Pete Sessions: “Mr. Speaker, tonight what we are talking about in plain and simple terms is not only stronger families for a better…”

“Mr. Speaker, tonight what we are talking about in plain and simple terms is not only stronger families for a better America, but what we are talking about is how American families are going to survive in the 1990's and in the future. Of course, Mr. Speaker, I would say that that is that we need to balance the budget. The last time the budget was balanced was in 1969, when President Lyndon B. Johnson was President. I know that we can improve the lives and the conditions for families through lower interest rates, on homes, cars, college loans and through more job opportunities, now and in our future. But it is time that we do that now, and it is now time that we say we must have a balanced budget. The result of a balanced budget according to a DRI/McGraw Hill study is that there would be a drop in the 30-year Treasury bond rate to 4.5 percent. It is now over 7.5 percent, so you can see that that is an astonishing drop of 3 percent. This would cause fixed rate mortgages to drop by the rate of 2.7 percent which would cause housing starts to rise to 65,000 units.”