Cord Byrd: “Because that represents the major portion of the Federal debt that we owe today, the massive tax cut, the massive…”

“Because that represents the major portion of the Federal debt that we owe today, the massive tax cut, the massive military buildup, and there you have it. I will repeat the figures once more and then I will take my chair. When Mr. Reagan became responsible for his first fiscal year budget-- the total debt was $999 billion, total debt over the period of all the years and all the administrations since the Republic began. And when the last fiscal year for which he was responsible had ended, the debt was $2,830,000,000,000. And then when the last moment of the last fiscal year for which Mr. Bush was responsible had ended, the debt was $4,316,000,000,000. So much for the pile of books.”