James Davis: “I rise today to support the position advocated by the President in his budget proposal that we use the lion's share of…”

“I rise today to support the position advocated by the President in his budget proposal that we use the lion's share of the surplus to pay down the Federal debt. The proposal to use 62 percent of the surplus for Social Security and 15 percent for Medicare will have that effect. We have a chance for the first time in decades to begin to bring the debt held by the public, the money the Federal Government owes to other people, down to a level that we all try to exercise in our homes and businesses. This will allow the Federal Government for the first time to more responsibly manage our debt and run the Nation's business. Now, what impact does that have for those of us at home? In Hillsborough County, my home, the average mortgage balance on a home is about $115,000. With a 2 percent drop in interest rates, which we can expect to occur as we begin to pay down the debt, a monthly mortgage payment could drop from $844 to $689. That is $155 a month in the pocket of a homeowner that he or she would not otherwise have. That is better than most any tax cut this Chamber could pass. It could be done by paying down the debt, using the lion's share of the surplus to protect Social Security and Medicare. I urge my colleagues to adopt that.”