Political Quotes

“The answer is a little complicated. But, first of all I do believe that in a real recession we can get the 60 votes. We got 60 votes for unemployment compensation extension on an emergency basis because of the problems that we have had. But I think there are other answers that are even more significant than that and they tie in with what my colleague just said about Social Security. If we try to lean on Social Security less in terms of a surplus and aim for what Charlie Schultze, who formerly chaired the Council of Economic Advisers for President Carter, and Fred Bergsten, who was the Assistant Secretary of the Treasury--Fred Bergsten has said, and testified last week, that with a balanced budget amendment we will be much more able to respond to a recession than we are now, if we use common sense in building in a little surplus. Then you can respond quickly, and you do not have the problems that we have had. We tried, and with my colleague's vote too, I am sure, we tried to get $11 billion for a jobs program. We could not do it here because we are so strapped by where we are. We could not come up with that kind of money. If we built in a surplus then it would be easier to respond quickly and much more significantly; $11 billion in a $6 trillion economy is nothing. Then a second part of this that is really important. When you talk about countercyclical. One of the things we have done, as the Senator and I know very well, this last year we spent $293 billion on interest.…”