[Congressional Record Volume 145, Number 104 (Wednesday, July 21, 1999)]
[House]
[Page H6023]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 FOR THE FIRST TIME IN RECENT HISTORY WE CAN START TO PAY DOWN THE DEBT

  (Mr. MOORE asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. MOORE. Mr. Speaker, there is a request for a $790 billion tax 
cut, which I call totally irresponsible. We have an opportunity for the 
first time in recent history to start to pay down the debt, and if we 
spend $790 billion on a tax cut the money will not be there to pay down 
that debt.
  I had lunch recently with the chairman of the Federal Reserve Bank in 
Kansas City and two of his top economists and asked them what would be 
the effect if we were able to pay down a substantial portion of the 
national debt? The economist told me that if that were to happen, he 
would expect interest rates to drop dramatically, as much as 2 to 3 
percent.
  When I talk to Chamber groups back home they nod their heads and 
understand the consequence of an interest rate drop as being the 
ultimate tax cut. This will do more for us than any tax cut in the 
magnitude of $790 billion. We have a chance to do the right thing, the 
responsible thing, to start to pay down the debt, and not to pass this 
massive, irresponsible tax cut.

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