of representatives

                      Wednesday, December 6, 1995

  Mr. PACKARD. Mr. Speaker, as Congress and the President are mired in 
budget negotiations, it is a good time to reflect on why a balanced 
budget by 2002 is so important. The national debt as of Monday was 
$4,988,891,675,281.12. This figure is outrageous. It is why my 
Republican colleagues and I are fighting so hard for a balanced budget 
and why time is of the essence. Our children should not be saddled with 
this overwhelming financial burden.
  Passing the Balanced Budget Act now is not only good for the country, 
it is good for California. The people of California will save $262 per 
household per year on the State and local government debt, $4,757 per 
year on an average fixed-rate mortgage, and $858 on the average 10-year 
student loan. These are real benefits for the hard-working people of 
California.
  Mr. Speaker, agreement on a balanced budget will ensure that the 
current and future generations of California will enjoy lower taxes, 
cheaper loans, and lower mortgages. A budget stalemate will deny 
Californians, and all Americans, the future they deserve.

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