On the recordFebruary 3, 1995
I wonder if we should not examine how much progress we have made and what the likelihood is of making the progress we are going to have to make. The 1993 budget arrangement, as I understand it, adds over $1 trillion to the debt. We have come to the point now where we are using as a flag of success to wave a situation that actually adds over $1 trillion to the debt. As I look at the figures, CBO figures, they indicate that the deficit is going to go up to $222 billion in 1998, and will go up in the year 2004 to $421 billion. The Senator rightfully points out that the deficit as a percentage of GDP has gone down. But I look and see that they project in the year 2020 that the deficit will be 21 percent of GNP. That is going to be along the time, or shortly after the time, the baby boomers start retiring and the demographics overwhelm us.
Source
govinfo.gov
