On the recordFebruary 11, 2003
We could have a $400-plus billion deficit. I did calculate it. I think the maximum Pell Grant for a young, bright high school senior from a low income family, wanting to improve his or her life and career with a college education, they get about $4,000 a year. If you assume 4 percent interest on the $300 billion deficit this year alone, that means my children's generation, my little boy's generation, will pay $12 billion a year, that is B as in boy, $12 billion a year in tax for the rest of their lives until the day they die simply to pay the interest on this year's proposed deficit. That amount of money, if we had a more fiscally prudent budget without some of these tax cuts that I think are irresponsible, that would allow us to have 3 million young Americans receive a $4,000 Pell Grant. Something is wrong with these values and something is wrong with this budget.
Source
govinfo.gov
