Weekly Radio Report: National Debt

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c031_044.mp3

c031_044_tr.txt

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Extent (Dublin Core)

5 Minutes, 27 Seconds

File Name (Dublin Core)

c031_044

Title (Dublin Core)

Weekly Radio Report: National Debt

Description (Dublin Core)

In this weekly radio program, Congressman Bob Dole discusses the impending measure to increase the debt ceiling and his opposition to this plan. He addresses the administration’s assertion that this is the result of a revenue shortfall, rather than increased spending, and explains that the administration knowingly overestimated its yearly revenue.

Date (Dublin Core)

Approximately 1963

Date Created (Dublin Core)

1963

Congress (Dublin Core)

88th (1963-1965)

Topics (Dublin Core)

See all items with this valueBudget deficits--United States

See all items with this valueDebts, Public--United States

Policy Area (Curation)

Economics and Public Finance

Creator (Dublin Core)

Dole, Robert J., 1923-2021

Record Type (Dublin Core)

radio programs

Rights (Dublin Core)

http://rightsstatements.org/vocab/CNE/1.0/

Language (Dublin Core)

eng

Collection Finding Aid (Dublin Core)

https://dolearchivecollections.ku.edu/index.php?p=collections/findingaid&id=84&q=

Physical Collection (Dublin Core)

Collection 031, Box 1

Institution (Dublin Core)

Robert J. Dole Institute of Politics, University of Kansas, Lawrence, KS

Archival Collection (Dublin Core)

Dole Audio Reels Collection, 1960-1979

Full Text (Extract Text)

This is Congressman Bob Dole with my weekly radio report from Washington. I wish to thank this station, as always, for carrying my weekly broadcast as a public service.

I pointed out in the last two weeks that since the public debt of this country exceeds by some $24 billion, as of last December, the public debt of all the other countries of the world — and I did say $24 billion. Since our debt exceeds that of all other countries of world by this amount, I think it's high time that we took a look at some of these spending programs advocated by this or any other administration. And I think we have an obligation to the taxpayers, not on any partisan basis, because I think when we are talking about spending and the future generations paying for our folly, that it should not become a partisan matter. Because whether you may be a Democrat or Republican, I believe you're all interested in sound government, and an economy, and in cutting expenditures where it can be cut without any harm being done to anyone.

Now we're going to have up this week — and perhaps the very day you listen to this program — an attempt to increase the debt limit again. In a move to force this administration to curb federal waste and curtail big spending policies, the House Republicans went on record this week opposing the administration-sought increase and the present $305 billion public debt ceiling, which is scheduled to expire on June 25. Now, under the administration plan, the debt ceiling would be boosted to $307 billion through June 30, and to $309 billion through August 31. Under administration spending proposals, the White House undoubtedly will have to ask for another increase — perhaps even before we adjourn this session. Now, it seems to me that the issue is clear: that Congress must either face up to a debt ceiling of at least, say $320 billion in Fiscal 64, or must at this time, without any further delay, force a reappraisal of the administration’s spending plans and priorities. A defeat of this bill to raise a ceiling would bring about such reappraisal. I think it's a question of whether we say, “Is the Congress a rubber stamp to extend the administration's borrowing authority every time the administration's expenditures exceed its revenues?” And I don't think Congress should be a rubber stamp — this Congress, the last Congress, or any future Congress should ever become a rubber stamp for the executive branch, regardless of the party in power.

Now, we've had reports from the administration saying that the reason for the problem now is because a shortfall, as they call it — a shortfall in revenues rather than increased spending. Now the administration says that in Fiscal 63, the budget was balanced. I say it was balanced by the simple expedient of knowingly overestimating revenues. Once Congress passed the appropriations request, it is my opinion the administration dropped all pretense to the balanced budget, and now estimates the revenues for Fiscal 1963 will be $7.5 billion below the original forecast in the President's message for that year. In other words, they have estimated now that the budget — the revenues for Fiscal Year 63 will be $7.5 billion less, and of course, I think this is a matter of merely knowingly overestimating revenues. And as I said, the shortfall was not a real shortfall in revenues, but was this administration's fictitious forecast of revenue designed to produce a balanced budget on paper.

