Political Quotes

“I have indicated already I think it has just massive loopholes in it, in what is called capital expenditures, and the fact that it has no enforcement mechanism. My staff has checked out the loophole for periods of low economic growth and of the past 44 years, in 22 years that would have been another loophole in that particular amendment. Let me just quote a few sentences from the New York Times editorial. Among other things it does condemn deficits. It says, ``borrowing threatens to siphon money away from businesses.'' Borrowing not only threatens to siphon money away, it is siphoning money away. The Concord Coalition study--and I have been impressed by the economic research that goes into their studies even though I do not agree with every conclusion that they have--said if it were not for the deficit the average American family income today would be $50,000 rather than $35,000. And that is because of the borrowing that takes place from the Federal Government that has replaced business spending.”