[Congressional Record (Bound Edition), Volume 145 (1999), Part 3]
[House]
[Page 3248]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              {time}  1215

          LION'S SHARE OF SURPLUS SHOULD PAY DOWN FEDERAL DEBT

  (Mr. DAVIS of Florida asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. DAVIS of Florida. Mr. Speaker, I rise today to support the 
position advocated by the President in his budget proposal that we use 
the lion's share of the surplus to pay down the Federal debt. The 
proposal to use 62 percent of the surplus for Social Security and 15 
percent for Medicare will have that effect.
  We have a chance for the first time in decades to begin to bring the 
debt held by the public, the money the Federal Government owes to other 
people, down to a level that we all try to exercise in our homes and 
businesses. This will allow the Federal Government for the first time 
to more responsibly manage our debt and run the Nation's business.
  Now, what impact does that have for those of us at home? In 
Hillsborough County, my home, the average mortgage balance on a home is 
about $115,000. With a 2 percent drop in interest rates, which we can 
expect to occur as we begin to pay down the debt, a monthly mortgage 
payment could drop from $844 to $689. That is $155 a month in the 
pocket of a homeowner that he or she would not otherwise have.
  That is better than most any tax cut this Chamber could pass. It 
could be done by paying down the debt, using the lion's share of the 
surplus to protect Social Security and Medicare. I urge my colleagues 
to adopt that.

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