We have to get real estate prices and the real estate portfolios stabilized.

Deficits and debt are a function of the imbalance between spending and revenue.

What is going to happen is our banking system as we know it is going to change.

The problem is housing. You will not get the results you want from that money.

We have a revenue system that, too, I think is broken, badly out of date.

If anybody thinks this stuff is just numbers on a page, they are in for one hell of a surprise.

We need a stimulus package. We need it badly. But we need it to be on point.

CBO's new estimates show the deficit in 2009 will be $1.2 trillion.

We have to put in place an aggressive economic recovery program.

I want to welcome everyone to the Budget Committee today. The hearing this morning will focus on the debt outlook and its implications for policy.

We would rather set up a process to get to that policy, which requires decisions and then requires action that is the best approach.

Clearly, that is unsustainable.

As a taxpayer, I do not support $350 billion--and I did not at the beginning.

We have entitlement programs the promises of which simply cannot be kept.

I am a strong advocate of PAYGO, but to me this is way beyond what PAYGO can do.

There is a disconnect...between what we are doing as a country here in terms of our fiscal policy and our monetary policy and how it affects real people's lives.

I wish every colleague of ours in the House and the Senate, and I wish every American could hear the description you just gave.

those of us in politics rarely admit we were wrong, but I was wrong about Dr. Holtz-Eakin.