Robert Smith: “Mr. Chairman, I think this is a wise and reasoned amendment, that tackles the problem of deficit spending head on by…”

“Mr. Chairman, I think this is a wise and reasoned amendment, that tackles the problem of deficit spending head on by restricting Federal spending to 19 percent of the gross domestic product. In doing so, I think the gentleman's amendment recognizes that we have a deficit, not because the American people are undertaxed, but because the Congress overspends. So I believe this is reality. The Kyl substitute would encourage Congress to pursue policies that enhance our potential for economic growth. For instance, if the economy grew by $100 billion, the potential Government spending would increase by $19 billion. The only runaway spending that could occur could increase if the economy expands. That is the point of it. But I find it fascinating that we are entered into this debate of controlling spending, because I listen to the liberals who see in this the opportunity to curtail defense spending; and I see the conservatives are saying, well, this is an opportunity to curtail social spending. And in both cases, they may or may not be right. But in both cases, the object is met that somehow we have to control the appetite of Congress in spending the people's money. So I am here to support the gentleman from Arizona [Mr. Kyl]. I think it is a reasonable, decent amendment, and I urge Members to vote for it.”