Richard Shelby: “next year, we will pay close to $300 billion just on interest on the national debt--$300 billion. Mr. President. That is…”

“next year, we will pay close to $300 billion just on interest on the national debt--$300 billion. Mr. President. That is about one-fifth of the budget for 1995. Because we will spend so much on our budget in 1995 on just financing our national debt, just paying the interest alone, not paying anything off, I remain unconvinced that we are on the right track, that we are doing what we need to do to address our chronic deficit and national debt problems. While CBO's recent projection of the 1995 deficit is lower than originally expected, it does not speak to our long-term deficit and debt future, because we have not changed the way we spend money around here. Our system has not changed; yet, our problems are systemic. Indeed, Mr. President, although deficit reduction was the justification for last year's tax bill, which raised over $230 billion in new taxes, Federal spending continues to increase at a progressive rate through the next 5 years. From 1994 through 1998, spending will continue to increase from $1.5 trillion to $1.8 trillion. So, Mr. President, in reality, at the same time Congress was raising new taxes, it was also increasing spending. Mr. President, I ask you: Is this fiscal restraint? Is this a sign of a Government on a diet? It would not appear so. Rather, it looks more like the kind of diet that ends up putting 10 pounds on you instead of taking 10 pounds off. Let us not forget spending cuts.…”