Political Quotes

Nick Smith: “That has got to be an ultimate goal. The other goal that the gentleman from Colorado and I both agree with is we have…”

On the recordMarch 25, 1998
That has got to be an ultimate goal. The other goal that the gentleman from Colorado and I both agree with is we have got to start paying down the Federal debt. Right now, the interest on that $5 rac{1}{2}$ trillion that the Federal Government has borrowed represents 15 percent of the total Federal budget. So we are going to use a lot of this extra money that it looks like it is coming in in surplus and, to be sure, it is not a real surplus, because we are borrowing from the Social Security trust fund. I thank the gentleman from Colorado very much for participating in this hour.
Said by
Nick Smith
Republican · Michigan

Editor's note · Context

Discussing the need to pay down the Federal debt during a floor speech.

Share

More from Nick Smith

Apr 21, 2004

And, Mr. Speaker, of course the lobbyists that come in, they would prefer that it be mandatory spending; so some of these programs, if they can write it in law that if they meet certain qualifications, they automatically get it and it does…

govinfo.gov
Oct 5, 2004

The reason we are here is to make clear to the world that we are not going to have military conscription right now for active military duty. I introduced a bill last year, H.R. 3598, because I think we need to seriously discuss the…

govinfo.gov
May 11, 2004

H. Con. Res. 409 resolves that Congress recognizes with humble gratitude the more than 16 million veterans who served in the United States Armed Forces during World War II and the Americans who supported the war effort on the home front…

govinfo.gov
Apr 21, 2004

It is a whole different 1-hour debate and discussion; but just, for example, one country, we have $100 billion deficit trade with China, and what does China do with that extra $100 billion? They probably invest it in our companies, or buy…

govinfo.gov

Other voices in this conversation