Bob Dole: “1969 was a year of firsts and lasts. It was the year that a man--American astronaut Neil Armstrong--first walked on the…”

“1969 was a year of firsts and lasts. It was the year that a man--American astronaut Neil Armstrong--first walked on the Moon. And, it was the last year that Congress balanced the budget. That was 35 years ago. In 1969, we spent $16.6 billion or roughly 9 percent of the Federal budget to pay interest on the national--pocket change by today's standards. According to President Clinton's most recent budget, interest payments on the national debt will surpass the $300 billion mark for the first time this year. This year, roughly 20 percent of all Federal spending will go to pay interest on the national debt. Beginning in 1974, Congress has tried to control Federal spending with a series of legislative remedies--Gramm-Rudman-Hollings, spending caps, pay-as-you-go--but, every time those remedies started to bite, the special interests began to squawk. The decisions got too tough, and Congress blinked. Mr. President the deficit situation has improved since President Clinton took office, but only slightly. Even under the rosiest of scenarios which assume 10 straight years of steady growth with low inflation, the deficit is expected to fall for another year or two and then start moving right back up again. Mr. President, on November 8, the American people sent a message to Washington. They want us to get Federal spending under control. Nine more 'messengers,' fresh from the campaign trail, took the oath of office today.…”