[Congressional Record Volume 145, Number 86 (Thursday, June 17, 1999)]
[Extensions of Remarks]
[Page E1299]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

[[Page E1299]]



                      AMERICAN DEBT REPAYMENT ACT

                                 ______
                                 

                           HON. BOB SCHAFFER

                              of colorado

                    in the house of representatives

                        Wednesday, June 16, 1999

  Mr. SCHAFFER. Mr. Speaker, along with the Senator from Colorado, Mr. 
Allard, I have introduced the American Debt Repayment Act. The 
underlying principle of the measure entrails a commitment by Congress 
to pay down the national debt.
  Our proposal establishes a 30-year payment schedule-much like a 
typical homeowner's mortgage payment schedule. Mr. Speaker, every year, 
every week, and every day, Americans make routine, timely, and 
scheduled payments on loans for houses, cars, businesses, and other 
investments. Failure to repay old debts results in mounting interest 
payments and bad credit, and this is especially true for the federal 
government.
  Mr. Speaker, Colorado has established, as a matter of official state 
policy, a position on federal debt repayment. The Colorado General 
Assembly, under the leadership of State Rep. Penn Pfiffner and State 
Senator Ken Arnold, adopted House Joint Resolution 99-1016. The 
Resolution calls upon Congress to pay down the national debt and 
maintain a balanced federal budget. Moreover, the measures endorses the 
American Debt Repayment Act (H.R. 1017). Specifically, Mr. Speaker, 
H.R. 1017, as introduced prohibits budgeted outlays from exceeding 
budget revenues. It requires, beginning with FY 2000, that actual 
revenues exceed actual outlays in order to provide for the reduction of 
the gross federal debt and requires the amount of reduction to be equal 
to the amount required to amortize the debt over the next 30 years in 
order to repay the entire debt by the end of FY 2029. The bill 
authorizes a congressional waiver of this Act when a declaration of war 
is in effect and prohibits a bill to increase revenues from being 
deemed to pass the House of Representatives or the Senate unless 
approved by a majority roll call vote of both Houses. Finally, the bill 
directs the Congress to review actual revenues on a quarterly basis and 
adjust outlays to comply with this Act.
  Mr. Speaker, I deeply appreciate the recommendation of the Colorado 
General Assembly, and hereby commend its position in support for the 
American Debt Repayment Act to the House, and furthermore submit, for 
the Record, the full text of Colorado H.R. 1016.

                       Colorado General Assembly


                     HOUSE JOINT RESOLUTION 99-1016

       By Representatives Pfiffner, Berry, Clapp, Decker, 
     Fairbank, Gotlieb, Hoppe, King, Lawrence, Lee, McElhany, 
     McKay, Nunez, Scott, Smith, Spradley, Stengel, Swenson, 
     Taylor, Tool, Webster, T. Williams, Witwer, Alexander, Allen, 
     Bacon, Coleman, Dean, Grossman, Hefley, Larson, May, Miller, 
     Morrision, Paschall, Tupa, Veiga, S. Williams, Windels; also 
     Senators Arnold, Andrews, Chlouber, Congrove, Dennis, Epps, 
     Evans, Hillman, Lacy, Lamborn, Musgrave, Owen, Powrs, 
     Sullivant, Wham.
     Concerning the General Assembly's support for federal 
         legislation that would require a balanced federal budget 
         and the repayment of the national debt
       Whereas, the federal government accumulated a seventy-
     billion-dollar budget surplus in 1998, the first surplus 
     since 1969, and is considering policies for using the 1998 
     surplus and expected surpluses for 19999 and future years; 
     and
       Whereas, the federal government has amassed a national debt 
     of more than five trillion seven hundred billion dollars 
     ($5,700,000,000,000), and in 1999 federal tax dollars will be 
     used to pay three hundred fifty-seven billion dollars 
     ($357,000,000,000) in interest on the national debt; and
       Whereas, the costs of servicing the national debt have 
     become an increasingly large portion of the federal budget, 
     rising from under ten percent of the budget in 1978 to 
     twenty-two percent of the budget in 1997; and
       Whereas, Paying down the national debt will relieve future 
     generations of the burden of paying the costs of servicing 
     the national debt; and
       Whereas, Paying down the national debt does not exclude the 
     use of federal moneys for tax relief or for saving social 
     security for future generations; and
       Whereas, Paying down the national debt will foster economic 
     growth and stability; and
       Whereas, The American Debt Repayment Act, which provides 
     for budgetary reform by requiring a balanced federal budget 
     for each year beginning with federal fiscal year 2000 and 
     requiring the repayment of the entire national debt by the 
     end of federal fiscal year 2029, has been introduced in both 
     houses of the United States Congress; now, therefore,
       Be It Resolved by the House of Representatives of the 
     Sixty-second General Assembly of the State of Colorado, the 
     Senate concurring herein:
       (1) That we, the members of the General Assembly, support 
     the objectives of the American Debt Repayment Act to pay down 
     the national debt and maintain a balanced federal budget; and
       (2) That we, the members of the General Assembly, strongly 
     urge the United States Congress to commit to a plan to repay 
     the national debt before approving a budget resolution.
       Be It Further Resolved, That copies of this Resolution be 
     sent to each member of Colorado's congressional delegation.

     Russell George,
       Speaker of the House of Representatives.
     Judith M. Rodrigue,
       Chief Clerk of the House of Representatives.
     Ray Powers,
       President of the Senate.
     Patricia K. Dicks,
       Secretary of the Senate.

       

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