Political Quotes

“Even if the economy continues to grow and the gross national product increases tremendously, an increase in interest rates would devour the anticipated savings that would result from the deficit reduction plan that was passed by Congress. An increase would eat up the anticipated reduction that we are anticipating regarding the deficit in the 1995 fiscal year. All of these are not only possible, but probable. We are already hearing reports that interest rates are going to go up. Yesterday, Alan Greenspan testified to that effect. Hopefully, we are not going to get into an inflationary spiral. But when you stop and think that some 15 years ago, interest rates were at 20 percent, what would interest rates at a stage of 20 percent--or even 10 percent--do to the deficit that we would have to operate under? Therefore, it comes down to the fact that the monster out there is interest, and we have to adopt this constitutional amendment requiring a balanced budget or else we are going to be faced with horrendous deficits in the future if interest rates go up, regardless of deficit reduction plans, and they probably will go up.”