On the recordMarch 4, 1997
when the Federal Government spends more than it collects in tax revenue, then it must borrow the difference. And when it keeps borrowing, that adds to the debt. When we have run up, as we currently have, a $5 trillion national debt, what we are really saying is that is a bill we are passing on to our children and our grandchildren to pay. Currently, for a family of four, the national debt amounts to $80,000, namely $20,000 for every individual in that family, all four individuals. As has been mentioned, the interest on the debt is now the third largest item in the Federal budget. This means that money we are spending on interest on the debt is not available for Head Start or health care or better education or improving our parks or all the things we want. So, Mr. President, this amendment, balanced budget amendment, which we are voting on will not solve all our problems, but it will be a big step forward, and I hope it passes.
Source
govinfo.gov
