Bill Clinton: “Because all this money is going to go to reduce the deficit. Because we've got interest rates at a 20-year low. Because…”

“Because all this money is going to go to reduce the deficit. Because we've got interest rates at a 20-year low. Because most Americans have refinanced a home or a business loan, they've already saved more money in interest costs than they will pay in higher taxes. And because if we don't do something to cut spending and increase some taxes we're going to bankrupt the country. We tried it the other way for 12 years. We tried lowering taxes and increasing spending, and we went from a $1 trillion to a $4 trillion debt; didn't work out very well. And I think the American people want us finally to step up to the bar and reduce this national deficit and get it down eventually to zero and get some economic growth going. I also believe until we bring the deficit down we won't have any money to invest in education and training and new technologies. We have to prove to the American people first we've got the discipline to spend their money properly and to run this Government properly. I think it's not a black letter day. It's a red letter day for America. We're finally beginning to face our problems in a mature way. And I'm encouraged. And I applaud the House Committee for what they did today.”