Steny Hoyer: “I came to this House at a time of another Republican described revolution. It was the Reagan revolution, instituting the…”

“I came to this House at a time of another Republican described revolution. It was the Reagan revolution, instituting the Kemp-Roth supply side economic proposal for feel good, no sweat, no pain Federal fiscal policy. When it passed in August of 1981, President Reagan proclaimed the budget would be in balance by October 1, 1983. When that revolution began, the debt confronting our Nation was $932 billion. At its conclusion in January of 1993, it was $4.1 trillion. During that 12 years, not a red cent was spent on America that either President Reagan or President Bush did not sign off on. Today we are in the throes of another Republican led and named revolution, and according to Speaker Gingrich we today consider the crown jewel of the 1990s version of trickle-down economics. It is a synthetic, virtually worthless stone. I will oppose it. Neither our country nor our children can afford it. It is, quite frankly, a time for us as a people, as a Congress, and as a great Nation to demonstrate the discipline and the resolve necessary to put our financial house in order.”