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Congressman

Bob Franks

97Feb10
Budget Amendment Will Aid Families

Congressman Robert D. Franks, the only New Jersey member of the House Budget Committee, said that a Balanced Budget Amendment will "enable the families of Central New Jersey to enjoy a higher standard of living."

At a press conference in Westfield, Congressman Franks said, "I support the Balanced Budget Amendment because I want families to enjoy a higher standard of living. I want to see every child have an opportunity to live out the American Dream."

"It is an undisputed fact that a Balanced Budget Amendment will lead to lower interest rates, increased economic growth and more job creation," added Congressman Franks, whose Seventh District includes Westfield, Scotch Plains and Fanwood.

In discussing the benefits of the Balanced Budget Amendment, Congressman Franks was joined by Central Jersey bankers, realtors, small business owners, car dealers and elected officials.

The United States Senate is expected to begin debating the Balanced Budget Amendment this week and the House has scheduled a vote for Wednesday, February 26.

Congressman Franks said, "Thirty years of reckless deficit spending have taken a devastating toll. Washington's deficits have forced interest rates up, making it more expensive for every family to purchase a home, finance a new car or pay for a child's college education."

"The generation-long pattern of deficit spending, with no regard to who will pay the bills, is leaving our children and grandchildren with staggering debts," he said. "A child born today already has a bill from the federal government for nearly $200,000. That's a newborn's share of the interest payment on the $5.1 trillion national debt. That child's bill will get larger unless we act now to finally end deficit spending."

Congressman Franks also stressed the importance of placing the Social Security Trust Fund under the protection of the Balanced Budget Amendment, saying, "It is the best protection we can provide today's seniors and those approaching retirement age."

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08/06/97.

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