Actually, revenues have been increasing, and it will rise again in Fiscal 1964, even allowing for the administration's tax decrease proposals. Obviously, the debt problem cannot be attributed to a falling off of revenues, so I think when we consider increasing the debt limit again this year, and again this week, that we should bear in mind at least two things. Secondly, as I have said before in my newsletter last week: either we want economy or we don't want economy. And I think those of us, and those of you who are taxpayers, whether you pay a small amount or large amount, to keep this in mind: Do you want economy in government? And are you willing to sacrifice some of the things close to home? Certainly, many things, as I've said before, may be desirable, some may even be necessary to some extent, but are they so necessary that we must be in an ever more precarious fiscal position? I don't think so, and I think when our national debt is now about $305 billion, that we should start using a little common sense in federal spending, and certainly I hope to do this in my voting.

Again, we request your comments or suggestions, and of course, your criticisms. We do want you to write, just address your letter to Bob Dole, House Office Building, Washington 25 D.C. Thank you.

This is Congressman Bob Dole with my weekly radio report from Washington. I wish to thank this station, as always, for carrying my weekly broadcast as a public service.

I pointed out in the last two weeks that since the public debt of this country exceeds by some $24 billion, as of last December, the public debt of all the other countries of the world — and I did say $24 billion. Since our debt exceeds that of all other countries of world by this amount, I think it's high time that we took a look at some of these spending programs advocated by this or any other administration. And I think we have an obligation to the taxpayers, not on any partisan basis, because I think when we are talking about spending and the future generations paying for our folly, that it should not become a partisan matter. Because whether you may be a Democrat or Republican, I believe you're all interested in sound government, and an economy, and in cutting expenditures where it can be cut without any harm being done to anyone.

Now we're going to have up this week — and perhaps the very day you listen to this program — an attempt to increase the debt limit again. In a move to force this administration to curb federal waste and curtail big spending policies, the House Republicans went on record this week opposing the administration-sought increase and the present $305 billion public debt ceiling, which is scheduled to expire on June 25. Now, under the administration plan, the debt ceiling would be boosted to $307 billion through June 30, and to $309 billion through August 31. Under administration spending proposals, the White House undoubtedly will have to ask for another increase — perhaps even before we adjourn this session. Now, it seems to me that the issue is clear: that Congress must either face up to a debt ceiling of at least, say $320 billion in Fiscal 64, or must at this time, without any further delay, force a reappraisal of the administration’s spending plans and priorities. A defeat of this bill to raise a ceiling would bring about such reappraisal. I think it's a question of whether we say, “Is the Congress a rubber stamp to extend the administration's borrowing authority every time the administration's expenditures exceed its revenues?” And I don't think Congress should be a rubber stamp — this Congress, the last Congress, or any future Congress should ever become a rubber stamp for the executive branch, regardless of the party in power.

Now, we've had reports from the administration saying that the reason for the problem now is because a shortfall, as they call it — a shortfall in revenues rather than increased spending. Now the administration says that in Fiscal 63, the budget was balanced. I say it was balanced by the simple expedient of knowingly overestimating revenues. Once Congress passed the appropriations request, it is my opinion the administration dropped all pretense to the balanced budget, and now estimates the revenues for Fiscal 1963 will be $7.5 billion below the original forecast in the President's message for that year. In other words, they have estimated now that the budget — the revenues for Fiscal Year 63 will be $7.5 billion less, and of course, I think this is a matter of merely knowingly overestimating revenues. And as I said, the shortfall was not a real shortfall in revenues, but was this administration's fictitious forecast of revenue designed to produce a balanced budget on paper.

Actually, revenues have been increasing, and it will rise again in Fiscal 1964, even allowing for the administration's tax decrease proposals. Obviously, the debt problem cannot be attributed to a falling off of revenues, so I think when we consider increasing the debt limit again this year, and again this week, that we should bear in mind at least two things. Secondly, as I have said before in my newsletter last week: either we want economy or we don't want economy. And I think those of us, and those of you who are taxpayers, whether you pay a small amount or large amount, to keep this in mind: Do you want economy in government? And are you willing to sacrifice some of the things close to home? Certainly, many things, as I've said before, may be desirable, some may even be necessary to some extent, but are they so necessary that we must be in an ever more precarious fiscal position? I don't think so, and I think when our national debt is now about $305 billion, that we should start using a little common sense in federal spending, and certainly I hope to do this in my voting.

