On the recordJanuary 31, 1996
the interest on the debt this year is $235 billion; that is more than the deficit. In other words, Government spending is really less than Government income, if we do not count the deficit. We are paying interest on a debt that Congress overspent, the result of Congress overspending for decades. It has resulted in this disgraceful deficit, and the budget we now begin this year, the interest on the debt will exceed the huge defense budget. Interest on the debt costs $1,300 for every American. That is $5,200 for a family of four. Think what $5,200 would do for the standard of living of each American family. We have a moral responsibility to balance the budget and a moral responsibility to protect the American dream for our grandchildren.
Source
govinfo.gov
