September 29, 1983 EXTENSIONS OF REMARKS 26539 EXTENSIONS OF REMARKS DEFICITS BLOCK ECONOMIC lion are allowed to occur. If, in 5 years' to bring both sides to this state of pa­ RECOVERY time, we amass an additional $1 tril­ ralysis. lion to the national debt, on top of the It is imperative that something· be HON. LES AuCOIN current accumulated $1 trillion debt, done to break through. There are OF OREGON neither of those things will occur. Nei­ dogmas on both sides of the aisle IN THE HOUSE OF REPRESENTATIVES ther of those things will occur if Gov­ which must be broken. Something has ernment borrowing absorbs 78 percent to give. Wednesday, September 28, 1983 of the total savings pool of this coun­ But if we can form a Presidential e Mr. AuCOIN. Mr. Speaker, as I try, which is where we will be if our commission to deal with the impossi­ travel through the First Congressional deficits grow unabated. ble task of social security, and we did, District in Oregon, the question most You cannot help your fellow man and if we can form a Presidential com­ often asked by millworkers in Toledo, and you cannot form capital to get the mission to deal with the intractable by fishermen in Astoria, and by small business machinery of this country and vexing problems of Central Amer­ businessmen in Beaverton is this, Is going if debt service alone becomes ica, and we have, and if we can form a the recovery going to be a strong one, one of the major items in the Federal Presidential commission to deal with is it going to be sustainable, and is it budget. And neither of those things strategic forces-the Scowcroft Com­ one that can bring us out of one of the will happen if interest rates destroy mission-which we have done, then it deepest economic holes we have been the principal source of wealth needed seems to me there is an argument for in for decades? to make this country the kind of socie­ using this secret weapon on the most When we look at the statistics of ty I think we all want it to be. This is critical problem facing not only the what we have been through in terms why I feel it is so important for re­ domestic structure of this Nation's of bank failures, financial institutions sponsible Members of both parties to economy and strength, but also, ulti­ which have been merged, jobs which join in an effort to bring our fiscal mately, its foreign strength as well. have been lost, some of which, frankly, policy under control. If we fail in this We should be able to bring the lead­ will never come back, I think we have effort, or even worse if we continue on ership together from both parties, in paid a very dear price to reach this our present course as if there were no the executive branch and on Capitol point at which we might just be able problem, we will be courting a finan­ Hill, and have a national commission to see economic recovery. cial and economic crisis which will composed in a way that represents bal­ Those who have survived the reces­ shred the social fabric of this country, ance to come forward with a deficit re­ sion have every right to expect a re­ making the riots of the 1960's and duction package which will be bal­ covery that rewards them for one of 1970's look like small potatoes. anced and, most importantly, will com­ the sharpest sacrifices the economy And what stands in the way of deci­ mand the support necessary to pass has been put through in decades. And sive action which can reduce the size both the House and the Senate. I believe the recovery can be sus­ of the deficits which loom on the hori­ Some would say that this approach tained. I believe the policymakers in zon? There has certainly been no lack circumvents the committee system and Congress and in the executive branch of ideas as to how the deficit can best the budget process established to deal owe those who have survived by being be reduced. with this matter. as skillful as they have during this re­ cession a recovery which rewards their My conservative friends suggest that I would answer, first of all, that this enterprise and nurtures those who are we only need to cut nondefense discre­ simply would not be the case. Any set picking up the pieces now and are tionary spending further in order to of legislative recommendations pro­ trying to put it all back together bring the budget into balance, al­ posed by such a commission would again. though with the magnitude of the come before the Congress and be re­ deficits which we face you could shut ferred to the appropriate committees. But to be quite frank, Mr. Speaker, down every function of the Federal While significant alterations could there is one thing standing in the way Government with the exception of the upset the balance struck by such a of a prolonged and sustained economic Department of Defense and the Social commission, the Congress would still recovery-deficits. Structural deficits, Security Administration and still face have the opportunity to work its will. deficits which are estimated, conserv­ a $20 to $30 billion deficit. Some would atively, at $200 billion. Not only this Second, I would say that the prob­ even advocate amending the Constitu­ lem we face is extraordinary in nature. year, but next year, the year after tion to require balanced budgets as if that, and, in David Stockman's words, Its solution requires extraordinary by magic that would provide the votes steps be taken. as far forward into the future as the to pass legislation which will cut these eye can see. These Federal budget deficits. I feel a solution to this is critical and deficits have driven up interest rates, I am alarmed by the prospect that the which have in turn devasted the auto­ My liberal friends, on the other inertia which has set in will continue. mobile industry, the housing industry, hand, similarly refuse to consider This is why, today, I am introducing a the wood products industry, and other changes in entitlement programs joint resolution setting up such a com­ credit sensitive businesses. which will be necessary to provide the mission. Patterned after the National This is a problem which knows no substantial savings needed to reduce Commission on Social Security political bounds. It does not matter the deficit. There are still too many Reform, the National Commission for whether you are a Republican or a sacred cows, despite substantial budget a Responsible Budget calls upon the Democrat. It does not matter whether cuts, in the area of domestic spending. President, the Senate majority leader, your world revolves around capital for­ What we have on our hands is a and the Speaker of the House to nomi­ mation or whether it revolves around state of paralysis, legislative gridlock, nate a 15-member commission charged providing social services to help the in which the political muscle of vari­ with reviewing all elements of fiscal needy. Neither of those things will ous factions within both political par­ and monetary policy with particular happen if budget deficits of $200 bil- ties has been applied skillfully enough emphasis on the causes of the cyclical e This "bullet" symbol identifies statements or insertions which are not spoken by the Member on the floor. 26540 EXTENSIONS OF REMARKS September 29, 1983 and structural budget deficits and with advancing commercial development of lands and its grazing pastures, its scenic come forward with a set of options for the public lands, which Secretary Watt has vistas, its grand canyons and its majestic the President and the Congress. adopted as a mandate. mountains. But he chose, instead, to worry Most Western resource experts and Interi­ about whether he was becoming a political This is the most difficult task facing or officials agree that he has been a good liability to his president, and he measured Congress, and the most important. I administrator-he "runs a tight ship" and his performance by that yardstick. urge my colleagues who may be inter­ he deserves credit for launching an ambi­ Watt not only has burdened his president, ested in breaking this gridlock and set­ tious program to develop offshore oil and but he has burdened the nation and the ting up such a commission to contact gas resources. With a third of this nation's West as well. me and cosponsor this resolution. It is oil supply coming from abroad, it is clear He should now do his president a favor­ crucial that we act now.e that domestic energy development is in the and, coincidentally, as he sees it, he should public interest. do us all a favor-and resign immediately. But Watt has not been effective in his Let's get on with the serious business of pro­ THE DENVER POST: "JAMES overall administration of the public lands. tecting our public resources.e WATT SHOULD RESIGN" While he launched an ambitious restora­ tion of facilities in the national parks, he did so at the cost of a sharp reduction in the A BILL TO EXEMPT EUROBOND HON. PATRICIA SCHROEDER purchase of additional tracts. And in one INTEREST FROM TAXATION OF COLORADO case, his aides are advocating that those fa­ IN THE HOUSE OF REPRESENTATIVES cilities be made available-for the first time-to wild-game hunters licensed to kill HON.