[Congressional Record Volume 142, Number 113 (Monday, July 29, 1996)]
[Senate]
[Page S9030]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       THE VERY BAD DEBT BOXSCORE

  Mr. HELMS. Mr. President, it was on Friday, February 23, 1996, that 
the Federal debt broke the $5 trillion 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 1976 Federal debt, I repeat, stood at $629 
billion.
  Then the big spenders really 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 Friday, July 26, the 
Federal debt stood--down-to-the-penny--at $5,181,675,045,058.46. On a 
per capita basis, every man, woman, and child in America owes 
$19,525.25 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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