Political Quotes

“Mr. President, this is a historic weekend in Washington, and I think those who are visiting the Capitol and following the proceedings understand the gravity of the decisions that lie before us. On August 2, our debt ceiling expires. That has never happened in our history. One time there was a technical period of 1 or 2 days, but there has never been a long period of time when the United States of America basically defaulted on its debt. And it is a very serious matter. It is one that affects our Nation, our debt, and literally every family and business that lives within our boundaries. Here is the reason why it is so important. In 1939, we created this law which said that a President could come to Congress periodically and ask for the authority to borrow money to pay for the things Congress has already appropriated. So, as an example, when Members of the House and Senate say to the President of the United States: We want you to continue to wage war in Afghanistan, at the cost of $10 billion a month, this President knows he will have to borrow about $4 billion a month to meet that congressional appropriation. You see, we borrow about 40 cents for every dollar we spend. Similarly, when it comes to the payments we make to our veterans who are disabled, we have promised them: We will pay you because you served our country and you lost a limb or you were injured, and we will compensate you for that loss for the rest of your life.…”