Mike Collins: “The majority of this Congress passed a 7-year plan to balance the Federal budget. Our plan will zero out deficit…”

“The majority of this Congress passed a 7-year plan to balance the Federal budget. Our plan will zero out deficit spending by the year 2002. But, Mr. Speaker, at the end of those 7 years our accumulated debt will be over $6 trillion. If Congress reduces that $6 trillion debt by $200 billion per year beginning in the year 2003, it will then take 30 years to pay off the principal; 30 years, Mr. Speaker, at $200 billion per year for 30 years. Even at that rate, it will be the year 2033 before we pay off the $6 trillion debt. Mr. Speaker, the next two generations of working taxpayers will pay the bill. We must end wasteful spending now. And, Mr. Speaker, is the fight to retain power in Washington important enough to risk the prosperity and future of our young people? No, Mr. Speaker, it is not.”