Political Quotes

“Madam Speaker, as Secretary Geithner has observed, failure to raise the debt ceiling would have catastrophic economic consequences that would last for decades. This view was shared by former Treasury Secretary Paulson, who says that inaction is simply not an option. I agree, and believe that raising the debt ceiling must be accompanied by deficit reduction, mostly by cutting spending, but also by eliminating some unnecessary tax breaks. Now, there are those who say that there are no unnecessary tax breaks. Let me just give you one. If your neighbor buys a car and pays interest on the loan to buy that car, that interest is not tax- deductible. If your other neighbor buys a yacht and pays interest on the loan to buy that yacht, that interest is tax-deductible. When we are borrowing 40 cents for every dollar, we have to ask ourselves if those tax breaks are really worth it. If we are starting from scratch, would we really give yacht owners an extra tax break? ____________________”