Thomas Daschle: “as the father of three children, I worry about the effect of continued deficit spending on future generations of…”

“as the father of three children, I worry about the effect of continued deficit spending on future generations of Americans. As a Senator from South Dakota, I fear what a future of mounting national debt will do to the quality of life of the people I represent and to the standing of our country in the world. For these reasons, I will vote in favor of the balanced budget amendment. For the past 25 years, our Federal budget has not once run a surplus, or even been in balance. Rather, in every single year since 1969, the Federal Government has spent more money than it has taken in. The tab for that reign of self-indulgence is finally coming due. During the 1970's, these deficits did not pose a significant threat to the Nation's economic future, and they were largely ignored. Over the next 12 years, the deficit almost quadrupled, ballooning from $73.8 billion in 1980 to over $290 billion in 1992. During the period, the deficits were noticed, but not seriously addressed. Today, in this debate on a balanced budget amendment, we are being forced to face the consequences of our inaction. Quite simply, we are building a legacy of debt for our children and grandchildren, and hamstringing our ability to address pressing national priorities. According to the Congressional Budget Office, the national debt now stands at $4.4 trillion. This means that the Federal Government owes more than $17,000 for every U.S. citizen, adults and children alike.”