[Congressional Record Volume 144, Number 46 (Thursday, April 23, 1998)]
[House]
[Pages H2298-H2299]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


    AMERICAN PEOPLE HAVE BEEN THE BENEFICIARIES OF A BALANCED BUDGET

  (Mr. ABERCROMBIE asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. ABERCROMBIE. Mr. Speaker, I was privileged to be on the floor of 
the House of Representatives when the President's budget passed in 
1993, that budget at the time denounced so severely by many critics of 
the President and what he was trying to accomplish.
  I think, some 5 years later, we found that all of the goals have been 
in fact accomplished with respect to balancing the budget; and, most 
particularly, we find ourselves in a situation with low interest rates 
and the ability of people to take advantage of the home interest 
deduction they might not otherwise have had.
  As a result, Mr. Speaker, I hope there is a recognition that this was 
the right course to take, that the American people have been the 
beneficiaries, that home ownership has been advanced, and that these 5 
years provide a record of accomplishment of which we can all be proud.
  Mr. Speaker, Today, many if not every Member of Congress is going to 
receive a visit by realtors from our districts.
  I look forward to meeting today with the members of the Hawaii 
Association of Realtors on their annual trip to Washington.
  I know one of their top priorities is preserving the home mortgage 
interest deduction. I stand with them completely on this issue.
  As the House moves closer to developing a tax bill in the months 
ahead, it is vitally important that we preserve the mortgage interest 
deduction. It is fundamental of fulfilling the American dream of home 
ownership.

[[Page H2299]]

  I am concerned that proposals for a flat tax or a national sales tax 
would endanger the mortgage interest deduction.
  The mortgage interest deduction in important to Hawaii, where the 
average cost of a single family home is $312,000.
  It is estimated that eliminating the mortgage interest deduction 
could cause the value of existing homes to drop between 20-30 percent.
  As we in Hawaii face our greatest economic challenge since statehood, 
elimination of the mortgage interest deduction would be a disaster.
  Homeowners would suffer a disastrous loss of equity. Thousands of 
realtors, construction workers, and employees of financial institutions 
would lose their livelihoods.
  Mr. Speaker, I urge may colleagues to join me in fighting any attempt 
to eliminate the home mortgage deduction.

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