Political Quotes

“I know this is not a town that has ever been known for having a long memory. In fact, the recent warning bells rung about our deficits and our debt have predictably faded into the background with all of the attention on the rocky start to this fiscal year. Last month, the Congressional Budget Office released its long-term budget outlook. Headlines and news stories associated with that release use words such as grim and gloomy and raised alarm about our ``long- term fiscal crisis.'' The very first line in that report reminds us that between 2009 and 2012, the U.S. Government recorded the largest budget deficits--when compared to the size of the economy--in over half a century. Reflecting on the current state of play, CBO noted that the Federal debt currently stands at roughly three-quarters of our gross domestic product. More alarming, they predict our Federal debt will match the size of our economy or be equal to 100 percent of GDP by the year 2038. I understand the temptation to roll our eyes and politely suggest that those facts and figures are of more interest to green-eyeshaded bean counters or to simply wave them off as last month's news. Frankly, this is made much easier when the administration says things such as ``we don't have an urgent debt crisis'' and when appropriations bills come to the floor at levels that make little sense given our current fiscal realities. Unfortunately, these facts and figures only tell part of the story.…”