[Congressional Record Volume 142, Number 50 (Thursday, April 18, 1996)]
[Senate]
[Pages S3623-S3624]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         THE BAD DEBT BOXSCORE

  Mr. HELMS. Mr. President, on Friday February 23, 1996, the Federal 
debt broke the 5 trillion dollar sound barrier for the first time in 
history. The records show that on that day, at the close of business, 
the debt stood at $5,017,056,630,040.53.
  Twenty years earlier, in 1976, the Federal debt stood at $629 
billion, after the first 200 years of America's history, including two 
world wars. The total Federal debt in 1976, I repeat, stood at $629 
billion.
  Then the big spenders went to work and the interest on the Federal 
debt really began to take off--and, presto, during the past 2 decades 
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, Wednesday, 
April 17, 1996, the Federal debt stood--down to the penny--at 
$5,146,356,518,536.99. On a per capita basis, every man, woman

[[Page S3624]]

and child in America owes $19,445.43 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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