Nick Smith said "I wore my Adam Smith tie this morning because today we are going to talk about some ways that might help us give discipline to ourselves on how much money we spend and how much overpromising we do. Two areas. One, I am from a farm in Michigan. That is where we usually try to reduce the mortgage so our kids have a little better chance. In this Chamber and in the Senate and the White House, what we have been doing for the last 20 years is increasing the debt. Every year for the last 20 years the debt subject to the debt limit has been going up. Plus, we have been overpromising in Medicare, Social Security. The unfunded liability is a huge burden on our children. So, hopefully, today we can join together to help give ourselves discipline on overspending by changing the law." @ PoliticalQuotes.com

On the recordJune 24, 2004

I wore my Adam Smith tie this morning because today we are going to talk about some ways that might help us give discipline to ourselves on how much money we spend and how much overpromising we do. Two areas. One, I am from a farm in Michigan. That is where we usually try to reduce the mortgage so our kids have a little better chance. In this Chamber and in the Senate and the White House, what we have been doing for the last 20 years is increasing the debt. Every year for the last 20 years the debt subject to the debt limit has been going up. Plus, we have been overpromising in Medicare, Social Security. The unfunded liability is a huge burden on our children. So, hopefully, today we can join together to help give ourselves discipline on overspending by changing the law.

Said by

Nick Smith

Republican · Michigan

Source

govinfo.gov

Editor's note · Context

Discussing fiscal responsibility and the national debt during a House floor speech.

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