[Congressional Record Volume 150, Number 94 (Friday, July 9, 2004)]
[House]
[Page H5404]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        WE CONTINUE TO OVERSPEND

  (Mr. SMITH of Michigan asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. SMITH of Michigan. Mr. Speaker, first I feel somewhat obligated 
to explain that my wife was not in town this week and I had to pick out 
my own tie.
  As we approach more decisions on appropriations, this is the chart 
that I used on my Social Security presentation. I want to focus on the 
fact that 14 percent of total Federal spending is interest on the debt. 
That now amounts to about $300 billion a year. So let us be conscious 
of the fact of how much we are spending and overspending.
  This year we are going to spend about $500 billion more than we are 
taking in. That is going to add to the debt. Interest rates are going 
up. We are putting a huge burden on our kids and our grandkids and 
future generations as this body and the Senate and the White House 
continue to overspend. Let us be frugal; let us realize that the 
imposition on our kids and grandkids is not fair and jepordizes their 
future.

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