[Congressional Record Volume 145, Number 32 (Tuesday, March 2, 1999)]
[House]
[Page H837]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 PAYING DOWN NATIONAL DEBT ENSURES PRESERVATION OF SOCIAL SECURITY AND 
                                MEDICARE

  (Mr. DOOLEY of California asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. DOOLEY of California. In 1992, Mr. Speaker, when President 
Clinton took office, we were looking at budget deficits that were 
approaching almost $300 billion. Well, thanks to the good work of 
Congress and the good work of the administration, we are no longer 
talking about budget deficits, but we are, in fact, talking about 
budget surpluses.
  It is important for us to continue down the path of fiscal 
responsibility, and that requires this Congress to support the efforts 
of the administration and others who are committed to using the 
significant majority of the budget surpluses that we are going to see 
in the next 10 years to pay down the national debt and, in doing so, 
ensuring that we can preserve Social Security and Medicare.
  That makes good sense for our families and makes good sense for our 
businesses. Because if we pay down the national debt, which is costing 
us $243 billion a year in interest, we will be ensured that we can see 
a reduction in interest rates of over 2 percent. A reduction of 2 
percent in interest rates means about $155 to people who have a home 
mortgage of $115,000.

                              {time}  1230

  It means to farmers of this country, who have an operating loan of 
$250,000, a $5,000 savings. Let us take the path of fiscal 
responsibility. Let us pay down the debt.




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