Political Quotes

“Mr. President, I watched with great interest President Obama's speech about our spending and debt crisis. That is what I would call it. He did not use as stark terms, unfortunately, but it is a spending and debt crisis. First of all, I am at least a little encouraged that he is finally beginning to enter the debate about this crisis. It is headed to a crisis. It is the greatest domestic threat we face as a nation. At least this speech acknowledges it is a huge threat and that his own budget submitted a few months ago was a pass on all of those big issues and he needed a redo. This is a great threat to all of our futures and prosperity. Let me try to put it in a little bit of perspective. Borrowing right now is at least 40 cents out of every $1 we spend. So for every $1 the Federal Government spends, 40 cents of that--over 40 cents--is borrowed money. We are spending $3.7 trillion a year, but we are only taking in $2.2 trillion. Because of that, we have recently been racking up over $4 billion of new debt every day. So every day: new debt of $4 billion a day. And a whole lot of that we owe to the Chinese, more than $1 trillion. That eventually has very serious consequences in terms of our prosperity, our future, the sort of country and vision and future we can leave for our kids. As interest rates go up--which they inevitably will if we stay on this path--that downright costs jobs.…”