[Congressional Record Volume 142, Number 95 (Tuesday, June 25, 1996)]
[Senate]
[Pages S6819-S6820]
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, in 1972, when the television networks reported that I had won 
the Senate race in North Carolina. It was 9:17 in the evening and I 
recall how stunned I was.
  I had never really anticipated that I would be the first Republican 
in history to be elected to the U.S. Senate by the people of North 
Carolina. When I got over that, I 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.
  I have kept that commitment and it has proved enormously meaningful 
to me because I have been inspired by the estimated 60,000 young people 
with whom I have visited during the 23 years I have been in the Senate.
  A large percentage of them are greatly concerned about the total 
Federal debt which back in February exceeded $5 trillion for the first 
time in history. Congress 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

[[Page S6820]]

has not first been authorized and appropriated by both the House and 
Senate of the United States.
  That is why I began making these daily reports to the Senate on 
February 25, 1992. 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 24, 1996, stood at 
$5,110,926,525,572.12. On a per capita basis, the existing Federal debt 
amounts to $19,275.61 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, June 21, 1996--shows an increase of more than $1 
billion--$1,225,352,306.06, to be exact. That 1-day increase alone is 
enough to match the total amount needed to pay the college tuition for 
each of the 181,695 students for 4 years.

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