Political Quotes

“Mr. President, I thank my colleague from Virginia-- originally from Illinois--for those kind words. It was not an easy vote to vote in favor of the deficit commission report, but I felt it was the right vote. To explain my vote, 40 cents out of every $1 we spend, whether it is for a new missile system at the Pentagon or food stamps for the poorest among us--40 cents out of every $1 is borrowed. We primarily borrow it from countries such as China and the OPEC nations. The fact that we are indebted to them for generations to come will not allow those of us on the progressive side to see a more fair and just America. We are an America that is mortgaged, and those who hold our mortgage have power over us economically and politically. That is why I voted for this. There are parts of this report I don't like at all. One of the things it does that I commend to my colleagues is something I have never seen in the time I have served in the House and Senate. It takes a look at the Tax Code, tax expenditures. The Senator talked about the day coming soon when we will spend $1 trillion a year on interest on the debt. Each year, now we spend or through taxes forgive $1.1 trillion. That is money that doesn't go into the Treasury that otherwise would. It doesn't go in because it is a deduction, a credit, an exclusion or a tax earmark. So $1.1 trillion a year through the Tax Code is added to our debt. You have to ask yourself: What are those provisions?…”