Cliff Stearns: “I rise in support of the Kyl substitute, House Joint Resolution 103. Mr. Chairman, millions of American families abide…”

“I rise in support of the Kyl substitute, House Joint Resolution 103. Mr. Chairman, millions of American families abide by the simple rule that you don't spend what you don't have, but today we are being told that Congress somehow knows better. You can spend more than you have; you don't have to watch your wallet--especially if you're spending someone else's money. In 1776, our country was founded. Providentially, that same year, a great book was published entitled ``Wealth of Nations'' by Adam Smith. Adam Smith once wrote that ``what is prudence in the conduct of every private family can scarce be folly in that of a great kingdom.'' My colleagues: our national debt currently exceeds $4.3 trillion-- that's $17,495 for every man, woman, and child in the United States. Under current policies, future generations are projected to face a lifetime net tax rate of 82 percent in order to pay the bills that we are leaving them. In 1993, gross interest payments equaled $293 billion. This is greater than the total outlays of the entire Federal Government in 1974. Make no mistake, if we don't require some fiscal discipline we will, we are sowing our children's fiscal future to the wind. Mr. Chairman, the Kyl substitute requires a balanced budget, limits Federal spending to 19 percent of GNP, and provides a real line-item veto for the President. This is simple commonsense approach to the debt and deficit. It encourages economic growth and responsible Federal expenditures.”