Ed Royce: “I just want to take a minute, as we commence the second session of the 104th Congress, to focus on the necessity of…”

“I just want to take a minute, as we commence the second session of the 104th Congress, to focus on the necessity of reaching the goal of a balanced Federal budget. Four years from now we will enter upon the third millennium and the 225th year of our Nation and, ironically, although the American revolution was mostly about taxes, an American child born today will inherit a tax bill of $186,000 just to cover his or her share of the interest on the national debt. That is the direct per capita cost of financing $5 trillion. That is not the cost of paying it off. That is that child's cost in taxes during his or her lifetime. That is not the only cost of this enormous debt. That same child born today will have to pay higher monthly mortgage payments, higher car payments, higher college loan payments, all because of a $5 trillion debt. That is because the Federal Government will be sopping up over half of the available credit in the markets as it continually refinances the debt, causing interest rates to remain arbitrarily high.”