[Congressional Record Volume 143, Number 13 (Wednesday, February 5, 1997)]
[Extensions of Remarks]
[Page E174]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     THE BALANCED BUDGET AMENDMENT

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                            HON. RON PACKARD

                             of california

                    in the house of representatives

                      Wednesday, February 5, 1997

  Mr. PACKARD. Mr. Speaker, the balanced budget amendment is the only 
foolproof way to guarantee the deficit continues on a permanently 
downward path to zero. But more than that, a balanced budget amendment 
is good for America's families. It means reduced interest rates and a 
lower cost of living for all Americans. A home, a car, and a college 
education will become more affordable than ever. In my district, a 
family with the median-priced home would save about $3,600 each year, 
based on a 30-year mortgage. Families could keep an extra $2,200 on a 
student loan and $900 on an average-priced car loan. These extra 
dollars can be spent on your future and that of your children.
  The balanced budget amendment will also safeguard Social Security and 
Medicare while protecting future generations from crushing debt. The 
President has said that balancing the budget is his top priority. 
However, by stating that a balanced budget amendment could lead to 
reductions in Social Security benefits, he has been using scare tactics 
to avoid committing to a balanced budget.
  Mr. Speaker, I know that Clinton's assertion is not true. In fact, 
our skyrocketing debt is the real threat to Social Security. The 
further we go into debt, the harder it will be for the Federal 
Government to meet its Social Security commitment to today's and 
tomorrow's seniors. The best way to protect Social Security for future 
generations is by passing a balanced budget amendment. I find it 
unfortunate that the President has chosen to oppose our bipartisan 
effort to improve the American people's quality of life by standing in 
our way once again. American families can balance their budgets, State 
and local governments balance their budgets, and so must the Federal 
Government.

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