[Congressional Record Volume 142, Number 87 (Thursday, June 13, 1996)]
[Senate]
[Page S6219]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   THE VERY BAD FEDERAL DEBT BOXSCORE

  Mr. HELMS. Mr. President, in making these daily reports about the 
Federal debt, which I began on February 27, 1992, I have tried to avoid 
partisan comment. But if I were a young American, just beginning my 
career, or just beginning to set up my family, I would be greatly 
concerned at the breakdown of the Senate vote on the budget resolution 
earlier today.
  No, I would be more than concerned. I would be angry. The American 
people have demonstrated a hundred times in countless different ways 
that they want the tragic finances of the Federal Government cleaned 
up. They want a balanced Federal budget. They want Federal spending to 
be brought under control.
  But in all fairness, Mr. President, when one looks at the 53 to 46 
vote today on the budget resolution, it is apparent that the finances 
of the Federal Government are not going to be cleaned up, and the 
Federal budget is not going to be balanced, and Federal spending is not 
going to be brought under control. Not by the 104th Congress in any 
event.
  Mr. President, the budget resolution approved today by the votes of 
53 Republicans is not really going to help the young people of America 
who are now moving into maturity. The best that can be said of it is 
that it's better than doing nothing. None of the 46 Senators who today 
voted against the resolution has made any noticeable effort to cut 
Federal spending except for occasional efforts to try to downgrade our 
Nation's national defense.
  As a result, the Federal debt, which today exceeds $5 trillion by 
more than $100 billion, will stand at a minimum of $6.5 trillion 
shortly after the turn of the century. Even under the resolution 
approved today, the interest on the Federal debt in 1997 will cost the 
taxpayers more than $282 billion; and in the year 2002, the American 
taxpayers will be socked for a minimum of $302 billion just to pay the 
interest on the debt that the Congress of the United States will have 
run up by that time.
  Where did I get these figures? I got them by calling the 
Congressional Budget Office which acknowledged that the sad story I've 
outlined here probably will be even worse on the taxpayers than today's 
CBO's computations.
  Mr. President, 4 years ago when I commenced these daily reports to 
the Senate it was my purpose to make a matter of daily record the exact 
Federal debt as of the close of business the previous day.
  In that first report on February 27, 1992, the Federal debt at the 
close of business the previous day stood at $3,825,891,293,066.80. Fast 
forward to yesterday when, at the close of business, a total of 
$1,315,395,536,138.33 had been added to the Federal debt since February 
26, 1992.
  Yesterday, Wednesday, June 12, 1996, the exact Federal debt stood at 
$5,141,286,829,205.13 at the close of business. On a per capita basis, 
every man, woman, and child in America owes $19,396.59 as his or her 
share of the Federal debt. But since the majority of Americans are 
children, or are unemployed, or pay only a small amount of taxes, the 
``per capita'' computation is almost meaningless. You might want to 
ponder what your share of the debt really is.
  And today's young people really have an enormous burden facing them 
in the 20th century.

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