[Congressional Record (Bound Edition), Volume 145 (1999), Part 3]
[House]
[Pages 3925-3926]
[From the U.S. Government Publishing Office, www.gpo.gov]




ENCOURAGING THE REPUBLICAN LEADERSHIP TO JOIN DEMOCRATS IN MAKING DEBT 
                          REDUCTION A PRIORITY

  (Mr. GONZALEZ asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. GONZALEZ. Mr. Speaker, today I rise to encourage the Republican 
leadership to join my colleagues in making debt reduction a priority. 
My Democratic colleagues have made a commitment to dedicate the surplus 
to saving social security and Medicare and paying down the debt. This 
is the fiscally responsible decision to be made.
  For the first time in a generation we will have a surplus. We are 
finally in the black. Just because we have some money on the positive 
side of the ledger, we cannot let spending fever grip Congress. I know 
my colleagues on the other side of this aisles want to dole out tax 
cuts, but now is not the time. While across-the-board tax cuts may 
sound attractive, it is not the most opportune time to indulge. The 
truth is that such a tax cut will only benefit the most affluent 
Americans.
  We must practice fiscal responsibility and restraint. If we dedicate 
the surplus to paying down the debt, we can put money in the pockets of 
hardworking families. What I mean by that is that we can reduce the 
debt from $3.7

[[Page 3926]]

trillion to $1.3 trillion. Such a reduction will have a ripple effect 
on our economy. All Americans stand to gain. Economists believe that 
this kind of reduction would result in lower interest rates.

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