On the recordJune 23, 2004
$164 billion of new Federal spending took place between 2001 and 2003, unrelated to defense and the events of 9/11. We are borrowing to spend, and we need to bring spending under control or we put future generations, our children and grandchildren, at risk with no hope of paying off this debt. We demonstrated that in 1998 with the balanced budget showing fiscal responsibility, but years of surpluses has sparked a spending spree that does not stop when the money runs out. Alan Greenspan warned Congress that we must restrain spending. He said this last summer: ``I would like to see the restoration of PAYGO and discretionary caps which essentially will restrain the expanse of the deficit and indeed ultimately contain it.'' I urge my colleagues to heed Greenspan's remarks and to have the opportunity to reign in spending and update the budget process.
Source
govinfo.gov
