Sen. Bob Graham: “Second, Mr. President, we are concerned about the deficit because of the uncertainty as to the future caused by the…”

“Second, Mr. President, we are concerned about the deficit because of the uncertainty as to the future caused by the deficit and therefore a tendency to focus on short-term rather than long-term issues. One of the characteristics of the 1980's was a willingness to forgo long-term benefits for immediate gratification. A substantial contributor to that attitude of the 1980's was the fact that we were adding so enormously to our national debt through annual deficits that we were undercutting the willingness and the economic rationality of making long-term investments. One of the most positive things that has happened in the last 13 years was the action taken by this Congress, through the leadership of President Clinton, to adopt his economic program in August 1993. And we are beginning to see some results of that program. Mr. President, I am also going to ask to have printed in the Record an article from the February 7 Washington Post, entitled 'Debating Deficits's Link to Economic Growth.'”