[Congressional Record Volume 143, Number 4 (Tuesday, January 21, 1997)]
[Senate]
[Page S146]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       THE VERY BAD DEBT BOXSCORE

  Mr. HELMS. Mr. President, it was not quite 12 months ago--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.
  Just 20 years earlier, in 1976, the Federal debt stood at $629 
billion--and that was after the first 200 years of America's history 
had elapsed, including two world wars. 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 two decades the Federal debt has 
soared into the stratosphere, increasing by more than $4 trillion in 
two decades from 1976 to 1996.
  So, Mr. President, as of the close of business Friday, January 17, 
1997, the Federal debt stood--down-to-the-penny--at 
$5,309,774,506,681.99. On a per capita basis, every man, woman, and 
child in America owes $19,917.66 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.''
  Was Mr. Jefferson right, or what?
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                              N O T I C E

Incomplete record of Senate proceedings. Except for concluding business 
                             which follows,
 today's Senate proceedings will be continued in the next issue of the 
                                Record.


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