Mr. THOMPSON of Pennsylvania. Mr. Speaker, without reforms, by the year 2020, the interest alone paid on our national debt by American taxpayers will cost $1 trillion per year--money that could otherwise be used to educate our kids or put aside for those most in need. Most would agree that borrowing on the backs of our children to pay for promises our government cannot keep must end, and that only together, through the collaboration of both parties, can we assure America begins to live within its means.
During the last Congress there was one area where both parties came together. It was an effort that made improvements in programs resulting in better use of each tax dollar. It was an effort that also achieved deficit reduction. This effort was the farm bill.
Many of us are eager to hear the President's plan to help the Nation achieve fiscal balance during next week's State of the Union. I encourage the President to elevate passage of a new farm bill to the forefront of the speech. It's good policy. It's one area where we can come together and start the path of fiscal balance. I encourage my leaders in the House to welcome this call.