[Congressional Record Volume 142, Number 10 (Thursday, January 25, 1996)]
[House]
[Page H841]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  LIMITING INCREASE IN MARKETABLE DEBT

  (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, I am introducing a bill this 
morning that I would invite all Members to cosign with me. It is a bill 
that says there shall be no increase in net marketable debt after 
December 31, 2001.
  Mr. Speaker, both sides of this issue on how we reach a balanced 
budget have agreed to have a balanced budget and not have an increase 
in debt. I think when you analyze the President's budget though, we 
need to remember two figures: $300 billion and $200 billion. The 
President's budget proposal for balance has $300 billion more spending 
than the Republican proposal. It has $200 billion more taxes than the 
Republican proposal.
  Mr. Speaker, if one wants to continue to tax and spend, then it is OK 
to go with the President's proposal. The Republicans cannot accept that 
if we give a hang about what happens to our kids and grandkids. Let us 
at least agree on the final line, the final resolution, to not increase 
net marketable debt after the year 2001.

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