[Congressional Record Volume 159, Number 40 (Tuesday, March 19, 2013)]
[House]
[Page H1580]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1230
                           A BALANCED BUDGET

  (Mr. PITTENGER asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. PITTENGER. Mr. Speaker, we teach the importance of a balanced 
budget to our schoolchildren, such as those we had today, but 
apparently this basic financial principle is not good enough for our 
President, who says he won't even chase a balanced budget for the sake 
of balance.
  Mr. Speaker, to help the President find a better reason, I would 
suggest we examine the economic damage caused by runaway public debt. 
In 2011, Greece, Italy, and Portugal each amassed public debt greater 
than 90 percent of their economic output. For Greece, the debt was a 
stunning 165 percent of their gross domestic product. All three 
countries are now undergoing wrenching austerity and suffering through 
prolonged recessions and unemployment.
  What would this scenario look like for hardworking American families? 
The burden of unsustainable public debt and increased taxes would lead 
to higher interest rates on mortgages, car loans, and other credit. 
Ignoring this problem would bring on higher inflation, reducing the 
purchasing power of American families and inflicting the most pain on 
the poor and middle class.
  Mr. Speaker, we must support our families. We must support a balanced 
budget.

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