Political Quotes

“I thank the gentleman from Virginia and appreciate the comments of the gentleman from Texas on this very critical issue about a constitutional amendment for a balanced budget to the U.S. Constitution. Let me just say about what is the impact as a former small business owner and actually as a former State treasurer for the State of Colorado, what is the impact of this deficit spending on the economy as a whole? First of all, it's interesting that you hear rumblings around the world from other countries about given the U.S., given their fiscal policies, given their lack of fiscal discipline and how that will impact the dollar in terms of the strength of the dollar, should the dollar still be used as the international reserve currency? But I think the immediate effect that we are going to see certainly is a weakened dollar. And a weakened dollar is going to lead to higher inflation rates. Particularly as the economy tries to expand, you will have private borrowing competing with public borrowing, and that will create a higher demand and higher interest rates. But certainly the perception of a prolonged weakening of the dollar is going to cost us more as borrowers. It will drive up interest rates. Then also look at just the extraordinary inflationary impacts the chronic deficit spending will have on that economy. I think that those things are shorter. And I believe that those things in concert will choke off the ability for this economy to fully recover.”