Political Quotes

“one of the largest challenges our country faces is exploding deficits. The Republican budget would add $2.4 trillion over 10 years to the existing deficits. Let me show this chart. On this chart, the yellow line shows the existing deficits as they currently are projected. The Republicans would take those existing deficits and add, over 10 years, $2.4 trillion. Now, Ray Dalio and Jamie Dimon have said that this is a disaster and that the bond markets are afraid. Why are the bond markets afraid? It is because they know that the Fed would engage in quantitative easing, buying up more Treasury bonds, as people outside view the Treasuries as more risky. This will lower the value of the dollar, and it will make basically all Americans poorer. However, people are tired of just hearing one side bash the other side about deficits and no one doing anything about it. So, today, we are introducing a plan, a real plan, to lower deficits in America. This plan would take the deficit down over the next 10 years to below 3 percent of GDP. The historic leverage over the last 40, 50 years has been under 4 percent of GDP. As far as the Republican plan, by the way, independent analysis takes the deficits to 8.6 percent of GDP. That is the highest it has ever been in peacetime. Our plan would take it back down to under 4 percent. Mr. Speaker, here you see the Republican deficits, here you see the current deficits and here you see our plan which would reduce deficits by $12 trillion.”