[Congressional Record Volume 144, Number 16 (Thursday, February 26, 1998)]
[Extensions of Remarks]
[Page E237]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    INTRODUCTION OF A RESOLUTION URGING CONTINUED FISCAL DISCIPLINE

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                             HON. JIM DAVIS

                               of florida

                    in the house of representatives

                      Thursday, February 26, 1998

  Mr. DAVIS of Florida. Mr. Speaker, today I introduce a resolution 
calling on Congress to maintain fiscal discipline during this year's 
budget process and to focus our attention on reducing the national debt 
and ensuring the long-term solvency of the Social Security system.
  After decades of deficit spending, Congress and the Administration 
have taken the difficult steps necessary to eliminate the budget 
deficit and restore overdue fiscal responsibility to the federal 
government. From an all-time high of $290 billion just six years ago, 
the unified budget deficit is projected to be eliminated as soon as 
this year, with some forecasters now predicting a growing surplus in 
the unified budget.
  Despite this good news, we must put these near-term projections in 
the broader context of the long-term budget outlook and remember that 
those decades of deficit spending have saddled the federal government 
with a publicly-held debt of nearly $3.8 trillion. This year, the 
interest payments alone on the debt will account for 14% of all federal 
spending or roughly 244 billion taxpayer dollars. These are dollars 
which could have been used much more wisely, and unless Congress 
preserves the projected surpluses, this debt is the legacy we are 
poised to leave to our children and grandchildren.
  Congress must take advantage of the current economic growth and 
positive budget outlook to reduce this debt burden and address the 
solvency of critical programs such as Social Security. Reduced 
government borrowing will increase economic growth, raise future 
standards of living, encourage greater saving and investment, and help 
prepare our nation for the retirement of the baby-boom generation.
  Certainly, we will have debates over additional spending and targeted 
tax relief, but I believe these discussions should be within the 
framework established by last year's historic bipartisan budget 
agreement. Furthermore, I believe the economic benefits of debt 
retirement far outweigh the short term impact of spending increases or 
tax cuts and therefore should be our first priority as we begin to 
craft this year's budget.
  The resolution I introduce today states simply that during this 
year's budget process, Congress should focus on reducing the publicly 
held debt, addressing the solvency of the Social Security system, and 
maintaining the fiscal discipline which put us on the path to a 
balanced budget. Now is not the time to let spending fever grip 
Congress and I urge all of my colleagues to support this common sense 
initiative.

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