Jack Kingston: “Mr. Speaker, 1969: The Vietnam war, Woodstock, Neil Armstrong was on the Moon, Jimi Hendrix experience, Mod Squad, Walt…”

“Mr. Speaker, 1969: The Vietnam war, Woodstock, Neil Armstrong was on the Moon, Jimi Hendrix experience, Mod Squad, Walt Disney was not even controversial yet, Richard Nixon was President and the budget was balanced, but that was the last time. Today our national debt is over $5 trillion. That is an inconceivable amount of money. Let me illustrate. One million seconds equals 12 days. One billion seconds equals 32 years. One trillion seconds equals 32,000 years. This is not acceptable to America's children. If we balance the budget through this bill, we will lower interest rates. Lowering interest rates 2 percent on a $75,000 home mortgage over 30 years will mean middle-class taxpayers pay $37,000 less on their home mortgage. If we balance the budget with this bill, we can create more jobs because we will have more economic growth, more opportunities for Americans, minorities, and middle-class citizens. Finally, we can have lower taxes, because the burden of a huge Federal debt and interest on that debt will not be as great. Mr. Speaker, this bill is good for the middle class, it is good for the children, it is good for the United States of America, and I urge my colleagues to join me in supporting the balanced budget.”