Again, we request your comments or suggestions, and of course, your criticisms. We do want you to write, just address your letter to Bob Dole, House Office Building, Washington 25 D.C. Thank you.

This is Congressman Bob Dole with my weekly radio report from Washington. I wish to thank this station, as always, for carrying my weekly broadcast as a public service.

I pointed out in the last two weeks that since the public debt of this country exceeds by some $24 billion, as of last December, the public debt of all the other countries of the world — and I did say $24 billion. Since our debt exceeds that of all other countries of world by this amount, I think it's high time that we took a look at some of these spending programs advocated by this or any other administration. And I think we have an obligation to the taxpayers, not on any partisan basis, because I think when we are talking about spending and the future generations paying for our folly, that it should not become a partisan matter. Because whether you may be a Democrat or Republican, I believe you're all interested in sound government, and an economy, and in cutting expenditures where it can be cut without any harm being done to anyone.

Now we're going to have up this week — and perhaps the very day you listen to this program — an attempt to increase the debt limit again. In a move to force this administration to curb federal waste and curtail big spending policies, the House Republicans went on record this week opposing the administration-sought increase and the present $305 billion public debt ceiling, which is scheduled to expire on June 25. Now, under the administration plan, the debt ceiling would be boosted to $307 billion through June 30, and to $309 billion through August 31. Under administration spending proposals, the White House undoubtedly will have to ask for another increase — perhaps even before we adjourn this session. Now, it seems to me that the issue is clear: that Congress must either face up to a debt ceiling of at least, say $320 billion in Fiscal 64, or must at this time, without any further delay, force a reappraisal of the administration’s spending plans and priorities. A defeat of this bill to raise a ceiling would bring about such reappraisal. I think it's a question of whether we say, “Is the Congress a rubber stamp to extend the administration's borrowing authority every time the administration's expenditures exceed its revenues?” And I don't think Congress should be a rubber stamp — this Congress, the last Congress, or any future Congress should ever become a rubber stamp for the executive branch, regardless of the party in power.

Now, we've had reports from the administration saying that the reason for the problem now is because a shortfall, as they call it — a shortfall in revenues rather than increased spending. Now the administration says that in Fiscal 63, the budget was balanced. I say it was balanced by the simple expedient of knowingly overestimating revenues. Once Congress passed the appropriations request, it is my opinion the administration dropped all pretense to the balanced budget, and now estimates the revenues for Fiscal 1963 will be $7.5 billion below the original forecast in the President's message for that year. In other words, they have estimated now that the budget — the revenues for Fiscal Year 63 will be $7.5 billion less, and of course, I think this is a matter of merely knowingly overestimating revenues. And as I said, the shortfall was not a real shortfall in revenues, but was this administration's fictitious forecast of revenue designed to produce a balanced budget on paper.

Actually, revenues have been increasing, and it will rise again in Fiscal 1964, even allowing for the administration's tax decrease proposals. Obviously, the debt problem cannot be attributed to a falling off of revenues, so I think when we consider increasing the debt limit again this year, and again this week, that we should bear in mind at least two things. Secondly, as I have said before in my newsletter last week: either we want economy or we don't want economy. And I think those of us, and those of you who are taxpayers, whether you pay a small amount or large amount, to keep this in mind: Do you want economy in government? And are you willing to sacrifice some of the things close to home? Certainly, many things, as I've said before, may be desirable, some may even be necessary to some extent, but are they so necessary that we must be in an ever more precarious fiscal position? I don't think so, and I think when our national debt is now about $305 billion, that we should start using a little common sense in federal spending, and certainly I hope to do this in my voting.

Again, we request your comments or suggestions, and of course, your criticisms. We do want you to write, just address your letter to Bob Dole, House Office Building, Washington 25 D.C. Thank you.