[Congressional Record Volume 142, Number 1 (Wednesday, January 3, 1996)]
[House]
[Page H8]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   LET US STAND FOR A BALANCED BUDGET

  (Mr. KINGSTON asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. KINGSTON. Mr. Speaker, there are really two reasons why we need 
to balance the budget. The first one is that the interest is the third 
largest expenditure in the national budget each year.
  In 2 years we will be paying the bondholders on our national debt 
more money than we pay for our entire Defense Department. We pay $20 
billion each month to the bondholders on our national debt, $20 billion 
that could be spent on education, on health care, Medicare, Medicaid, 
whatever you want; $20 billion is absolutely gone except for going into 
the pockets of bondholders; and that debt, ladies and gentlemen, is 
going to be passed back to the children of America.
  The second reason is, we want to balance the budget. If we do, we can 
reduce interest rates. Lower interest rates mean businesses can expand. 
More jobs will be created, more opportunities; home mortgages will go 
down, automobile payments each month will go down. It is prosperity 
that we have to gain.
  I, Mr. Speaker, stand for a balanced budget and I wish that every 
Member of the House would do the same.

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