Jack Kingston: “The gentleman is correct. If we realize the scope of this disaster, of a tremendously expensive debt, and then we look…”

“The gentleman is correct. If we realize the scope of this disaster, of a tremendously expensive debt, and then we look at the benefits of balancing the budget, to give specifics on what the gentleman from Pennsylvania [Mr. Fox] is saying, that on a 30-year home mortgage the average interest rate will drop 2.7 percent, and on a 30-year mortgage of $50,000 that means a family will save over $1,000 annually or $32,000 over the life of a loan. Car loans will drop 2 percent, which means on a $15,000 car the average family budget would save about $900 during the life of the loan. Sending children to college, the same thing. But the other thing, though, that is very important is that businesses will expand, jobs will be created and economic opportunity and prosperity will follow.”