Herbert Hoover actually said...

"There is only one course of sound fiscal policy, and that is to reduce the expenditure of the Government to the last cent consonant with the obligations of the Government."

"There are two great difficulties which confront us in programs of reduced expenditures."

"The second difficulty is that the Federal Government must make its contribution to expanded employment so long as the present situation continues."

"The essential services of the Government must and will be maintained, but these are times when, with the large deficit facing the country, even meritorious projects can, must, and will be deferred."