October 28, 1995
Web posted at: 3:45 p.m. EDT
DOLE: I'm Senator Bob Dole and I'm joined again by Speaker Newt Gingrich to report to you on this week's historic votes on Capitol Hill. This Republican Congress promised to give the American people the change you voted for and the change America needs for a brighter more prosperous future.
This week the Republican Congress kept that promise. We kept our promise to end years of deficit spending and put America on a path to a balanced budget.
We kept our promise to reign in the federal government and return power to your state capitals. We kept our promise to cut taxes so that you could keep more of your hard earned money. And we kept our promise to preserve, protect and strengthen Medicare.
GINGRICH: Without a doubt, this week was a true crossroads for America's future. Down one road was the status quo, big government, rising deficits high taxes, a bankrupt Medicare program and a destructive welfare system. Down the other road was historic change and a better future.
A future where our children and grandchildren are free from staggering deficits. Where lower interest rates allow more Americans to own a house, buy as car and pay for college education. Where Medicare is secure for the next generation, not just the next election. And where power flows from you to Washington, not the other way around.
This is the road Republicans chose for America. Unfortunately, President Clinton promises to be a roadblock. He'd be wise to think twice about vetoing the balanced budget and jeopardizing long overdue revolutionary change.
DOLE: Newt, since President Clinton spoke only an hour ago, that national debt has increased by more than $20 million. A child born today will pay an average of $187,000 in taxes just to pay his or her share of the interest on the debt.
America cannot afford to continue on this destructive course. We cannot afford to give up the benefits of a balanced budget will bring to all Americans. With a balanced budget, interest rates would fall. A two percentage point drop could save you $900 over the life of a $15,000 car loan.
Young Americans would save thousands of dollars in interest on student loans. One respected study says that a balanced budget will lower home mortgage rates by 2.7 percentage points. That means a homeowner, with a 30 year $50,000 mortgage, financed at around eight percent would save more than $1000 per year, or more than $30,000 over the life of the loan.
DOLE: American families will also benefit from our tax cuts. Our plan offers families a $500 per child tax credit. If you don't think that's real money, listen to the story of a man I recently met in Jacksonville, Florida.
"Senator Dole," he said, "I have 10 kids. That's $5,000 per year. I can spend that money on my family better than you or anyone else in Washington."
Before vetoing tax cuts, President Clinton, he ought to remember that simple wisdom.
GINGRICH: Bob, one of my predecessors as Speaker of the House, Sam Rayburn, once said, "You'll never get mixed up if you simply tell the truth."
That's good advice, but it's advice the Democrats failed to follow last week. President Clinton says there's a right way and a wrong way to balance the budget.
The truth is he's proposed no way. This week, the President used a chart boasting that the deficit was dropping. What he didn't show you is what happens next year.
Under his plan, the deficit goes right back up and stays up, saddling America with $200 billion deficits. Republicans believe in truth in budgeting. Something we haven't seen from the Clinton administration. Because they don't have a plan to balance the budget, the Democrats this week resorted to outrageous personal attacks and intentional distortions.
When you hear these wild accusations, remember the truth: Republicans rein in the federal government by slowing its rate of growth. Under our plan, federal spending actually goes up by over $350 billion over the next seven years.
The same goes for Medicare. Under our plan, Medicare spending goes up from $4,800 per senior citizen in 1995 to $6,700 per senior citizen in 2002. The bottom line is the Republican budget continues to meet our obligation to the elderly, the poor, and those in need.
DOLE: Newt and I are just two of countless Americans watching the World Series this week. And as I watched, I thought about the big baseball bat I have in my office. It's called the "deficit buster," and it was given to me years ago by a visiting group of high school students.
When they gave it to me, one teenage boy said, "Senator Dole, everyone here in Washington has someone who speaks for them, but no one speaks for us. No one speaks for America's future."
I don't know where that young man is today, but if he is listening, I want to tell him that this week, this Republican Congress spoke for him. We stood for a better future for our children and grandchildren, and we hope you will stand with us.
GINGRICH: Bob and I repeat this morning what we have said many times before. We are ready to sit down with President Clinton anytime, anywhere.
And if he has specifics to offer, we're ready to listen. Above all, we're ready to move America forward with or without the President's help. But what we're not ready to do, and what we won't do, is retreat from the promises we made to you.
We won't retreat from balancing the budget. We won't retreat from lowering taxes for America's families. We won't retreat from transforming our failed welfare system. We won't retreat from saving Medicare from bankruptcy. We won't retreat from the promise of a better future for America.
Thank you for listening.
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