Political Quotes

“Mr. Speaker, I rise today to talk about our current fiscal situation and how we got to where we are today. The thought that America would default on its obligations is unimaginable. This afternoon, we're going to begin a debate on Speaker Boehner's debt ceiling legislation, and I'll comment later on why I oppose the Speaker's approach. But before we begin that debate, I think it's important to acknowledge, step back, and review how we got to where we are. The success of the 1993 Deficit Reduction Act, which was vehemently opposed by our Republican friends, led to a decade of prosperity and surplus. President Clinton balanced the budget for the first time since 1969 and ran surpluses for 4 years. Between 1998 and 2000, the publicly held debt was reduced by $363 billion, the largest 3-year pay down in American history. Under Presidents Reagan and Bush, the debt held by the public quadrupled. By the time Bill Clinton left office, the budget was on track to pay off the entire publicly held debt on a net basis by 2009. Remember, Alan Greenspan warned us that we were paying down the debt too quickly. The clock in Times Square, which chronicled the deficit, was actually turned off at the end of the Clinton years. But, unfortunately, there were those who thought that we should shift course. Economic growth averaged 4 percent during those Clinton years, compared to an average of 2.8 percent during President Reagan's years.…”