Patrick Leahy: “Mr. President, the economy is now entering its 107th month of expansion. That is almost 9 years out of the 25 years I…”

“Mr. President, the economy is now entering its 107th month of expansion. That is almost 9 years out of the 25 years I have had the pleasure to serve in this Chamber. Not since the 1960s has the economy experienced such an extended period of growth. A number of Senators have spoken on the floor today to commend Alan Greenspan for his foresight and his quick hand in raising interest rates to keep inflation in check. The actions of Alan Greenspan and the Fed have certainly contributed to our unprecedented growth--growth that has also been sustained by the sound fiscal policies of President Clinton and Congress. I would remind the Congress, that we can also do our part to help the economy by continuing to pay down our national debt. Today the Fed is meeting again to consider another possible rate hike. The American economy was certainly on fire during the fourth quarter of 1999. Mr. Greenspan and the Fed have hesitated little in hiking rates to nip inflation in the bud. Last year, the Fed raised interest rates three times by a quarter point each--three times over the short span of 6 months. Such vigilance has been one important part of maintaining the unprecedented growth of our economy. While it might be blasphemy among macroeconomic economists, I would like to take a moment to urge members of the Federal Open Market Committee to consider the disproportionate effect that these hikes have on low and middle income families.”