Expressing the sense of the Congress that following the achievement of a balanced budget, any existing budget surplus should be applied to reducing the national debt.

Expresses the sense of the Congress that: (1) after a balanced Federal budget is achieved, any existing budget surplus should be applied annually to reduce the national debt; and (2) reducing the national debt should be a major U.S. fiscal policy objective.

 
HJ 47 IH
102d CONGRESS
1st Session
H. J. RES. 47
Expressing the sense of the Congress that following the achievement of a
balanced budget, any existing budget surplus should be applied to reducing
the national debt.
IN THE HOUSE OF REPRESENTATIVES
January 3, 1991
Mr. IRELAND introduced the following joint resolution; which was referred
to the Committee on Government Operations
JOINT RESOLUTION
Expressing the sense of the Congress that following the achievement of a
balanced budget, any existing budget surplus should be applied to reducing
the national debt.
Whereas the continuing growth of the national debt of the United States is
not in the best interest of the economic health of the Nation;
Whereas borrowing money to pay interest on the national debt adds to inflation,
and deprives the private sector of needed development capital, while adding
to the cost of that capital which is available;
Whereas a balanced budget is a major goal of United States fiscal policy; and
Whereas reducing the national debt should be a major goal of United States
fiscal policy, because it would encourage economic growth by stimulating
the private sector, and cutting inflation: Now, therefore, be it
  Resolved by the Senate and House of Representatives of the United States
  of America in Congress assembled, That--
  (1) following the achievement of a balanced budget, any existing budget
  surplus should be applied on an annual basis to reduce the national debt
  of the United States;
  (2) reducing the national debt should be a major goal of United States
  fiscal policy in order to stimulate economic growth and cut inflation.