[Congressional Record Volume 141, Number 204 (Tuesday, December 19, 1995)]
[House]
[Page H15097]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1015
                 U.S. ECONOMY AT STAKE IN BUDGET BATTLE

  (Mr. SMITH of Michigan asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. SMITH of Michigan. Mr. Speaker, a minute is not very long. I will 
try. The budget economic ills clobber the market. The four chaps that 
came down 2 months ago, I talked to on the phone, they are saying here 
is what the market is thinking, that they are afraid we are not going 
to achieve a balanced budget. Therefore, the market is going down, 
largest drop in 4 years. We have seen interest rates go up. That has 
got to be a signal to use. We have got to pay attention.
  In the Washington Post today, Jim Glassman writes, ``As long as the 
President can pose as the saviour of Medicare, with the public blaming 
Congress for Government shutdowns, he is not going to negotiate 
seriously.'' Why should he?
  Here is the bottom line of my message. Democrats, give me your ear: 
Everybody in this Chamber, or most everybody, wants a better America, 
better place to live and work. How are we going to come to grips with 
our over-promises and our overspending if we cannot keep borrowing the 
money simply to pay our bills? Let us get together. Let us do it. The 
market is at stake. The U.S. economy is at stake.

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