[Congressional Record (Bound Edition), Volume 153 (2007), Part 3]
[House]
[Page 3829]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              {time}  1015
                    AMERICA NEEDS A BALANCED BUDGET

  (Mr. BUCHANAN asked and was given permission to address the House for 
1 minute.)
  Mr. BUCHANAN. Mr. Speaker, I rise today to ask my colleagues to join 
me in cosponsoring legislation, H.J. Res. 21, which would add a 
balanced budget amendment to the United States Constitution. The 
amendment sets the financially responsible goal of balancing the budget 
by the year 2012.
  Currently, the national debt is $8.6 trillion. Each taxpayer's share 
of that debt is almost $29,000. In fiscal year 2006, over $400 billion 
of taxpayers' money was spent on interest payments to the holders of 
the national debt.
  Last year the interest paid on the national debt was the third 
largest expense of the Federal budget. The debt is increasing by over 
$1 billion every day. Our economy is ready for us to set this important 
priority.
  Last year alone Federal revenues increased 11.8 percent. Receipts 
this year have grown by 8 percent so far in the first quarter compared 
to last year in that first quarter. Forty-nine out of 50 States, 
including my home State of Florida, currently have a balanced budget. 
It is time that we follow the lead there and balance the budget for the 
country.

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