Michael Doyle

Mr. DOYLE

Mr. DOYLE. Mr. Chairman, I urge my colleagues on both sides of the aisle to support House Resolution 28, the bipartisan, bicameral balanced budget amendment. We have spent considerable time in this House debating and discussing the merits of competing balanced budget amendment proposals. The message that has resonated through this debate is this country's desperate need to balance its budget. Currently, our national debt exceeds $4.3 trillion. Since this House last voted on a balanced budget amendment in March 1994, our debt has increased by more than $160 billion dollars. The gross interest payments on this debt alone are costing us $816 million per day. In fact, these interest payments have increased so significantly that 14 percent of the entire Federal budget is devoted to interest payments on the debt. Therein lies the insidious nature of this deficit debacle. As the interest payments continue to skyrocket. Devouring larger and larger portions of the budget, there is a devastating regressive effect on the rest of the budget. These interest payments are severely hampering our ability to fund important discretionary programs. While future generations will suffer increasingly from this effect, the problem is also very real in the present. Our interest payments this year alone will be 8 times higher than expenditures on education and 50 times higher than expenditures on job training. My constituents in western Pennsylvania will need continued assistance from job retraining and economic development programs. This is why I stand today in support of this balanced budget amendment. The Mon-Valley needs the help of innovative and intelligent Federal programs to assist in the retraining of displaced workers so they are prepared to join new, high-technology industries. Programs are needed to cleanup the abandoned industrial sites so fresh businesses will locate there bringing with them secure jobs in these growing industries. These are just the types of programs that are being crowded out by the increasing interest payments on our debt. It is imperative that a balanced budget amendment passes both Houses of this Congress so that it can move to the States for the ratification process. Only then will people throughout the country be afforded the opportunity to closely examine how the amendment would work and what specific actions would be necessary to achieve a balanced budget early in the 21st century. However, the only way our citizens will have that opportunity is if we move now to pass the Stenholm/Schaefer alternative. It is the only alternative that is purely bipartisan in nature and has a chance of also passing in the Senate. This is a practical reality that cannot be overlooked. Language in this amendment would require a three-fifths vote in both Houses to allow an increase in our national debt level which gives this alternative the strong safeguard necessary for it to be effective, and I sincerely hope my colleagues will recognize the power of this rigorous balance. The Stenholm/Schaefer amendment unites the underlying principles of all versions of the balanced budget amendment. We cannot let another opportunity to pass this amendment slip away. I urge my colleagues on both sides of the aisle to support the Stenholm/Schaefer alternative now, and when we take a vote on final passage.

Mr. DOYLE

Mr. DOYLE. Mr. Speaker, I rise in support of the only bipartisan, bicameral balanced budget amendment. I speak of the Stenholm-Schaefer amendment, House Resolution 28, of which I am a cosponsor. I cosponsored this resolution because I believe it is absolutely imperative that the 104th Today, we will begin the debate on several different proposals that have been introduced as possibilities. All of these proposals have merit--and I believe that all of them are serious efforts at formulating the best possible amendment to the Constitution. However, I am concerned that we do not lose sight of our goal. As we engage in this debate, and examine the strengths and weaknesses of the various proposals, I urge my colleagues to remember how important it is to pass a balanced budget amendment. Our debt currently exceeds $4.3 trillion. Since this House last voted on a balanced budget amendment last March, our debt has increased by more than $160 billion. This country needs a balanced budget amendment and the Stenholm- Schaefer amendment is our best hope. While all other proposals will be dead on arrival in the Senate--the Stenholm-Schaefer amendment has the bipartisan support needed to actually pass in the Senate and I urge my colleagues to support it.

