[Congressional Record Volume 142, Number 29 (Wednesday, March 6, 1996)]
[Senate]
[Page S1551]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         THE BAD DEBT BOXSCORE

  Mr. HELMS. Mr. President, the Federal debt now exceeds $5 trillion. 
Twenty years ago, in 1976, the Federal debt stood at $629 billion, 
after 200 years of America's existence, including two world wars. After 
all of that, the total Federal debt, I repeat, was $629 billion.
  Then the big spenders really went to work and the interest on the 
debt really began to take off--and, presto, during the past 20 years 
the Federal debt has soared into the stratosphere, increasing by more 
than $4 trillion in 2 decades--from 1976 to 1996.
  So, Mr. President, as of the close of business yesterday, March 5, 
1996, the Federal debt stood--down-to-the-penny--at 
$5,016,462,295,493.85. On a per capita basis, every man, woman, and 
child in America owes $19,040.91 as his or her share of that debt.
  This enormous debt is a festering, escalating burden on all citizens 
and especially it is jeopardizing the liberty of our children and 
grandchildren. As Jefferson once warned, ``to preserve [our] 
independence, we must not let our leaders load us with perpetual debt. 
We must make our election between economy and liberty, or profusion and 
servitude.'' Isn't it about time that Congress heeded the wise words of 
the author of the Declaration of Independence?

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