Lateefah Simon: “since 1980, we have spent $1.7 trillion, I regret to say--$1.7 trillion--on interest. In the next 5 years, we will spend…”

“since 1980, we have spent $1.7 trillion, I regret to say--$1.7 trillion--on interest. In the next 5 years, we will spend $1.7 trillion on interest. We have to change those habits. We spend $800 million a day on interest. That would pay for more than the entire annual Federal budget for Amtrak. That would be about the same as the annual budget for the FDA. These are fiscal 1994 figures. That is one-fourth of the annual budget for our WIC Program that provides so much help to so many women and infants. It is 44 times the annual operating budget for Yellowstone National Park, which we spend each day in interest for which we get nothing other than higher interest rates. And one-forth the annual budget for Head Start, for interest; we get nothing for it. Clearly, we have to do something. With all due respect for my friend from Nevada, the Reid amendment will not do anything. The Reid amendment, in fact, if it had been in effect all these years would not have reduced the deficit one dime. This morning's New York Times, in an article by Adam Clymer, says, The substitute version-- referring to the Reid version-- was intended to serve as a political figleaf that would allow some Senators to vote for the measure and then, after its near certain defeat, vote against the original version and still tell constituents they had supported a balanced budget amendment. That is the story right there.…”