Nick Smith said "Members of Congress were given the President's budget today, and once we look at that budget, I hope every Member, Republican and Democrat, as well as the American people, will be as upset as I am as I have gone through this budget. Here is what I see: Spending every year goes up faster than inflation. Even the so-called reductions are gimmick accounting. They are not truly reductions. Let me tell the Members what happens to the national debt. At the end of 1994, the national public debt of this country was $4.6 trillion. This budget, by the year 2000, increases the debt to $6.67 trillion, from $4.6 to $6.67 trillion in this 5-year period. Ladies and gentlemen, the interest on the public debt this year is going to be $339 billion. That is 25 percent of all revenues coming into the Federal Government. We have to do it better. Let us do it." @ PoliticalQuotes.com

On the recordFebruary 6, 1995

Members of Congress were given the President's budget today, and once we look at that budget, I hope every Member, Republican and Democrat, as well as the American people, will be as upset as I am as I have gone through this budget. Here is what I see: Spending every year goes up faster than inflation. Even the so-called reductions are gimmick accounting. They are not truly reductions. Let me tell the Members what happens to the national debt. At the end of 1994, the national public debt of this country was $4.6 trillion. This budget, by the year 2000, increases the debt to $6.67 trillion, from $4.6 to $6.67 trillion in this 5-year period. Ladies and gentlemen, the interest on the public debt this year is going to be $339 billion. That is 25 percent of all revenues coming into the Federal Government. We have to do it better. Let us do it.

Said by

Nick Smith

Republican · Michigan

Source

govinfo.gov

Editor's note · Context

Addressing concerns about the President's budget and its impact on national debt.

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