Nick Smith said "I would like to ask a test question. Mr. Speaker, I would like to ask the question to the American people to give me your best guess, of all of the money lent out in the United States last year, how much of that money do you think was borrowed by the Federal Government? I will give you the answer. Think about it a second. The answer is 42 percent of all of the money lent out in the United States was borrowed by the Federal Government. That is why Greenspan says if we can just do what we should do and not spend more than we are taking in, interest rates will go down 2 percent. How do we cut down on some of this wasteful spending of the Federal Government? I think that is a question for the gentleman from Georgia [Mr. Kingston]. Let us all pitch in some ideas on wasteful spending." @ PoliticalQuotes.com

On the recordSeptember 28, 1995

I would like to ask a test question. Mr. Speaker, I would like to ask the question to the American people to give me your best guess, of all of the money lent out in the United States last year, how much of that money do you think was borrowed by the Federal Government? I will give you the answer. Think about it a second. The answer is 42 percent of all of the money lent out in the United States was borrowed by the Federal Government. That is why Greenspan says if we can just do what we should do and not spend more than we are taking in, interest rates will go down 2 percent. How do we cut down on some of this wasteful spending of the Federal Government? I think that is a question for the gentleman from Georgia [Mr. Kingston]. Let us all pitch in some ideas on wasteful spending.

Said by

Nick Smith

Republican · Michigan

Source

govinfo.gov

Editor's note · Context

Discussing federal borrowing and wasteful government spending.

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