Jim Ramstad: “over the last 30 years the Federal Government has only balanced its budget one time: in 1969. One balanced budget in 30…”

“over the last 30 years the Federal Government has only balanced its budget one time: in 1969. One balanced budget in 30 years. Madam Speaker, time and time again Congress has provided unwilling and unable to balance the budget. Time and time again, statutory scheme after statutory scheme has failed. That is why, Madam Speaker, we need the legal forces and the moral authority of a constitutional amendment. Unless we act now, the deficit is projected to be more than $200 billion each and every year through the end of the century. This year alone more than 15 cents of every dollar in the Federal budget goes to pay interest on the Federal debt of $4.8 trillion. Madam Speaker, we are spending over $235 billion this year alone to pay the interest on the debt. This insane deficit spending must stop now. It doesn't take a rocket scientist to figure out we are headed for financial disaster unless we balance the budget now. Now, some politicians in this body are trying to scare people by playing fast and loose with the facts. They are claiming a budget amendment would require $1 trillion in budget cuts by the year 2002. What these politicians don't tell you is that the Federal Government is currently projected to increase spending each year until then on the average of 5.4 percent per year. That is a $3 trillion increase in Federal spending over the next 7 years. Only in Washington, Madam Speaker, can a smaller increase in spending be called a cut.”