Mr. DOYLE

Mr. DOYLE. Mr. Speaker, I thank the gentleman from Virginia for yielding. Mr. Speaker, I rise to join in this special order supporting House Resolution 28. I have joined scores of my colleagues in cosponsoring this resolution because it is the only bipartisan, bicameral balanced budget amendment, and I would urge all of my colleagues to vote for this resolution when it comes up later this week because we cannot wait any longer to address this country's budget deficit. I signed on as a cosponsor of this balanced budget amendment last month while I was still a member-elect because I already considered this issue a priority for my first term in Congress. As I spoke to people throughout Allegheny County, PA, while I campaigned for this office last year; their message came through load and clear. They felt the Congress must undertake significant measures to address our country's expanding budget deficit. The vast majority of my constituents believe a balanced budget amendment is the proper, and most effective means to tackle this deficit problem and that the Congress should not wait any longer to exact this measure. It's no wonder that the folks back home--in all of our homes--feel such a sense of urgency. The statistics are not unfamiliar to anyone, but certainly warrant repeating. Our national debt currently exceeds $4.3 trillion--17,495 dollars' worth for every man, woman, and child in the United States. It is any wonder people feel a sense of urgency? The last time this House voted on a balanced budget amendment was last March when the amendment was narrowly defeated. Unfortunately, a near miss is not close enough and the debt has continued to skyrocket, increasing by more than $160 billion since last March. Is it any wonder people feel a sense of urgency? And as the debt increases, the interest payments on this debt increase as well. Interest payments that continue to devour larger and larger portions of the budget--from 6 percent in 1960, to 14 percent of the entire budget today. The gross interest payments on this debt cost us $816 million dollars per day. I ask again--is it any wonder that people feel a sense of urgency? These interest payments, by consuming more and more of our annual budget, are crowding out funding for discretionary programs. This is the insidious nature of our deficit debacle. Unless we take control of this problem now, we will cripple the ability of future generations to make the investments in discretionary programs that are necessary to keep this country moving forward. My constituents back home in western Pennsylvania certainly understand this need. Many of the communities I represent have not recovered from the severe recession they experienced throughout the 1980's. During this time, much of the steel industry engaged in aggressive ownsizing--many plants were closed and jobs were lost. The Mon-Valley needs the help of innovative and intelligent Federal programs to assist in the retraining of these displaced workers so they are prepared to join new, high-technology industries. Programs are needed to clean up the abandoned industrial sites so fresh businesses will locate there bringing with them secure jobs in growing industries. And we must improve our public education systems so future generations will have the knowledge and training they need to be prepared to work and flourish in a high-technology environment. These are the types of discretionary programs that are being crowded out by the increasing interest payments on our debt. This year alone the interest payments will be 8 times higher than expenditure on education and 50 times higher than expenditures on job training. This is just the type of help my district needs--but as our interest payments increase, our ability to help will be severely curtailed. It is for these reasons that I support this balanced budget amendment, House Resolution 28. Lets pass this amendment and send it to the States for ratification. During the ratification process, people throughout the country should be afforded the opportunity to closely examine how the amendment would work, and what specific actions would be necessary to achieve a balanced budget early in the 21st century. Then the people can either reaffirm or withdraw their support of the balanced budget amendment through their State legislators. But we must afford the people of this country that opportunity by first passing the balanced budget amendment on the House floor. The Stenholm-Schaefer balanced budget amendment is our best hope for passage. It is the only version that has been offered with substantial bipartisan and bicameral support. Myself, and at least 65 other Democrats stand ready to joint our Republican colleagues in voting for H.R. 28. This is the only version of the balanced budget amendment that can claim this type of support and that can anticipate receiving the requisite 290 votes needed for passage. Because passing a balanced budget amendment is so crucial to our country's future well-being; I urge all of my colleagues, from both sides of the aisle, to join us in support of the Stenholm-Schaefer amendment because it is the best way to ensure that this House finally passes a balanced budget amendment.

Mr. DOYLE

Mr. DOYLE. Mr. Speaker, I rise in support of the only bipartisan, bicameral balanced budget amendment. I speak of House Resolution 28 which I am cosponsoring because I believe we cannot wait any longer to address this country's budget deficit. It was in March of last year, when I was simply a candidate for Congress, that this House last voted on a balanced budget amendment. The amendment failed then, but the deficit has not stopped growing. In fact, the national debt has increased by more than $160 billion since last March. Gross interest payments alone are costing us $315 million per day. Until we bring this problem under control these interest payments will continue to skyrocket, devouring larger and larger portions of the budget. This process has a devastating regressive effect on the rest of the budget because it severely hampers our ability [[Page H372]] to fund important discretionary programs. Our interest payments this year alone will be 8 times higher than expenditures on education and 50 times higher than expenditures on job training. We cannot exacerbate this situation any further or we will completely cripple countless generations to come. For this reason, I urge my colleagues on both sides of the aisle to support the bipartisan balanced budget amendment, House Resolution 28.