[Congressional Record Volume 148, Number 69 (Friday, May 24, 2002)]
[House]
[Page H3070]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      INCREASING THE NATIONAL DEBT

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Mississippi (Mr. Taylor) is recognized for 5 minutes.
  Mr. TAYLOR of Mississippi. Mr. Speaker, I thank my colleagues who 
remain awake at 3 o'clock this morning, and for the folks who work for 
this House, I very much apologize for you keeping awake 5 minutes 
longer, but I do think that this House has hit what could possibly be 
the lowest low it has ever hit.
  Two weeks ago, the House that claims to be for national security 
refused to give this Member a vote on whether or not we would prevent 
another round of base closures, because I think that is incredibly 
stupid and a waste of money. But what is so much worse than that is 
that, without an up-or-down vote, without having the guts, the courage, 
the fortitude, and may I say the honesty to say that you are increasing 
the debt limit by $750 billion, the House just voted to do so. You 
wrapped it in a package that would help the troops to the tune of $21 
billion, but what you really have done is increased the debt limit and 
put our Nation another $750 billion in debt.
  Let me tell you why I think that is bad. As of the end of last month, 
our Nation was $5,984,677,357,213.86 in debt. Sometimes that is just 
mind-boggling. But let us bring it back to reality. Let us bring it 
back to one lifetime. Let us bring it back to my daughter Sarah's 
lifetime.
  On the day she was born on Christmas, 1978, our Nation was less than 
$1 trillion in debt. We had gone through the Revolutionary War, the War 
of 1812, the Mexican-American War, the Civil War, the Spanish-American 
War, World War I, World War II, the Korean War and the Vietnam War.

                              {time}  0300

  We built the interstate highway system, St. Lawrence Seaway. We have 
done so many good things for the citizens, and we managed to do it and 
borrow less than $1 trillion. In 1980 Ronald Reagan became President, 
made the promise that we could somehow cut taxes and increase spending 
and it is all going to work, in a Democratic House, but a Republican 
Senate, a Republican President. At the end of those 8 years, he had 
doubled the national debt to $2 trillion. That is a fact. And he never 
lost a veto vote. If he thought it was that bad a deal, he could have 
vetoed those bills and he would have won, but he did not, and that is a 
fact.
  So what we have now 22 years later is $5 trillion more debt. What is 
really bad about that debt is folks back home, when you tell them, they 
say, where does my tax money go? They think it goes to food stamps or 
they think it goes to welfare, and they are absolutely appalled when we 
tell them it is squandered on interest on the national debt, $1 billion 
a day. It does not educate a kid, it does not defend the country, it 
does not pave a highway. It is just squandered, and a third of that 
money goes to German and Japanese lending institutions. Mr. Speaker, 
$100 billion a year leaves this country in interest payments to German 
and Japanese lending institutions.
  So where does it stop? I believed you guys. I really did. I believed 
the Republicans when they said give us a chance to govern and we will 
balance the budget, but you lied to me. You were given a chance to 
govern, and you balanced the budget for 1 year and then you went crazy 
on tax breaks, because that is where the campaign contributions are. 
That is what it is all about. Have the honesty to admit it. You passed 
a so-called death tax repeal because that is where the campaign 
contributions are. So you reduced revenues, you increased spending, and 
you are somehow surprised that in 12 months you have increased the 
national debt by $323,329,559,211.21. And what makes me mad, this son 
of a television salesman, is that my kids have to pay that bill. I do 
not like you sticking my kids with your bills.
  I am for the troops. I did not ask for the Committee on Armed 
Services; I begged for it. I chose that committee because that is the 
best way I can serve them. But the best way I can serve those kids in 
Afghanistan is not asking them to serve their country and then sticking 
them for the bill for this war when they get home and their kids with 
this bill for the rest of their lives.

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