Political Quotes

Nick Smith: “Mr. Speaker, what this bill does is increases the debt of the United States by $600 billion. At 5-percent interest, that…”

On the recordMarch 28, 1996
Mr. Speaker, what this bill does is increases the debt of the United States by $600 billion. At 5-percent interest, that is another $30 billion a year that taxpayers will have to pay. I think it is unconscionable to continue to increase the debt without some guidelines, without some actual legislative change, at the very least some direction, to cut the spending of this overbloated Government. Borrowing has obscured the true siege of Government. Ultimately we must reach a balanced budget. This bill does not do that, and that is why I am voting against it.
Said by
Nick Smith
Republican · Michigan
Source
govinfo.gov

Editor's note · Context

Opposing a bill that would increase the national debt during a House floor debate.

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