Political Quotes

“the U.S. Treasury says that in exactly 8 days it will not have enough money to pay the government's bills. We are not in this position because the Secretary of the Treasury or the President spent more than they were supposed to. The Constitution allows them to spend only what Congress tells them to spend, and that is exactly what they have done. We are not in this position because investors refused to buy our bonds. Investors are lining up around the block to buy those. We are in this position for one reason and one reason only: Congress told the government to spend more money than we have. Congress told the Treasury to run up our debt to pay for it, but now Congress is threatening to run out on the bill. If that strikes you as bizarre, you are not alone. The United States is the only democracy in the world where the legislature debates whether it should pay the bills it has already incurred. The United States is the only democracy that regularly considers whether to run out on its bills; that is, to voluntarily default on its debt. Congress exercises direct control over the amount the Federal Government spends and the amount the Federal Government brings in through taxes and fees. Our national debt is simply a function of those two things--the money coming in and the money going out--and so Congress exercises direct control over the amount of debt we have.…”