[Congressional Record (Bound Edition), Volume 145 (1999), Part 3]
[House]
[Page 3456]
[From the U.S. Government Publishing Office, www.gpo.gov]




                FISCAL DISCIPLINE AND REDUCING THE DEBT

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Pennsylvania (Mr. Hoeffel) is recognized for 5 minutes.
  Mr. HOEFFEL. Mr. Speaker, I rise today because we stand on a 
threshold of a truly remarkable time, a time when we will be able to do 
wonderful things for this country and for our children.
  In fiscal year 2001, we will have for the first time in decades a 
surplus in our budget, in the general fund budget. What we do with this 
surplus will tell a great deal about us, about our resolve, about how 
serious we are in providing a strong, fiscally sound country for those 
who come after us.
  Some would have us spend this surplus on a multitude of well-
intentioned programs and initiatives. But this is a time for restraint, 
not largesse. Others would have us return the surplus to the American 
people in the form of broad, across-the-board tax cuts. But for the 
average taxpayer, that would provide a small short-term gain when we 
have the ability to provide a much longer term and larger benefit.
  That benefit can be provided if we use this projected surplus over 
the next 15 years to keep the budget balanced and pay down the national 
debt.
  Under the administration's debt reduction program, our debt payments 
will be reduced from today's level of 14 percent of the national budget 
to only 2 percent by the year 2015.
  The numbers are huge. We owe in public debt $3.7 trillion. Under the 
President's debt reduction plan, that would be reduced to $1.3 trillion 
by 2015. This would be an immense gift to the American people, and it 
would benefit all Americans, families, farmers and businesses. It would 
provide a real long-term benefit to almost every economic level of 
American society, unlike a broad, across-the-board tax cut as proposed 
that would mean little more to the average American than $100 a year in 
a tax cut.
  The biggest effect of paying down our debt would be a further 
reduction in interest rates that would save homeowners thousands of 
dollars in mortgage payments. The burden of loans shouldered by our 
college students would be greatly alleviated. Our farmers would be able 
to save thousands of dollars on their equipment purchases which in turn 
would allow them to be more efficient and increase their yields.
  With lower interest rates, industry would have more to invest in new 
technologies and there would be more money to invest in education, in 
transportation and other infrastructure improvements that would make 
the America of the 21st century even stronger than the last.
  The importance of reducing the debt, however, can be measured in more 
ways than just dollars and cents. If we show courage and restraint, if 
we demonstrate that we too can finally live within budgetary 
guidelines, if we only do in Washington what American families have to 
do every day at home, we will restore much of the trust that has been 
lost in government by the American people.
  We talk about bipartisanship. Now is the time to begin practicing it. 
I urge all Democrats and my friends on the Republican side of the aisle 
as well to do what is prudent, to do what is right, to do something for 
their children and grandchildren that will be a lasting legacy. Keep 
the budget balanced and use the surplus to pay down the debt.

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