[Congressional Record (Bound Edition), Volume 151 (2005), Part 11]
[House]
[Page 15757]
[From the U.S. Government Publishing Office, www.gpo.gov]




           THE BUSH LEGACY: LARGEST NATIONAL DEBT IN HISTORY

  (Mrs. MALONEY asked and was given permission to address the House for 
1 minute.)
  Mrs. MALONEY. Mr. Speaker, today the administration is telling us 
that the Federal budget deficit for this year will not be as large as 
they were predicting it would be back in January. Some are taking this 
as evidence of some type of supply-side miracle, but nothing could be 
further from the truth.
  As analysts at Goldman Sachs have pointed out today, this year's 
large increase in tax receipts stems from temporary factors that are 
unlikely to be repeated, and some short-term improvement does not 
change the big picture.
  The Bush administration has given us a record: the largest national 
debt in history, over $7 trillion; and they have raised the ceiling, 
the debt ceiling three times. This breaks down to each citizen's share 
being over $26,000. And they still have a record trade deficit, another 
record: the largest in history.
  The administration may have another excuse to ignore the long-term 
structural budget problems of this Nation, but the American people 
deserve to know the truth: $7 trillion, a debt that our children will 
have to pay.

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