Political Quotes

“I come to the well of the House today somewhat reluctantly but in strong support of the approach of the gentleman from Texas [Mr. Stenholm] to our monetary difficulties. Since 1974, Mr. Chairman, the country, through the Congress, has weighed this Budget Act for deficit spending over 600 times. We, as history will conclude, collectively, both administrations, Democrat or Republican, and the Congress, whether it was Democratically controlled in the House or the Senate, both or one, have been unable, with the collective advice and consent of the citizens of this country, the voters of this country, to bring our financial house in order. There are two factors about this debt that concern me. No. 1, it is relative. A $4 trillion debt to a $7 trillion economy is one thing. A $4 trillion debt to a $15 trillion economy is somewhat less severe. Our economy needs to grow and our debt needs to stay the same or stable. The second thing that bothers me most about this debt is that we have mortgaged our country. In 1979 to 1980, about 8.9 cents out of every revenue dollar went to pay interest on our national debt. Today we are paying 14.5, almost 15 cents of every revenue dollar as interest on the national debt. What we and others who have come before us and the people who return us here have done is mortgaged our home, our country, from an 8-percent rate in 1980 to an almost 15-percent rate today. That cannot continue.”