Debbie Wasserman Schultz: “Right. The deficit is the annual ongoing difference between the revenue we take in and the money we spend. And then the…”

“Right. The deficit is the annual ongoing difference between the revenue we take in and the money we spend. And then the debt is what we have to borrow in order to stay afloat. Over the last 5 years, it is clear that President Bush has lost control of both. Under this President we have gone from a projected 10- year surplus of $5.6 trillion to a projected deficit over the same period of $3.3 trillion, which is an $8.9 trillion reversal. Under President Bush's budget, when omitted costs are included, we have deficits for as far as the eye can see. You have a projected rise in the deficit to $556 billion by 2016. And when we talk about omitted costs, people might say, what do you mean by omitted costs? Like the fact that this budget does not include any spending on the war in Iraq and Afghanistan after next year. Now, I wish, oh, were that to be true, that we would now be in a position where Iraq would be, and the Iraqi people would be, able to sustain themselves without our assistance. Unfortunately, we have created a situation in which that continues to be impossible, and it is a virtual certainty that we are going to need to spend money after next year in Iraq and Afghanistan, despite the President's claims. When omitted costs are included, the President's budget does not cut the deficit in half by 2009 as he continues to claim that it will.…”