[Congressional Record (Bound Edition), Volume 145 (1999), Part 9]
[Senate]
[Page 12598]
[From the U.S. Government Publishing Office, www.gpo.gov]



                       THE VERY BAD DEBT BOXSCORE

  Mr. HELMS. Mr. President, it doesn't take a rocket scientist to 
realize that 30 years of federal deficits have taken their toll on the 
federal budget.
  Likewise, two budget ``surpluses,'' although a step in the right 
direction, will scarcely make a dent on the actual federal debt 
oppressing both the government and the people. In fact, it does very 
little, but constrict the actual increase of the federal debt.
  Even if the projected estimates from the Office of Management and 
Budget are correct, a surplus for 11 consecutive years will go hand-in-
hand with a ``gross federal debt'' that will inch closer and closer to 
a 6 trillion dollar figure!--Now that, Mr. President, is a couple I do 
not particularly like to envision. But that is where we are. We are in 
a quagmire of debts.
  I have heard comments that we--the Congress and this Administration--
have taken steps to cut the federal deficit, but what is not being said 
is that the budget ``surplus'' has little effect on the federal debt. 
We have indeed managed to cut the deficit out of the equation, but the 
answer to the relevant question--are we reducing the total federal debt 
at the same time--is NO. The surplus only cuts the debt's rate of 
growth.
  With these thoughts in mind, Mr. President, I begin where I left off 
on Thursday:
  At the close of business, Friday, June 11, 1999, the federal debt 
stood at $5,606,704,532,050.51 (Five trillion, six hundred six billion, 
seven hundred four million, five hundred thirty-two thousand, fifty 
dollars and fifty-one cents).
  One year ago, June 11, 1998, the federal debt stood at 
$5,496,698,000,000 (Five trillion, four hundred ninety-six billion, six 
hundred ninety-eight million).
  Fifteen years ago, June 11, 1984, the federal debt stood at 
$1,519,173,000,000 (One trillion, five hundred nineteen billion, one 
hundred seventy-three million).
  Twenty-five years ago, June 11, 1974, the federal debt stood at 
$472,107,000,000 (Four hundred seventy-two billion, one hundred seven 
million) which reflects a debt increase of more than $5 trillion--
$5,134,597,532,050.51 (Five trillion, one hundred thirty-four billion, 
five hundred ninety-seven million, five hundred thirty-two thousand, 
fifty dollars and fifty-one cents) during the past 25 years.

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