Political Quotes

“Such an amendment would be a political mistake. It would allow a mere 40 out of 100 senators and a similar minority in the House to block legislation that would create a deficit. And because the amendment includes no enforcement procedure, it would drag courts where they do not belong--into routine budget disputes. Fiddling with the Constitution could be defensible if a mighty public purpose were at stake. But Mr. Simon's amendment, and substitute versions also up for voting, would engrave into the Constitution a standard--zero deficits--that makes little economic sense. The deficit, as measured by Congress, takes no account of inflation, no account of growth, no account of recession and no account of the value of public investment. Yes, the Federal deficit over the last 15 years has been too high. When the Government spends more than it taxes, it borrows the balance. Borrowing threatens to siphon money away from businesses that would have used it for plants and equipment. When this happen, the private economy is left less productive--a blow to our children's living standards. So Federal borrowing must be contained.”