Archives
 By  Staff Reports Published 
11:08 am Monday, March 19, 2001

Paying down the national debt: What it means to you

By Staff
For 40 years, debt was racked up as far as the eye could see with deficit spending running out of control. The good news is that Congress has paid down $625 billion of the national debt since 1998. Even better news is that paying down $625 billion in debt is only the beginning.
To stay on the track of fiscal responsibility, President Bush's budget proposal pays down $2 trillion more in debt over the next 10 years.
Real money'
In 1998, Congress paid down $51 billion in public debt. In 1999, we paid down another $89 billion. Then, in 2000, we paid down $223 billion. During this fiscal year we will pay down $262 billion more in debt. This is real money $625 billion in total so far to pay off our nation's bills.
To most families, paying down your credit cards before you make a major purchase is just common sense. But to the federal government, this practice
is a new one. Prior to 1998, debt reduction was not a major issue on the agenda of Congress. Many in Congress did not see it as a priority for our country. Now, we are moving forward on paying off the debt because it has real meaning to every American.
Many people ask: What does paying down the national debt mean to me? This is a very reasonable question. One reason paying down the debt helps people is that it brings better interest rates for all Americans.
Just think how much more purchasing power you would have if college and university loans were at a lower interest rate. The same goes for a mortgage for a house or financing a family car.
Proposal
Under the President's budget proposal, every cent of the $2.6 trillion Social Security surplus will be locked away. The President adds $153 billion over the next 10 years for Medicare modernization and prescription drug benefits.
Education funding will increase by $4.6 billion, showing once again that education should be a top budget priority.
And to ensure a better quality of life for our men and women in uniform while modernizing the military, the President increases spending for national defense by $14.2 billion.
After paying down $2 trillion in debt over the next 10 years, the federal government's debt would decline to 7 percent of the nation's Gross Domestic Product (GDP) the lowest in more than 80 years.
Right road
Clearly, we are on the road to success. In fact, the last few years have produced not only balanced budgets, but budget surpluses.
The work is far from over. We must fight the proposals to spend the budget surplus on wasteful programs that would eliminate the positive track we have been on with respect to paying off the debt.
Thankfully, President Bush has made it clear that the federal government's growth rate should be no larger than 4 percent per year. We can certainly continue to fund important priorities under this rate of increase.
President Bush has also pledged to veto bills that contain out-of-control spending measures that would hinder our goal of debt relief and fiscal discipline.
The American family knows how to balance its checkbook. The federal government is finally coming around to that sensible way of planning.
Things are looking up for the way business is conducted in Washington, and all Americans will benefit from these prudent decisions to restore fiscal sanity and pay off our bills.
U.S. Rep. Chip Pickering, R-Miss., represents Mississippi's 3rd Congressional District. Write to him at 427 Cannon Building, Washington, D.C. 20515, or call (202) 225-5031.

Also on Franklin County Times
County school board adopts $52M budget
Main, News, Russellville, ...
María Camp maria.camp@franklincountytimes.com 
September 17, 2025
RUSSELLVILLE Franklin County Schools has adopted a $52 million budget for fiscal year 2026, reflecting a $2.5 million increase over last year. The bud...
Judge denies YO status for Phinizee
Main, News, Z - News Main
Bernie Delinski For the FCT 
September 17, 2025
FLORENCE — Youthful offender status was denied Tuesday for a 17-year-old charged with the death of a 13-yearold during what authorities said was a rob...
RCS passes $43.3M budget
Main, News, Russellville
María Camp maria.camp@franklincountytimes.com 
September 17, 2025
RUSSELLVILLE -- The city school board has approved a $43.3 million budget for the 2025-26 school year. Chief Financial Officer Lisa Witt said revenues...
Program tackles stress of caregiver burnout
News, Records, Russellville
María Camp maria.camp@franklincountytimes.com 
September 17, 2025
RUSSELLVILLE -- Many people deal with caregiver burnout. Kids and Kin childcare partner Marquita Wilson presented a program at the Russellville Public...
Flavil Wayne McCaig
Obituaries
September 17, 2025
Flavil Wayne McCaig Sept. 12, 2025   Flavil Wayne McCaig, 82, of Russellville, passed away Sept. 12 at his residence. He was born March 3, 1943, to Au...
Cultura Garden Club begins its year with roses and plans for fall
Columnists, News, Opinion
HERE AND NOW
September 17, 2025
The Cultura Garden Club held its first meeting of the year. President Cheri McCain presided. She provided information on projects and programs for the...
We can’t afford to lose electric vehicle industry
Columnists, Opinion
September 17, 2025
In Alabama, we understand what it means to build things that matter. We’ve long been home to builders and winners – our steel won wars and built the s...
Firefighters, cadets honor 9/11 with stair climbs
News, Russellville
María Camp maria.camp@franklincountytimes.com 
September 17, 2025
RUSSELLVILLE – Firefighters and RHS JROTC cadets participated in a stair climb in recognition of the 24th anniversary of 9-11. Sgt. Grant Tarascou and...

Leave a Reply

Your email address will not be published. Required fields are marked *