[Congressional Record (Bound Edition), Volume 146 (2000), Part 8]
[Extensions of Remarks]
[Page 10898]
[From the U.S. Government Publishing Office, www.gpo.gov]



                           DEBT REDUCTION ACT

                                 ______
                                 

                          HON. PHILIP M. CRANE

                              of illinois

                    in the house of representatives

                        Wednesday, June 14, 2000

  Mr. CRANE. Mr. Speaker, deficit spending has run rampant for too 
long. The federal debt has ballooned to nearly $6 trillion. With this 
legislation for the first time since 1917 we are reversing this trend.
  Uncle Sam will actually begin to pay off our $6 trillion credit card 
bill. Paying off our huge debt should be a top priority, not an 
afterthought.
  Under current law, any money left over at the end of the year is used 
to reduce the debt. This bill makes debt reduction a priority by 
setting aside the money up front.
  Reducing the public debt is good for the country. It increases 
national saving and makes it more likely that the economy will continue 
growing strong. American families benefit through lower interest rates 
on mortgages and other loans, more jobs, better wages, and ultimately 
higher living standards.
  Reducing the public debt strengthens the government's fiscal position 
by reducing interest costs and promoting economic growth. This makes it 
easier for the government to afford its future budget obligations.

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