Haley Stevens: “the budget deficit for 1996 is estimated at $144 billion. It is projected to nearly double by the year 2002 under…”

“the budget deficit for 1996 is estimated at $144 billion. It is projected to nearly double by the year 2002 under current budgetary policies and will continue to grow each year thereafter. It is growing at an astounding rate, over $335,000 a minute. I am sure people are tired of hearing this, but in my opinion, we have to keep repeating it. The average young couple starting life today will pay about $113,200 in interest on this debt. I have a number of children, six of them. I have eight grandchildren. I am very worried about the future as far as they are concerned in terms of what their share of this national debt will be if it continues to grow at this astounding rate. It was projected that my youngest granddaughter's share of this debt will increase 25 percent in just the next 5 years, and that she will pay something like $187,000 in taxes in order to pay the interest on the national debt during her life. I have been impressed by what the leader, Senator Dole has been saying. Interest rates are 2 percent or more higher than they would be if the debt and the deficit were under control. It is not a matter of trying to pay down the debt overnight; we cannot. It is over $5 trillion. It is not a matter of trying to eliminate the deficit overnight; we cannot. The debt is mounting too fast. What we can do is pass House Joint Resolution 1 which would be a symbol to our people and to the world that we are prepared to set a new standard for the Federal Government.”