Jack Kingston: “there are really two reasons why we need to balance the budget. The first one is that the interest is the third largest…”

“there are really two reasons why we need to balance the budget. The first one is that the interest is the third largest expenditure in the national budget each year. In 2 years we will be paying the bondholders on our national debt more money than we pay for our entire Defense Department. We pay $20 billion each month to the bondholders on our national debt, $20 billion that could be spent on education, on health care, Medicare, Medicaid, whatever you want; $20 billion is absolutely gone except for going into the pockets of bondholders; and that debt, ladies and gentlemen, is going to be passed back to the children of America. The second reason is, we want to balance the budget. If we do, we can reduce interest rates. Lower interest rates mean businesses can expand. More jobs will be created, more opportunities; home mortgages will go down, automobile payments each month will go down. It is prosperity that we have to gain. I, Mr. Speaker, stand for a balanced budget and I wish that every Member of the House would do the same.”