[Congressional Record Volume 146, Number 34 (Thursday, March 23, 2000)]
[House]
[Page H1289]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       BUDGET AND DEBT REDUCTION

  (Mr. SHOWS asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. SHOWS. Mr. Speaker, I want to talk about the upcoming budget 
debate and the opportunity we have to pay off our debt.
  Did my colleagues know that reducing our national debt would provide 
a tax cut in itself to millions of Americans because it will restrain 
and lower interest rates? Did my colleagues know that more than 25 
percent of our individual income taxes go to paying off interest on our 
national debt? We can greatly restructure our budget and get our real 
tax savings to America if we pay off the debt now.
  Did my colleagues know that more than $1.2 trillion is held by 
foreign investors? In 1998, the U.S. Government paid $91 billion in 
interest payments to these foreign investors.
  We must reduce this drain and create a stronger global economy for 
American business and agriculture.
  This is the right thing to do. Let us give our children a strong 
America. Let us pay off the national debt. I urge everyone to take an 
honest look at the Blue Dog Coalition's proposal. I believe it would 
put us on the right track.

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