[Congressional Record Volume 142, Number 80 (Tuesday, June 4, 1996)]
[Senate]
[Pages S5744-S5745]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       THE VERY BAD DEBT BOXSCORE

  Mr. HELMS. Mr. President, I think so often of that November evening 
long ago--it was in 1972--when the TV commentators network reported 
that the people of North Carolina had elected me to the Senate. It was 
9:17 p.m. and I recall how stunned I was.
  It had never really occurred to me that I would be the first 
Republican in history to be elected by the people of North Carolina to 
the U.S. Senate. Needless to say, it was a memorable moment in my life 
and I, that evening, made a commitment to myself that I would never 
fail to see a young person, or a group of young people, who wanted to 
see me.
  Keeping that commitment for almost 24 years, it has proved enormously 
meaningful to me. I have been inspired on countless occasions by the 
estimated 60,000 young people with whom I have visited during the more 
than 23 years I have been in the Senate.
  A large percentage of them are understandably concerned, and greatly 
so, about the total Federal debt which back in February of this year 
crossed the $5 trillion mark for the first time in history. It is 
Congress that has created this monstrous debt which coming generations 
will have to pay.
  Mr. President, the young people who visit with me almost always are 
inclined to discuss the fact that under the U.S. Constitution, no 
President can spend a dime of Federal money that has not first been 
authorized and appropriated by both the House and Senate of the United 
States.
  That is why, on February 22, 1992, I began making these daily reports 
to the Senate. I decided that it was important that a daily record be 
made of the precise size of the Federal debt which, at the close of 
business yesterday--Monday, June 3, 1996--stood at 
$5,136,903,015,098.32. On a per capita basis, the existing Federal debt 
amounts to $19,384.92 for every man, woman, and child in America on a 
per capita basis.
  The increase in the national debt in the 24 hours since my report 
yesterday--which identified the total Federal debt as of close of 
business on Friday, May 31, 1996--shows an increase of more than $8 
billion--$8,394,510,205.52, to be exact. That increase alone is enough 
to match the total amount needed to pay the college tuition for each of 
the 1,244,737 students for 4 years.

[[Page S5745]]



               PRESIDENT CLINTON'S HOPE SCHOLARSHIP PLAN

  Mr. KENNEDY. Mr. President, earlier today, in his commencement 
address at Princeton University, President Clinton announced a dramatic 
new proposal called the Hope scholarship plan, to bring college 
education within closer reach for all Americans. This important new 
initiative guarantees free tuition for large numbers of students 
attending the Nation's community colleges. For students at 4-year 
colleges, it supplements Pell grant aid, and it strengthens the tuition 
tax deduction in the President's budget by adding a new education tax 
credit. The plan is fully paid for with savings that achieve a balanced 
budget by 2002.
  This initiative is modeled on the GI bill of rights of the World War 
II era, which gave so many veterans the skills needed in those years to 
participate fully in our expanding economy. We rejected the idea of a 
cash bonus for soldiers. Instead, we invested in their futures and the 
future of the Nation by making higher education available and 
affordable for returning veterans. The investment has more than paid 
for itself. For every dollar invested in grants under the GI bill, the 
Nation received more than $8 in economic returns.
  The Hope scholarships, announced by President Clinton, are based on 
the same principles--investing in the future of America by investing in 
education and training for all citizens. The President's proposal 
recognizes what business leaders have been telling us for years, that 
high skills are the key to high wages for American workers in the 
global economy.
  According to the Bureau of Labor Statistics, 60 percent of all jobs 
created between now and the year 2005 will require education beyond 
high school.
  The Hope scholarship plan will make at least two years of college 
possible for every American. It will guarantee $1,500 in tuition 
assistance a year, through Pell grants or a refundable tax credit or 
both, for 2 years to every student in the country who attends a 
community college, earns at least a ``B'' average in the second year, 
and stays off drugs.
  Community colleges enroll 48 percent of all undergraduates and over 
half of all minority students. Many community college students are 
working adults returning to college to improve their skills. Based on 
current surveys, more than half of the Nation's students maintain a 
``B'' average.
  The $1,500 credit is designed to pay full tuition costs at community 
colleges. But it can also be applied to the first 2 years of tuition at 
4-year colleges for students who maintain a ``B'' average in the second 
year. Alternatively, students and their families will be able to choose 
a tax deduction of $10,000 a year per family for the first 2 years. For 
the last 2 years of college and graduate school and professional 
school, the tax deduction remains available to all families with 
incomes below $100,000 or to individuals with incomes below $70,000.
  These important new benefits build on the 33 percent increase in Pell 
grant funding in the President's budget. By comparison, the Republican 
budget resolution cuts Pell grants by 18 percent over the next 6 years 
and denies grants to 1.3 million students altogether. The President's 
budget increases the maximum Pell grant award by almost $800 by 2002.
  The Hope scholarship plan recognizes the need for high skills in 
today's economy, and helps to meet that need. It offers realistic help 
to students and working adults seeking to acquire new skills. I commend 
the President for this initiative, and I urge the Congress to support 
it.
  Mr. President, I ask unanimous consent that President Clinton's 
address may be printed in the Record.
  There being no objection, the address was ordered to be printed in 
the Record as follows:

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