[Congressional Record Volume 143, Number 115 (Thursday, September 4, 1997)]
[House]
[Pages H6805-H6806]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 FIRST SURPLUS IN 30 YEARS ANTICIPATED

  (Mr. NEUMANN asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. NEUMANN. Mr. Speaker, I too would like to encourage my Democrat 
colleagues who are calling for campaign finance reform to start with 
the Vice President and the hearings today, and let's make sure the laws 
on the books today are being adhered to.
  I rise today with good news for this country. CBO put out new numbers 
yesterday, and it is more likely than ever that next year, 4 years 
ahead of schedule, for the first time since 1969 we will have a 
balanced budget. For first time since 1969, it is going to force 
Washington to deal with something they haven't dealt with in 30 years, 
and that is a surplus. For first time since 1969, next year we start 
looking at a budget surplus.
  We need to remember, however, that even after we reach a balanced 
budget, we still have a $5.4 trillion debt. In order to address this 
issue, we have introduced the National Debt Repayment Act. It would 
require that one-third of the surplus be used to reduce taxes further, 
and two-thirds go to pay down the Federal debt; and in paying down the

[[Page H6806]]

Federal debt, we also put the money back into the Social Security trust 
fund that it has been taken from.
  The National Debt Repayment Act would repay the entire Federal debt 
by the year 2026, would restore the Social Security trust fund, and 
guarantee additional tax cuts each year as far as the eye can see. Good 
news for America.

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