Political Quotes

Thomas Foley: “Mr. Chairman, the lockbox account is a historic effort to make Government accountable for its spending and to put money…”

On the recordSeptember 13, 1995
Mr. Chairman, the lockbox account is a historic effort to make Government accountable for its spending and to put money aside and bring down the deficit. Some suggested today that we are unnecessarily focusing on the deficit of this Nation. It is our No. 1 problem. Mr. Chairman, we are spending more than we have. We are charging money to a charge account that the banks have canceled. We are in debt up to our ears and that debt is costing us 15 percent of our national budget just to pay interest alone on the debt. Let me put it in plain, simple terms. The lockbox will reduce the deficit. It will reduce the cost of interest to the consumer.
Said by
Thomas Foley
Washington
Source
govinfo.gov

Editor's note · Context

Discussing the importance of a lockbox account to address the national deficit.

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