William Helms: “the Federal debt now exceeds $5 trillion. Twenty years ago, in 1976, the Federal debt stood at $629 billion, after 200…”

“the Federal debt now exceeds $5 trillion. Twenty years ago, in 1976, the Federal debt stood at $629 billion, after 200 years of America's existence, including two world wars. After all of that, the total Federal debt, I repeat, was $629 billion. Then the big spenders really went to work and the interest on the debt really began to take off--and, presto, during the past 20 years the Federal debt has soared into the stratosphere, increasing by more than $4 trillion in 2 decades--from 1976 to 1996. So, Mr. President, as of the close of business yesterday, March 5, 1996, the Federal debt stood--down-to-the-penny--at $5,016,462,295,493.85. On a per capita basis, every man, woman, and child in America owes $19,040.91 as his or her share of that debt. This enormous debt is a festering, escalating burden on all citizens and especially it is jeopardizing the liberty of our children and grandchildren. As Jefferson once warned, "to preserve [our] independence, we must not let our leaders load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude." Isn't it about time that Congress heeded the wise words of the author of the Declaration of Independence?”