On the recordApril 12, 2011
Okay, so you weren't here. A tax cut year one, a tax cut year two, a war, two wars, Afghanistan and Iraq followed by a Medicare drug program that wasn't paid for and the deregulation of Wall Street. The result: He left office with an $11.5 trillion projected deficit going forward. This is where we are. The day Obama came into office, President Obama came into office with a $1.3 trillion deficit the day he took office, and we worked ourselves out of it. Thank goodness the two of you were here to vote for those pieces of legislation. We are working ourselves out of it. That chart that you showed a moment ago shows the growth of the economy. We need to understand that we are not going to get out of this deficit with the kinds of cuts that are being discussed by our Republicans. It's going to take a balanced approach. President Obama has set out a balanced approach. He said no growth, no growth in the discretionary Federal budget. He will probably, tomorrow, talk about how to hold down medical costs, and I gave you some examples a moment ago. Those are the big drivers, and the military. You want to deal with this deficit? End the war in Afghanistan and bring home $120 billion a year. We can do this. Tax policy? Let's let the wealthy pay their share, let the oil companies pay their share. Hold the expenditures steady and reduce it, as has been proposed, and do it in a way that creates economic growth. We can do this.…
Source
govinfo.gov




